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Effective Internal Control System As A Means Of Dectecting And Minimizing Fraud In A Manufacturing Company

Download complete final year project materials on Effective Internal Control System As A Means Of Dectecting And Minimizing Fraud In A Manufacturing Company from chapter one to five including references

It is the primary responsibility in the management of business organization to prevent and detect errors, irregularities and frauds. The responsibility arises because of directors and other managers owe a contractual duty of care and must act in a stewardship capacity with regards to the property entrusted to them by the shareholders or other owners. They exercise this duty of care is a matter for them, be generally they discharge their duties by maintaining an effective internal control system.

In fact, internal control system mean “the whole system control financial and otherwise established by the management in order to carry in the business of a company in an orderly manner, safeguard its asset and secure as far as possible the accuracy and reliability of its record”.

 TABLE OF CONTENTS

Title Page

Approval Page

Dedication

Acknowledgment

Table of Contents

CHAPTER ONE

1.0  Introduction
1.1  Background of the study
1.2  Statement of the study
1.3  Aims and objective of the study
1.4  Significance of the study
1.5  The Scope and Limitation of the study
1.6  Definition of Terms
1.7  Organization and plan of the study
1.8  Plan of the study

CHAPTER TWO

2.0 Literature Review
2.1 Internal control and  its Relevance
2.2 Internal Checks
2.3 Internal Audit
2.4 Forms of Fraud and Its cause
2.5 Effects of Fraud on an organization
2.6 Factors That May Encourage Frauds
2.7 Basic Control and Prevention  of Frauds

CHAPTER THREE

3.0 Case study and Research Methodology
3.1 The History of the case study
3.2 Data Analysis And Techniques
3.3 Sources of Data Analysis

CHAPTER FOUR
4.0  Data Presentation And Analysis
4.1  Data presentation
4.2  Data Analysis
4.3  Data Summary

CHAPTER FIVE

5.0 Summary

5.1Conclusion

5.2 Recommendations

References


CHAPTER ONE

1.0 INTROUCTION

In other words, it is a complex series of continuous and inter-related activities design by the management to direct and monitor the affairs of the organization.

1.1 BACKGOUND OF THE STUDY

The main motive for internal control is to prevent and minimize fraud to its minimum. Fraud can be defined as an international misrepresentation financial information by or more  individual among the management, employees or third party. It is a special case of criminal deception to obtain and undue advantage.

Moreover, the internal control system various one organization to another as regards the activities of individual. However, there is a frame work to every internal control system and these are usually in the from of objetive measure of performance against the objective, analysis and appraisal of the actual deviation and appropriate action including the re-appraisal of the objective.

1.2 STATEMENT OF THE PROBLEM

This study intends to ascertain the importance, impact and effects of internal control system as a means of dectecting and minimizing fraud in a manufacturing company has been detected that some manufacturing company often fail to take proper records of their accounts which has always caused such company into present or future failure.

The failure of business recognition within the manufacturing company has brought up the motivations of this project work; effective internal control system in the case study, Nigeria bottling company, ilorin plant; the question is how to appraise the effects and importance of effective internal control system.

Conclusively, with the problems discussed above, the researcher will proffer solutions to the problems during the course of the study.

1.3AIMS AND OBJECTIVE OF THE STUDY

This study aims at conducting a research in to the operational activities of the company (Nigeria Bottling Company, Ilorin). Therefore offers were made to review and evaluate its internal control system and make suggestion for correction or improvement where there are loopholes in the existing system.

The immediate purposes of this study are to establish;

i.To identify internal control system that would detect and minimize fraud in order to facilitate attainment of organization objective.
ii.That there is proper functioning of the organization.
iii.That all receipt is duly accounted for.
iv.That the work done by junior officers are checked by their supervisior, department heads to ensure conformity with established standard.
v. That purchases and sales of goods are properly carried out and necessary books and record are kept.

1.4 SIGNIFICANCE OF THE STUDY

The ultimate significance of this study is to enable the leaders managers handle the crime of counterfeiting handwriting documents materials in order to minimize fraud to its lowest possible so as to effect primary aim of business organization which is profit making. Likewise to let the management see need to make use of effective internal control system, in order to map out strategy to eradicate fraud entirely if possible.

An organization with ineffective internal control system adversely effect its progress therefore it is in this context that the researcher wishes to analyze and emphasize the need for internal control system in an organization and suggest ways by which effective control could be established in an organization.

1.5 SCOPE AND LIMITATIONS OF THE STUDY

This research work covers some strategic areas, such as effectiveness of internal control system of the manufacturing company with particular attention on staffing, knowledge, stall, discipline and supervision. It is also covers the role of an auditor with respect to effectiveness of internal control system. However, the problem encountered in the course of this study is the attitude of some respondents, some of the respondents answered just few questions leaving majority of the questions un-answered.

More so, the analyses of the study are based on responses of the respondents as well as the result of the interview conducted. Since there is no way of testing the degree of reliance of their responses, do data collection however, limited to the Nigerian Bottling Company, Ilorin plant alone, is due to financial, material, and time constraints. The study may not be a good reflection of the system, and it may result is not being applicable to true situation in totality.

1.6 ORGAIZATION AND PLAN OF THE STUDY

This shall comprise of five chapters. The first chapter will contain the introduction, background of the study, statement of the problem, aims and objective of the study, significance and scope of the study and the definition of terms. While

The second chapter consist of the literature review, internal control and its relevance, internal checks, internal audit and contribution of scholars and authors textbook relevant to the research work and other sub-headings.

The third chapter shall consist of the research methodology, the history of the case study, method of data collection, data analysis and techniques and source of data collected.

The four contains the data presentation and analysis, data presentation, data analysis and data summary. “While” the last chapter (five) states the summary, conclusion and recommendation, putting the following into consideration:

Bibliography, questionnaire and Appendix of the project work.

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