ACCOUNTING AS AN AID TO INTERNAL CONTROL SYSTEM
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This research project is on accounting as an aid to internal control system.
The problem study of this research is to find out whether Enugu State Government Accounting records are properly kept according to the provision of the state financial instruction as it concerns the state government. Again to know if there is any loophole in the accounting records as it concerns their internal control.
Any organization wishing to conduct its business in any orderly and efficient manner and to produce a reliable financial accounting information both for himself or others use, needs some control to minimize the effect of endemic human facings. And such control is known as internal control.
Internal control can therefore be define as a system of control, financial and otherwise established by the management of an enterprises in order to carry out the business of such enterprise in an ordinary and efficient manner, to ensure as far as possible the completeness and accuracy of records.
Finally the researcher is faced with problems of summary of all the findings, recommendation based on findings. From this findings accounting has been proved to be the best aid to internal control system. All this endemic human failings such as fraud, missing of files, misappropriation of funds, loop holes, distraction and so on and so forth will minimize where accounting as internal control is followed.
The main objective of this research is to ascertain if the internal control is effective and to analyze ethically the soundness, adequate and application of various internal controls on accounting records. This will also educate the government staff, of various duties expected from them. And also determine the degree of reliance, completeness and accuracy of the accounting records as is contained in the accounting records.
TABLE OF CONTENTS
Title page II
Approval page III
Table of contents IX
CHAPTER ONE: INTRODUCTION
- General overview 1
- Statement of problem 3
- Objective of study 4
- Significance of the study 5
- Scope and limitation 6
- Definition of terms 7
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 General approach to internal control system 12
2.2 Local related and foreign related literature 13
2.3 Objective of internal control system 17
2.4 Principle and characteristic of internal control 19
2.5 Types of control of internal control system 21
2.6 Internal control and management 24
CHAPTER THREE: SUMMARY, RECOMMENDATION AND CONCLUSION
3.1 Summary 26
3.2 Recommendation 27
3.3 Conclusion 30
1.1 GENERAL OVERVIEW
One major problem of management is planning but planning is useless if it is not implemented. And the success of any plan is based on adequate control and monitoring in order to achieve the required objective.
Therefore any organization wishing to conduct it business in an orderly and efficient manner and to produce reliable financial accounting information for its own and other use, needs some controls sot minimize the effect of the inherent limitation?
The researcher is researching on accounting as an aid to internal control system. (Enugu State).
Accounting can be defined as the art of recording and giving result of business transaction to the client. Accounting like any other filed has its origin. Accounting probably came into existence between 14th to 16th centuries. As development come in day-by-day the managements of who are not directly involved needed summarizes of transactions so as to enable them understand the positions of the business without the need of going through the books in details.
On the early Greek and Roman account the principle was centered on the need to keep tracks of the assets and they exercise control over those entrusted with property. The primary purpose of accounting is for stewardship. It will be rightly said that the earliest form of accounting reveals the preoccupation with internal control. Internal control is an important tool by which management aim to achieve its objective.
DE PAU L FRM, AND DE PAUL F.C. defined internal control as:
“Practically a continuous internal audit carried on by the staff itself through which individual is independently checked by other member of the staff”.
Internal control system does not make fraud impossible but makes it more difficult thereby giving chance of direction, and act as a valuable moral check. The essence of internal control being therefore to show whereby true ownership is separated from the management, the owners will be in no doubt that their assets and resources are efficiently managed.
Control has to be exercised over all the aspect of business without which the system is likely to be ineffective and too costly to operate in relation to benefit relieved.
1.2 STATEMENT OF PROBLEM
Government accounting system has a way of presenting an accounting for the fund. Foe example, income and expenditure or revenue and expenditure accounts and held by government establishment in government system, officers do not keep the account like profit making organization. There is a lots of lapses in cash office and pay roll section of many government ministries, cases of fraud and missing of office and files containing important documents like bills,