ABSTRACT
This project titled “The Role of Internal
Control as the Foundation of Quality Management: a study of the Broadcast Media
in Nigeria” is both a descriptive and an analytical study designed to evaluate
the role of internal control in an organization so as to see whether, or
otherwise, it is the bedrock of quality management. The entire work is
chronicled into five chapters with each addressing an important segment of the
research work.The objectives of the study are to identify and evaluate: the
importance of Internal Control System in the management of an organization
using Broadcast Media in Nigeria for the study; the features of a good Internal
Control System; the factors responsible for increase of frauds, embezzlements
or misappropriations of funds/assets in the modern day Nigeria; and also to
find out why some of them remain undetected for a good number of years whereas
the books of accounts of the organization are often being examined by her
internal and external auditors.
Furthermore, the population of the study is
the Broadcast Media in Nigeria and the determined sample size is 171. Data used
for the study were obtained from primary and secondary sources, making use of
oral interviews, questionnaires, and literature review. Again, the data
collected were analyzed by the use of tables, simple percentages, and absolute
numbers, while chi-square (x2) technique was used to test the hypotheses
formulated in the study.
Moreover, the major findings made in this
dissertation are as follows:
that some of the factors responsible for
increase of errors, frauds, embezzlements or misappropriations of funds/assets,
in this modern day Nigeria are: greed and lack of contentment; non-compliance
with the laid down internal control procedures; non-adherence to financial policies
and guidelines; collusion; employment of unqualified and incompetent personnel;
poor remuneration; glorification of ill gotten wealth in Nigeria; and delay in
payment of salaries by some employers that undetected errors, frauds, embezzlements or
misappropriation of funds/assets for quite a good number of years (whereas the
accounts of the organization are being reviewed by her internal auditors on
regular basis and the external auditors yearly) are due to the following:
collusion; employment of inexperienced internal auditor; negligence on the part
of some external auditors; and noncompliance of companies/organizations to
auditors’ management letters (letters of weakness).
Finally, based on the major findings above,
the following recommendations aimed at improving the situations are made:
establishment of adequate accounting system and effective internal
control measures; employment of honest, dedicated and competent personnel;
proper supervision of staff; compliance with Auditors’ management letters; adequate
remuneration and regular payment of salaries, and reorientation of the Nigerian
citizens towards the glorification of ill gotten wealth in our society today.
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
It is a well-known fact that
everything in this world has a foundation. In fact, the foundation of anything
be it a building, an idea, a career, belief, etc matters a lot: it determines,
to a very large extent, the strength, durability, quality and success, or
otherwise, of that very thing.
The Oxford Advanced
Learner’s Dictionary of Current English, defines foundation as: strong base of
a building, usually below ground level, on which it is built up; that on which
an idea, belief, etc rests; underlying principle; basis; starting point.
Management as an
essential ingredient of all organized endeavour has an underlying principle and
that is the internal control system. How successfully an organization achieves
its objectives, satisfies social responsibilities or both, and depends upon how
well the organization’s managers do their jobs. In other word, how well the
managers adhere to the whole system of controls, financial and otherwise,
established by the management in order to carry on the business of the enterprise.
How well managers do their jobs - Managerial performance - is measured in terms
of two concepts: efficiency and effectiveness.
According to Stoner and
Freeman (1 989:10), efficiency means “doing things right,” that is, the ability
to get things done correctly, and effectiveness means “doing the right thing,”
that is, the ability to choose appropriate objectives.
The sum of these two
concepts is quality management which is itself the product of Internal Control
system.
Nwoko (1997:202) defined
quality management as a systematic approach for ensuring that all activities
within an organization happen according to the plan. This approach was evolved
primarily by a group of American quality experts: W.E. Deming, Joseph Juran and
Philip Grosby. Before implementing quality management, there must be a quality
system in existence. A quality system is an assembly of components, such as
organizational structure, responsibilities, procedures, processes, and
resources.
In the same direction,
Stoner and Freeman (1989:4) defined management as the process of planning,
organizing, leading, and controlling the efforts of organization members and of
using all other organizational resources to achieve stated organizational
goals.
A process is a systematic way
of doing things. Management is defined as a process because all managers;
regardless of their particular aptitudes or
skills, engage in certain interrelated activities in order to achieve their
desired goals.
Planning implies that
managers think through their goals and actions in advance. Plans give the
organization its objectives and set up the best procedure for reaching them.....
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Item Type: Project Material | Attribute: 132 pages | Chapters: 1-5
Format: MS Word | Price: N3,000 | Delivery: Within 30Mins.
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