THE IMPACT OF A GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANGEMENT OF ORGANIZATION

THE IMPACT OF A GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANAGEMENT OF ORGANIZATION

ABSTRACT

An internal control system is the process that can be use to provide reasonable assurance that the units goals and objectives will be achieved. It is also the management of business risks and is a dynamic process that changes as personnel and circumstance change. The impact of a good internal control system on the financial management of organization can not be over emphasized. This is because internal control is the had rock of any organization that wants continuity in the existence of the organization. Owing to the above reason, awareness on the need for internal control system in organization become the vital inducing factor for this project work. However aroused of students and potential readers interest on significance of internal control system become the secondary objective of this work. This will go a lung way in safeguarding and managing efficiently the finance or fund for running the organization for profit maximization by management. Don’t for this research work ;will be obtained through administrating questionnaire through oral interview to senior staff which critical analysis follows. Regrettably however, the quest for introduction will he hindered by time and money factors. Lecture will be going on the class resource are scarce to travel enable the resource to write extensively on the topic. In conclusion therefore researcher will suggest that the impact of a good internal control system when applied. Will help a business in profit planning decision making safeguarding of asset and for costing.

CHAPTER ONE: INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Internal control can be defined as the whole system of internal control, financial and otherwise established by management in order to carry on the business of the enterprise in an orderly and efficient manner, ensure adherence to management policies, safeguarded the assets and secure as far as possible the completeness and the accuracy of records. Dr. Aveh (2010).

THE IMPACT OF A GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANAGEMENT OF ORGANIZATION