ABSTRACT
Effective Internal controls are system consisting of specific policies and procedures designed to provide management with reasonable assurance that the goals and objectives important to the entity will be met. The purpose of this research is to ascertain whether internal control has actually helped to promote operational efficiency and effectiveness; provide reliable financial information; safeguard asset and records; encourage adherence to prescribed policies; comply with regulatory agencies and many more.
Findings after analysis of data have shown that these Colleges has an organizational structure in place in these colleges; Provosts of these colleges have limited powers on expenditure approval; there are segregation of duties as it relates to transaction authorization, recording and custody; authority documents such as conditions of service, scheme of service and financial regulations are available; and there are internal audit department to ensure that these internal control system are operational.
The survey method was used in gathering data while chi-square statistical method was used for data analysis. Harvard style of documentation was adopted in this research.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Effective Internal Control in enhancing foundation for safe and sound operation in every business organization. For Colleges of Education, high level of losses would be experienced in cash and inventory the organization does not take steps to protect its assets. The best form of protection for these assets is good internal control system. A properly designed and consistently enforced system of operational and financial control helps Governing council and management safeguard its resources, reliable financial reports and comply with relevant laws and regulations. It also reduces the possibility of a significant error and irregularities and assists in their timely detection when they occur.
According to CIMA, internal control is defined as the whole system of control, financial and otherwise, established by management in order to carry on the business of the organization in an orderly and efficient manner, ensure adherence to management policies safe guard its assets and secure as for as possible, the completeness and accuracy of records in order words management want not only to safeguard assets and have reliable records, but also to maintain an efficient operation that follows its policies. Generally, an internal control can be said to the methods and produces used to safeguard
Internal controls are necessary in very organization be it profit oriented or not and irrespective of good and services produced by the firm. From the banking sector to Education sector, to the oil and gas different internal controls are put in place to safeguard the assets, inventories and operational efficiency of staff and machines of the organization. An effective system of internal control can give managers the means to provide accountability for the programs, as well as the means to obtain reasonable assurance that the programs they direct meet established goal objectives. However, all the people in an organization not just the managers, have a part in and a responsibility for internal control. Internal control impacts executive managers who establish an organization strategic plan, as well as support staff.
For the purpose of this work, the research shall consider the impact of effective internal in different Colleges of Education in Enugu State, most of these Colleges made to see to it that a well planned and effective internal control system is put in place so as to avoid excessive loss of assets.
In designing the control systems, care should be taken to see to it that it will provide managers reasonable assurance that’s.....
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Item Type: Project Material | Size: 86 pages | Chapters: 1-5
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