ABSTRACT
Effective Internal controls are system consisting of specific
policies and procedures designed to provide management with reasonable
assurance that the goals and objectives important to the entity will be met.
The purpose of this research is to ascertain whether internal control has
actually helped to promote operational efficiency and effectiveness; provide
reliable financial information; safeguard asset and records; encourage
adherence to prescribed policies; comply with regulatory agencies and many
more.
Findings after analysis of data have shown that these Colleges has an
organizational structure in place in these colleges; Provosts of these colleges
have limited powers on expenditure approval; there are segregation of duties as
it relates to transaction authorization, recording and custody; authority documents
such as conditions of service, scheme of service and financial regulations are
available; and there are internal audit department to ensure that these
internal control system are operational.
The survey method was used in gathering data while chi-square
statistical method was used for data analysis. Harvard style of documentation
was adopted in this research.
CHAPTER ONE
INTRODUCTION
1.1
Background of the Study
Effective Internal
Control in enhancing foundation for safe and sound operation in every business
organization. For Colleges of Education, high level of losses would be
experienced in cash and inventory the organization does not take steps to
protect its assets. The best form of protection for these assets is good internal
control system. A properly designed and consistently enforced system of
operational and financial control helps Governing council and management
safeguard its resources, reliable financial reports and comply with relevant
laws and regulations. It also reduces the possibility of a significant error
and irregularities and assists in their timely detection when they occur.
According to CIMA,
internal control is defined as the whole system of control, financial and
otherwise, established by management in order to carry on the business of the
organization in an orderly and efficient manner, ensure adherence to management
policies safe guard its assets and secure as for as possible, the completeness
and accuracy of records in order words management want not only to safeguard
assets and have reliable records, but also to maintain an efficient operation
that follows its policies. Generally, an internal control can be said to the methods
and produces used to safeguard
Internal controls are
necessary in very organization be it profit oriented or not and irrespective of
good and services produced by the firm. From the banking sector to Education
sector, to the oil and gas different internal controls are put in place to
safeguard the assets, inventories and operational efficiency of staff and
machines of the organization. An effective system of internal control can give
managers the means to provide accountability for the programs, as well as the
means to obtain reasonable assurance that the programs they direct meet
established goal objectives. However, all the people in an organization not
just the managers, have a part in and a responsibility for internal control.
Internal control impacts executive managers who establish an organization
strategic plan, as well as support staff.
For the purpose of this
work, the research shall consider the impact of effective internal in different
Colleges of Education in Enugu State, most of these Colleges made to see to it
that a well planned and effective internal control system is put in place so as
to avoid excessive loss of assets.
In designing the control systems, care should be taken to see to it that
it will provide managers reasonable assurance that’s.....
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