THE IMPACT OF INTERNAL CONTROL SYSTEMS IN PUBLIC ACCOUNTING ENGAGEMENTS
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THE IMPACT OF INTERNAL CONTROL SYSTEMS IN PUBLIC ACCOUNTING ENGAGEMENTS
The objectives of this research are to: 1) Assess the effectiveness of internal control systems in public accounting engagements, 2) Identify the common weaknesses in existing internal control frameworks, and 3) Recommend strategies to strengthen internal controls. A survey design is selected to gather broad-based quantitative data, facilitating a comprehensive analysis of internal control systems across various organizations. The sample size is 380, derived using Taro Yamane’s formula, ensuring a 95% confidence level and a 5% margin of error. Lagos is chosen as the case study due to its economic significance and concentration of businesses. The survey's reliability coefficient score is 0.86, indicating high reliability. The findings reveal that robust internal control systems significantly reduce the risk of errors and fraud in public accounting engagements. However, common weaknesses include inadequate segregation of duties, insufficient monitoring, and outdated policies. The study recommends regular internal audits, continuous training, and the adoption of modern control frameworks to enhance the effectiveness of internal controls in public accounting.
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