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
The effect of Muhammadu Buhari’s fight against insurgency in Gwoza, Borno State
Background of the Study
Insurgency in northeastern Nigeria, especially in states like Borno, has been a major security chal...
INVESTIGATING INNOVATIONS IN ADAPTIVE TECHNOLOGIES FOR SUPPORTING DIVERSE VOCATIONAL LEARNERS
ABSTRACT: Innovations in Adaptive Technologies for Supporting Diverse Vocational Learners explore advancements in adaptive technologies aimed at im...
An Appraisal of Nurses' Role in Promoting Adherence to Antiretroviral Therapy (ART) Among HIV-Positive Patients at Lagos University Teaching Hospital
Background of the Study
Human Immunodeficiency Virus (HIV) remains a major public health challenge, w...
An investigation of internal enforcement measures on curbing operational fraud in banking: a case study of Guaranty Trust Bank
Background of the Study
Operational fraud remains a persistent threat in the banking sector, prompting institutions to ado...
An evaluation of traditional environmental conservation practices in Ogoja Local Government, Cross River State
Background of the Study:
Traditional environmental conservation practices in Ogoja Local Government have evolved over gener...
The Effectiveness of Advertising in Driving Patronage of Educational Institutions in Kachia LGA, Kaduna State
Background of the Study
Education is widely recognized as the cornerstone of socio-economic development. However, in region...
Evaluating the Impact of Strategic Decision-Making Processes on Firm Competitiveness in Nigeria
Background of the Study
Strategic decision-making processes are critical for sustaining competitive advantage and driving f...
An appraisal of the funding challenges in vocational education in Kusada Local Government Area, Katsina State
Background of the Study:
Vocational education is a pivotal element in developing a skilled workforce necessary for economic...
The effect of mobile gamification on user engagement: A study of a fitness app in Port Harcourt, Nigeria.
Background of the study
Mobile gamification incorporates game-design elements—such as p...
The role of adult literacy in fostering sustainable forest management among rural farmers in Makurdi Local Government Area, Benue State
Background of the Study
Sustainable forest management is essential for maintaining ecological balance and supporting rural...
