THE ROLE OF INFORMATION TECHNOLOGY IN DEVELOPMENT OF AN EFFECTIVE INTERNAL CONTROL SYSTEM
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ABSTRACT
This study was carried out on the role of information technology in development of an effective internal control system using ELALAN Construction Company Nigeria Ltd as case study. To carry out the study, four research questions were posed. The study adopted a descriptive survey design. The study was done in Lagos State. The population of the study comprised of all the staff of ELALAN construction Company. The population size of the study was 117. The instrument for data collection in this study was structured questionnaire. Data collected were analyzed using frequency Table. While the hypothesis were tested using Chi-square statistical tool SPSS v23. The major findings of the study disclosed that the importance of information technology in internal control system of a business which include; Easy access to data and informations; Helps to establish effective internal communication system; It is the bedrock through which risk assessment is made easy and It plays a very vital role in fraud prevention and detection; There are four levels to which ICT can be applied in developing an effective internal control system in a typical construction firm. The various levels are; Environmental control level, Communication Level, Risk Assessment Level and Observation and monitory Level. It therefore concluded that Information Technology is useful in the development of an effective internal control system in construction firms in Lagos. In addiction, the roles and the space covered by ICT in the cost of building and executing internal control system is highly paramount due to its ability to analyze data, storage data, retrivial data, compile and disseminate information and so many other immense relevant features of ICT. From the findings, the researcher recommended that; construction organizations should at all cost necessitate and maintain staff’s training to help them advance their ICT skills that contribute the effective development of internal control in the organization.
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