THE EFFECTIVENESS OF INTERNAL CONTROL SYSTEM AND IT’S IMPACT ON THE ACTIVITIES OF PRIVATE LIMITED COMPANIES
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
The focus of this study is to examine the effectiveness of internal control system and it’s impact on the activities of private limited companies using Phinorma Nig Ltd Ngwo in Enugu State as case study.
The study adopted a survey research design and with the aid of convenient sampling techniques, thirty-six (36) participants who are staff Phinorma Nig Ltd Ngwo in Enugu State was enrolled for the study. A well structured questionnaire was issued to the respondent of which a total of Thirty (30) responses were received and validated for the study. Data was analyzed using simple percentage as well as frequencies and table. From the findings, the study established that the major control procedures such as vouching of all payments, segregation of duties, close supervision, authorization of payments by approving personnel, to mention but a few are in existence at the company. The study also revealed that controls are effective such as monthly bank reconciliations and they are often reviewed usually monthly in the entire organization as revealed by most employees. The researcher therefore concludes that there is a significantly positive relationship between internal control systems and organizational performance.
The study therefore recommends that Management should always practice proper recording of transactions and each and every other transaction should always be recorded and kept for references. More So, Management of Phinorma Nig Ltd should improve on some internal control systems such as documentation of transactions that can best suit the organization’s operations.
Related Project Materials
An Examination of Childhood Obesity Trends and Their Associated Health Risks in Kaduna State
Background of the Study
Childhood obesity has emerged as a global public health issue, with significant implications for the physical and...
The Effect of Urban Green Spaces on Residential Property Values in Gombe State
Background of the Study
Urban green spaces, including parks, gardens, and recreational areas, play a critical role in en...
An Assessment of the Relationship Between Tuberculosis and HIV Co-Infection in Sokoto State
Background of the Study
Tuberculosis (TB) and HIV are two major infectious diseases that often co-occur in individuals, particularly in s...
THE ROLE OF MASS MEDIA IN CRISIS MANAGEMENT IN NIGERIA
Abstract
The role played by media in conflicts has been an issue of discussion all over the world. Alth...
An Evaluation of Oncology Nurses’ Training on Cancer Pain Management at Aminu Kano Teaching Hospital, Kano State
Background of the Study
Cancer pain is a common and often debilitating symptom in patients with cancer. Effective pain management is esse...
CAUSES AND EFFECT OF STUDENT’S FAILURE OF MATHEMATICS IN SENIOR SECONDARY SCHOOL CERTIFICATE EXAMINATION
Background of Study
Mathematics is an aspect of science dealing with numbers. These numbers which...
An Evaluation of ATM Performance Monitoring Systems on Reducing Service Interruptions in Banking: A Case Study of AB Microfinance Bank
Background of the Study
ATM reliability is a crucial element of customer satisfaction in retail banking. AB Microfinance Ba...
PERCEPTION OF POVERTY BY WOMEN AND MEN AND THEIR COPING STRATEGIES
ABSTRACT
Gender and perception of poverty in Surulere Local Government Area of Lagos State is the focus...
IMPACT OF SMALL AND MEDIUM SCALE ENTERPRISE ON NIGERIA ECONOMY DEVELOPMENT
Abstract
The research work was aimed at investigating the growth of small and medium scale enterprises in relation...
A Comparative Study of Crisis Management Strategies in Different Industries: A Case Study of Media and Telecom Firms in Taraba State
Background of the Study
Crisis management is an essential element of business strategy...
