DETERMINANT OF INTERNAL CONTROL SYSTEM EFFECTIVENESS IN A MANUFACTURING COMPANY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
The study sought to determine the effect of internal control system on financial performance of manufacturing firms in Tuyil pharmaceutical ltd. To achieve the objective of this study, the study used hypothesis testing research design. The study tested the following hypotheses: H1: Internal Controls and Financial Performance are positively related; H2: Internal Controls have a significant impact on Financial Performance. The population chosen for this study was 65 working staff of the Tuyil ltd. The study selected a sample of 20 working staff from a target population of 65 working staff. The sample was drawn using stratified random sampling technique. The study relied on both primary and secondary data. Primary data was collected using structured questionnaires while the secondary data was gathered from financial statements based on availability and accessibility of data. The findings revealed that Tuyil pharmaceutical ltd had a control environment as one of the functionality of internal controls of the organization that greatly impacts on the financial performance of the firm. It was also established that the management had put in place mechanisms for mitigation of critical risks that may result from fraud. The study examined the effect of control activities on the financial performance of Tuyil pharmaceutical ltd. The results also revealed that the staffs were trained to implement the accounting and financial management systems (M=3.24, S.D=1.334), the security system identified and safeguarded organizational assets (M=4.20, S.D =1.334). The statistical results from the regression analysis show that there is a positive relationship between internal control and financial performance of Tuyil pharmaceutical ltd. The independent variables (Control Environment, Risk Assessment, Control Activities, Information and Communication and monitoring) contributed to 75.7% of the variation in financial performance as explained by adjusted R2 of 0.75.7% which shows that the model is a good prediction. It was concluded that manufacturing firms that had invested on effective internal control systems had more improved financial performance as compared to those manufacturing firms that had a weak internal control system. Most large scales manufacturing firms that fully invested in strong internal control systems. The study further recommends that the governing body, possibly supported by the audit committee, should ensure that the internal control system is periodically monitored and evaluated. The limitation of this study is that the study was focused on Tuyil pharmaceutical ltd only while we have more than 500 manufacturing firms in Nigeria, therefore these findings may not be used for generalizations on all manufacturing firms in Nigeria. It is therefore important for a study to be conducted using wider scope and coverage then, the findings can be compared and conclusions drawn.
Related Project Materials
ANTILIPIDEMIC EFFECT OF WATER (H20) EXTRACT OF DESMODIUM VELUTINUM LEAVES ON ALBINO WISTAR RATS
ABSTRACT
This study evaluated the antilipidemic activity of water extracts from leaves of Desmodium velutinum on albino wistar rats. The...
INVESTIGATION OF THE CHEMICAL STABILIZATION OF SOME SOILS OF GULLY EROSION-PRONE AREAS OF ANAMBRA STATE
ABSTRACT
Soil erosion is the removal/movement of soil particles from one area to another; and one method of preventing these soil particl...
EFFECT OF TWO TEACHING METHODS OF COMPUTER SCIENCE ON ACADEMIC ACHIEVEMENT OF JUNIOR SECONDARY SCHOOL STUDENTS IN ENUGU EDUCATION ZONE
ABSTRACT
This study was carried out to examine the effect of two teaching methods of computer science o...
IMPACT OF OFFICE TECHNOLOGY ON SECRETARIAL PROFESSION
ABSTRACT
This study was carried out to examine the impact of information technology on the secretarial profession....
THE PROBLEMS OF LOCAL GOVERNMENT AUTONOMY AND ITS IMPLICATIONS IN THE EFFECTIVE MANAGEMENT OF PRIMARY SCHOOLS
Background of the Study
In the world over, education has become an essential commodity that determines...
INFLUENCE OF TRAINING PROGRAMMES ON THE JOB PERFORMANCE OF SECONDARY SCHOOL TEACHERS
Background to the Study
To assert that teaching is the oldest profession in the modern Nigeria should attract little or...
UNIVERSITY BRANDING: IMPACTING FACTORS FOR USBOUND PROSPECTIVE NIGERIAN STUDENTS
ABSTRACT
Today, Nigeria is becoming an attractive market for international students and this trend is rapidly growing as a result of the...
FACTORS INFLUENCING THE ATTITUDE OF STUDENTS TOWARDS THE STUDY OF MATHEMATICS IN NIGERIA
BACKGROUND OF THE STUDY
There is no disagreement on the importance of mathematic...
THE PERSISTENT DEPRECIATION OF NAIRA (CASUSES AND POSSIBLE SOLUTION)
ABSTRACT
This study was carried out on the causes and possible solutions to the persistent depreciation...
ATTITUDE AND PERCEPTION OF UNDERGRADUATES TOWARDS FILM ADVERTISEMENT
ABSTRACT
The basic thrust of this research was to examine the attitude and perception of Undergraduates...
