Our Archives

Call 08068929770 or 08122972656 for any enquiries.

Project Topic:

AN ASSESSMENT OF INTERNAL CONTROL SYSTEM IN A COMPUTERIZED ACCOUNTING ENVIRONMENT A STUDY OF FIRST BANK NIGERIA

Project Information:

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 67 ::   Attributes: Data Analysis,abstract, table of content, references ::   1,059 people found this useful

Project Body:

CHAPTER ONE

INTRODUCTION

  1. Background of the study

According to Fadzil et al (2005), the technology revolution in accounting and auditing began in the summer of 1954 with the first operational business computer. General electric is attributed with the first operational electric accounting system, a UNIVAC computer, in the summer of 1954.

 

Hunton and Wright (2009) concur that Information Technology Auditing (IT Auditing) began as Electronic Data Process (EDP) auditing and developed largely as a result of the rise in technology in accounting systems, the need for IT control, and the impact of computers on the ability to perform attestation services. It is believed the first use of a computerized accounting system was at General Electric in 1954. At this time only mainframe computers were used and a few people had the skills and abilities to program computers. This began to change in the mid-1960s with the introduction of new, smaller and less expensive machines. This increased the use of computers in businesses and with it came the need for auditors to become familiar with EDP concepts in business.

 

Jones and Young (2006) point out that EDP auditors formed the Electronic Data Processing Auditors Association (EDPAA). The goal of the association was to produce guidelines, procedures and standards for EDP audits. In 2007, the first edition of control Objectives was published. This publication is now known as Control Objectives for information and related Technology (CobiT) is the set of generally accepted IT control objectives for IT Auditors. In 2004, EDPAA changed its name to Information Systems Audit and Control Association (ISACA). The period from the late 1960s through today has seen rapid changes in technology from the microcomputer and networking to the internet and with these changes came some major events that change IT auditing forever.

 

According to Griffiths (2006), the accounting industry is responsible for recording and reporting financial information for business. Accounting functions generally fall in to one of two accounting categories: management and financial. Where management accounting is responsible for recording and reporting internal financial information for managers for business decisions, financial accounting reviews company’s information released to external business stakeholders.

 

Jackson (2005) suggested that taking comprehensive measures for protecting financial information often helps companies pass external audits with positive audit opinions. External audits may be used by banks, lenders or investors deciding to invest capital into the company.

 

Companies may also need to present clean audit report to government agencies regarding their financial and accounting practices. The ability to present a strong internal control process and audit trails relating to accounting software often helps companies’ limits financial or legal liability.

Lorenzo (2001) mention that, the objective of enterprise risk management audit and control is to provide an integrated, comprehensive assessment of all the risks that an institution is exposed to and an objective and consistent approach to managing them. The size and complexity of the larger institutions make computerized auditing more important while on the other hand; their very size and complexity also make it harder to achieve an enterprise wide view of risk auditing.

 

Measuring operational risk is especially difficult due to a variety of reasons. Kunkel (2004) also noted that ERP systems implementation at many corporations has led to increased audit related risk due to automated interdependencies among business processes, and integrated relational database. As technological developments continue, auditors may need to expand their technological knowledge and skills in order to perform effectively and efficiently in audit functions.

1.2   The Statement Of The Problem

The audit problems with organization today can be dealt with from two broad perspective i.e. technological problem and historical problems.

This sense of the technical problem has to do with lack of technological know how. Since audit in a computer environment is a modern or contemporary way of audit, it entails a formal or an informal training on how to do this, which so many people (auditors) and their organization lacks, and it also involves extra spending on the purchases, maintenance, etc. of computer and its accessories, which organization try to avoid in their bids to maximize profit.

 

The historical aspect of it could be referred to as familiarity with the traditional way, which result from continuous practice, hence making it difficult for one to adopt to current or modern way of doing it, so easily.

Furthermore, the size of the organization, like my case study whose area offices here in Benue State is small in size and in member of staff, also determine the use of modern audit (Computer) or the traditional (manual) way of doing it, i.e. if the size is big, computer audit will be embarked on to facilitate the whole audit process, while if it is small in size, the traditional way can be used, since the work load in little.

1.3 Objectives of the study

This research work titled an assessment of internal control system in a computerized accounting environment with particular reference to First bank Nigeria Plc.

The specific objectives of this research work includes the following;

  1. To examine the effect of computerized accounting system on the effective performance of internal control unit in first bank Plc.
  2. To evaluate the extent of application of computerized accounting system in first bank Nigeria Plc.
  3. To examine the role of internal control system in a computerized accounting environment.
  4. To identify the factors militating against effective internal control system in a computerized accounting system. And also proffer possible solutions to the problems identified.

1.4 Research Questions

Based on the objectives above the researcher asked the following questions;

  1. Does computerized accounting system influence the effective performance of internal control unit in first bank Plc?
  2. To what extent does first bank Nigerian plc apply computerized accounting system in internal control unit?
  3. What are the roles of internal control system in a computerized accounting environment?
  4. What are the factors militating against effective internal control system in a computerized accounting system?

Get The Complete Project »

Project Department:

MORE ACCOUNTING FREE UNDERGRADUATE PROJECT TOPICS AND RESEARCH MATERIALS

Instantly Share this Project On Social Media:

CLOSELY RELATED ACCOUNTING FREE UNDERGRADUATE PROJECT TOPICS AND RESEARCH MATERIALS

AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 67 ::   Attributes: Secondary data, Data Analysis,Abstract  ::   8181 engagements

CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »

A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   6563 engagements

ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »

AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 78 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   4259 engagements

HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »

APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 76 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   4448 engagements

2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »

ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 69 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   3861 engagements

ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »

ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 86 ::   Attributes: Questionnaire, Data Analysis  ::   3299 engagements

THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »

What are you looking for today?

TESTIMONIALS:

  • 1. Mohammed A.B from Veterinary Laboratory, Zanzibar ,Tanzania said "You are doing good job to assists in research. God bless you.".
    Rating: Very Good
  • 2. Grace Madu from IMT enugu said "Thank you so much; i will tell my friends about you guys!!! Please give them a good job just like mine!!! God bless you!!!".
    Rating: Excellent
  • 3. Favour Adeoti from Unimaid said "For the good deeds and help to students like me, may God almighty continue to bless u and empower you to do more. Thank u very much...".
    Rating: Excellent
  • 4. Saddiq Abubakar Shuaibu from ESAE BENIN UNIVERSITY said "I check your site because I want you to help do this project thank you".
    Rating: Excellent
  • 5. Temitope Olumide from UAM makurdi said "I can not believe i could trust online platforms but you prove to me that there are still some good people out there. Thank you Mr Donald".
    Rating: Excellent
  • 6. Topeola Atinuke from the bells said "hmmmm, not sure yet about all dis comment still working on dem yet....tank u".
    Rating: Average

Paper Information

Format:ms word
Chapter:1-5
Pages:67
Attribute:Data Analysis,abstract, table of content, references
Price:₦3,000
Get The Complete Project »

Best Selling Projects

Our Archives