THE EFFECTIVENESS OF INTERNAL CONTROL SYSTEM AND IT’S IMPACT ON THE ACTIVITIES OF PRIVATE LIMITED COMPANIES
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- NGN 3000
ABSTRACT
The focus of this study is to examine the effectiveness of internal control system and it’s impact on the activities of private limited companies using Phinorma Nig Ltd Ngwo in Enugu State as case study.
The study adopted a survey research design and with the aid of convenient sampling techniques, thirty-six (36) participants who are staff Phinorma Nig Ltd Ngwo in Enugu State was enrolled for the study. A well structured questionnaire was issued to the respondent of which a total of Thirty (30) responses were received and validated for the study. Data was analyzed using simple percentage as well as frequencies and table. From the findings, the study established that the major control procedures such as vouching of all payments, segregation of duties, close supervision, authorization of payments by approving personnel, to mention but a few are in existence at the company. The study also revealed that controls are effective such as monthly bank reconciliations and they are often reviewed usually monthly in the entire organization as revealed by most employees. The researcher therefore concludes that there is a significantly positive relationship between internal control systems and organizational performance.
The study therefore recommends that Management should always practice proper recording of transactions and each and every other transaction should always be recorded and kept for references. More So, Management of Phinorma Nig Ltd should improve on some internal control systems such as documentation of transactions that can best suit the organization’s operations.
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