TABLE OF
CONTENTS
Title Page
Certification
Dedication
Acknowledgement
Table of Content
CHAPTER ONE
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 Scope And Limitation of The Study
1.6 Organization And Plan of The Study
1.7 Definition of The Key Terms
1.8 Plan of The Study
1.9 Historical Background of The Study of Nigeria Bottling Company
CHAPTER TWO
2.0 Literature Review
2.1 Internal Control and Its Relevance
2.2 Internal Check
2.3 Internal Audit
2.4 Forms of Fraud and Its Cause
2.5 Effect of Fraud on Organization
2.6 Factors That May Encourage Fraud
2.7 Basis Control and Prevention of Frauds
CHAPTER THREE
3.0 Research Methodology
3.1 Data Analysis and Techniques
3.2 Sources of Data Analysis
CHAPTER FOUR: DATA PRESENTATION
AND ANALYSIS
4.1 Introduction
4.2 Data Presentation
4.3 Data Analysis
4.4 Data Summary
CHAPTER FIVE
5.0 Summary
5.1 Conclusion
5.2 Recommendation
References
Appendix
CHAPTER ONE
INTRODUCTION
It is the primary responsibility in the management
of business organization to prevent and detect errors, irregularities and
frauds. The responsibility arises because of direction 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 share holder 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”.
In other words, it is a complex series of
continuous and interrelated activities design by the management to direct and
monitor the affair of the organization.
1.1
BACKGROUND OF THE STUDY
The main motive for internal control is to prevent
and minimize fraud can be define as an
international misrepresentation financial information by or more individual
among the management, employees or third party it is a special cause of
criminal description to obtain and undue advantage.
More over, the internal control system various one
organization of another as regards the activities of individual. However, there
is a frame work every internal control system and these are usually in the form
of 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 mean of detecting and
minimizing fraud in a manufacturing company often fair 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 if how to appraise the effects and importance of
effective internal control system.
Conclusively, with the problem discussed above,
the researcher will proffer solutions to the problems during the course of the
study.
1.3
AIMS AND OBJECTIVE OF THE STUDY
This study aims at conducting a research in 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 purpose of this study is 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
dine by junior officers are checked by their supervisor, department heads to
ensure conformity with established standard.
v.
That purchases
and sales of goods are properly carried out 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
effect primary aim of business organization which is profit making. Likewise to
let the management see the need to main 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 way by which effective control could be
established in an organization.
1.5
SCOPE AND LIMITATION OF THE STUDY
This research work covers some strategic area,
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 of effectiveness of internal control system.
However, the problem encountered in the course of
this study is the attitude of some respondents answered just few questions leaving
majority of the question unanswered.
More so, the analysis of the study are based on
responses of the respondents as well as the result of the interview conducted
since there is no way testing the degree of reliance of their responses, do
data collection. However, limited to the Nigeria Bottling Company, Ilorin Plant
alone/due to materials and time constraints. The study may not be a good
reflection of the system and it may result is not applicable to true situation
in totality.
1.6
ORGANIZATION AND PLANT OF THE STUDY
This shall comprise of five chapters. The first
chapter will contain the Introduction, Background of the Study, Statement of
the Study, Significance and Scope of the Study and the Definition of Terms,
while
The Second Chapter consst of the Literature Review
Internal Control and its Relevance, Internal checks, Internal Audit and
Contribution of Scholars and Authors textbooks relevant to the research work
and other sub-headings.
The third chapter shall consist of the Research Methodlogy,
The History of the Research Study, Method of data Collection, data Analysis and
technique and Source of data Collected.
The four contains the data Presentation and
Analysis Data Presentation, data Analysis and Data Summary “while the last
Chapter (5) Five state the Summary, Conclusion and recommendation, putting the
following into consideration.
Bibliography, Questionnaire and Appendix of the
project work.
1.7
DEFINITION OF KEY TERMS
ERRORS: Errors are generally in auditing as unintentional
mistake in the financial records. It make clients amount unreliable,
misinterpretation of facts.
FRAUDS: Frauds can be interpreted as an attempts to
deceive by falsification. It is intention misrepresentation of financial
information by one or more individual between management employee or third
party.
Frauds can also refers to as stating stock value
higher than obtainable, in a deceptive manner to be able to declare profit. Fraud
can also be interpreted as international deceit.
IRREGULARITIES: This refers to as intentional distortion of
financial statement for whatever purpose or not accompanied by distortion of
financial statement (such as payment disputes, imbalance figure e.t.c).
irregularities give due for fraud.
1.8
PLAN OF STUDY
The structure of this research work is divided
into five chapters:
Chapter One: Introduction containing general background of the
study such as statement of the problems, its significant scope, objective and
limitation of the study research.
Chapter Two: Literature Review shadding light of different
authors (scholars), researchers, in related field and review journals, bullions
and relevant literature.
Chapter Three: Historical Backgrounf of the Study, Methodology
of data, data Analysis and Techniques, Source of data Analysis.
Chapter Four: data Presentation and Analysis, data
Presentation, data Analysis and Summary.
Chapter Five: Contain of Summary, Conclusion and some
Recommendation will be made.
1.9
HISTORICAL BACKGROUND OF THE STUDY OF NIGERIA
BOTTLING COMPANY
A pamphlet of published by the company title the
“inside story” gave the brief history of the company as follows.
The Nigeria Bottling company under A.G Levities of
group of companies’ first came to Nigeria in the year 1953 with plant in Lagos,
they are Bottling the following soft drink in the company. Fanta, Coco-Cola,
Larest, Gringeralo Tonic Fanta, Soda Fanta and Sprite.
Nigeria Bottling Company is today Nigeria number
one bottler of soft drink selling about seven (7) million bottlers with content
per shy.
The Nigeria Bottling Company is a major employer
of labour in Nigeria as of today. The company came to Kwara State in the year
1979. It is the first soft drink manufacturing factory in Kwara State.
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