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AN ANALYSIS OF INTERNAL CONTROL PRACTICE OF PRIVATE COMPANIES

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 57 ::   Attributes: Questionnaire, Data Analysis ::   12 people found this useful
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CHAPTER ONE

INTRODUCTION

  1. BACKGROUND OF THE STUDY

The many financial scandals that have shaken financial markets and investors worldwide have certainly contributed to the recognition of the key role of the Internal Control System in the governance of firms CoSO, (1992).

The concept of the relationship between internal control and corporate governance can be defined as the process and structure used to direct and manage business affairs of the bank towards enhancing prosperity and corporate accounting with the ultimate objective of realizing shareholders’ long-term value while taking into account the interest of other stakeholders CMA, (2002).

Good governance and internal control became a highly pertinent and topical business issue at the beginning of the 21st century following a series of large corporate scandals and failures PABC (2006). However internal controls have existed from ancient times.

In Hellenistic Egypt there was a dual administration with one set of bureaucrats charged with collecting taxes and another with supervising them. The sacking of Troy was a classic example of the failures of internal controls.

Internal control plays an important role in preventing and discovering risks, truly and fairly provides financial information, strengthening compliance and improving operational efficiency. Realizing such importance, cement companies have established and carried out internal controls in various forms.

Internal control does not only control of an entity’s department but also the process including procedures and regulations intended for all departments to ensure that corporate managers can perform functions of reporting, compliance and operation.

However, establishing and efficiently carrying out internal controls is now a factor in which managers at cement companies take a great interest.

Internal control is an extremely important function of corporate governance. For this reason, to improve governance efficiency, promoting the effectiveness of internal control is necessary (Suyono & Hariyanto, 2012).

Internal control which is efficiently maintained will help entities achieve objectives in terms of not only report and compliance but also operation.

  1. STATEMENT OF THE PROBLEM

The private sector is that part of the economy not under direct government control. It entails production and distribution that is in private hands. Despite this enormous role, the sector might have been beclouded with problems as lack of auditing control, financial impropriety, lack of independence and internal control, mismanagement of scarce funds, incomplete record of business transaction.

Finally, several researches has been carried out on the evaluating and improving internal control in organizations but not even a single research has been carried out on an analysis of internal control practice of private companies.

  1. AIM AND OBJECTIVES OF THE STUDY

The main aim and objectives of the study is to analysis the internal control practice of private companies. Other specific objectives of the study include;

  1. to determine the effect of internal control practice on private companies.
  2. to determine the extent to which internal control practice affects private companies.
  3. to determine the relationship between internal control practice and private companies.
  4. to proffer possible solutions to the problems.
    1. RESEARCH QUESTIONS

1.     What is the effect of internal control practice on private companies?

2.     What is the extent to which internal control practice affects private companies?

3.     What is the relationship between internal control practice and private companies?

4.     What are the possible solutions to the problems?

  1. RESEARCH HYPOTHESIS

Ho:  Internal control practice has no significant effect on private companies.

Hi:   Internal control practice has a significant effect on private companies.

  1. SIGNIFICANCE OF THE STUDY

The study on the analysis of internal control practice of private companies will be of immense benefit in the sense that it will enable enterprises to pay attention to the consequences of internal control defects and repair these defects in time.

In their operation practices, enterprises will also avoid the adverse impact of the principal-agent relationship between shareholders and management on corporate governance through building high-quality internal control.

Furthermore, the basic norms of social responsibility information disclosure will be established from the perspective of internal control.

Finally, the study will contribute to the body of existing literature and knowledge to this field of study and basis for further research.

  1. SCOPE OF THE STUDY

The study on the analysis of internal control practice is limited to private companies.

  1. LIMITATION OF THE STUDY

Time Constraints: One of the challenges experienced by the researcher is the issue of time; the research will simultaneously engage in departmental activities like seminars and attendance to lectures. But the researcher was able to meet up with the deadline for the submission of the project.

Financial Constraints: Every research work needs funding; however lack of adequate funds might affect the speed of the researcher in getting materials for completion of the project.

  1. DEFINITION OF TERMS

Analysis: Detailed examination of the elements or structure of something.

Internal Control:    Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.

Private Companies:                A private company is a firm held under private ownership.


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Project Information

Format:MS WORD
Chapter:1-5
Pages:57
Attribute:Questionnaire, Data Analysis
Price:₦3,000
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