THE IMPACT OF A GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANAGEMENT OF ORGANIZATION

THE IMPACT OF A GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANAGEMENT OF ORGANIZATION(A CASE STUDY OF NIGERIA BOTTLING COMPANY)

ABSTRACT: An internal control system is the process that can be use to provide reasonable assurance that the units goals and objectives will be achieved. It is also the management of business risks and is a dynamic process that changes as personnel and circumstance change. The impact of a good internal control system on the financial management of organization can not be over emphasized. This is because internal control is the had rock of any organization that wants continuity in the existence of the organization. Owing to the above reason, awareness on the need for internal control system in organization become the vital inducing factor for this project work. However aroused of students and potential readers interest on significance of internal control system become the secondary objective of this work. This will go a lung way in safeguarding and managing efficiently the finance or fund for running the organization for profit maximization by management. Don’t for this research work ;will be obtained through administrating questionnaire through oral interview to senior staff which critical analysis follows. Regrettably however, the quest for introduction will he hindered by time and money factors. Lecture will be going on the class resource are scarce to travel enable the resource to write extensively on the topic. In conclusion therefore researcher will suggest that the impact of a good internal control system when applied. Will help a business in profit planning decision making safeguarding of asset and for costing.

TABLE OF CONTENTS

CHAPTER ONE:  INTRODUCTION

1. Background of the study                                   1
2. Statement of problem                                      5
3. objective of study                                            6
4. Research question                                            7
5. Significance of the study                                          8
6. Scope of the study                                           9
7. Limitations of the study                                    9
8. Definition of terms                                           10

CHAPTER TWO: LITERATURE REVIEW

1. INTRODUCTION                                               15
2. What is internal control                                    22
3. Types of internal control                                          22
4. Overview of internal control system                    28
5. Element of a good internal control system           33
6. Problems of internal control system                    37
7. Causes condition that give rise to fraud                     38
8. Internal check                                                 45
9. Ways by which organization manages its scarce

funds                                                             48

CHAPTER THREE: RESEARCH DESIGN AND METHODOLGY

1. Research design                                              54
2. Area of the study                                             55
3. Population of the study                                     55
4. Sampling method                                            56
5. Research instrumentation                                 57
6. Validity and reliability of research instrumentation 59
7. Sources of data                                               60
8. Method of investigation                                    62

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

1. Presentation and analysis of data                       63
2. Analysis of responses to questionnaire                63

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

1. Findings                                                         69
2. Recommendation                                            72
3. Conclusion                                                      75

Reference

Appendix

CHAPTER ONE: INTRODUCTION

1. BACKGROUND OF THE STUDY

Internal control can be defined as the whole system of internal control, financial and otherwise established by management in order to carry on the business of the enterprise in an orderly and efficient manner, ensure adherence to management policies, safeguarded the assets and secure as far as possible the completeness and the accuracy of records. Dr. Aveh (2010).

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THE IMPACT OF A GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANAGEMENT OF ORGANIZATION(A CASE STUDY OF NIGERIA BOTTLING COMPANY)