ABSTRACT
Social responsibility consists of information that
guide the goal attainment of a business firm. It is therefore our sincere
desire to look into goal attainment of business activities. This study will
also lay emphasis on effective goal attainment. Obviously, without goals
attainment success is not certain in any Business Firm. This study will also
help to proffer directions to any Organization target, the knowledge of events
only on the business is accepted in the social responsibilities. In addition,
this research will also help the orphan to know the goal attainment technique
and approaches to use in attainment in their firms. Especially, the study shall
attempt to achieve various Objectives certainly this study will enable the goal
attainments options available to them since most of the knowledge or various
goals attainment technique to handle a firm. This research work will consist of
five Chapters, as follows where Chapter one give the full Introduction of the
study, significance of the study, limitation of the study, definitions of the
term. Chapter two literature review, the concept of internal control, highlights
of the definition, Objective of Internal control system, effectiveness of
Internal control system of International brewery Company Ilesha, limitation of
Internal system in International brewery Plc Ilesha, Osun Stated contribution
of EDP based on administrative Environment. Chapter Three Research methodology,
Data collection sources, the population and sample size of the study, Research
Instrument, method of Data analysis. Chapter Four. Data analysis and
Interpretation, Data Analysis, test Hypothesis, Research Findings, Chapter Five
Summary, Conclusion and Recommendation.
TABLE OF CONTENTS
Title
page i
Certification ii
Dedication iii
Acknowledgement iv
Proposal
vi
Table
of contents vii
CHAPTER ONE
1.1 Introduction 1
1.2 Statement of the problem 4
1.3 Objective of the study 5
1.4 Scope of the study 6
1.5 Significance of the study 6
1.6 Limitation of the study 7
1.7 Definition of terms 7
CHAPTER TWO: LITERATURE REVIEW
2.1 The Concept of Internal Control 9
2.2 Highlights of the Definition 9
2.3 Objective of the Internal Control System 14
2.4 Effectiveness
of Internal Control System of International Brewery Company Ilesha 19
2.5 Limitation of Internal Control System of International
Brewery Plc Ilesha Osun State 20
2.6 Contribution
of EDP based on Administrative
Environment 22
CHAPTER THREE:
3.0
Research methodology 26
3.1 Data collection sources 27
3.2 The Population and Sample Size of the Study 28
3.3 Research Instrument 29
3.4 Sampling techniques 29
3.5 Method of Data Analysis 30
CHAPTER FOUR: DATA ANALYSIS AND
INTERPRETATION
4.1 Data Analysis 32
4.2 Test of Hypothesis 40
4.3 Research Finding 44
CHAPTER FIVE: SUMMARY, CONCLUSION
AND RECOMMENDATION
5.1 Summary 46
5.2 Conclusion 47
5.3 Recommendations 48
Appendix
Questionnaire
Reference
CHAPTER ONE
1.1 INTRODUCTION TO THE STUDY
The
main effectiveness in the management of any organization is growth and survival
of the business in a competitive world market, which is also aids the
maximizing the wealth of owners.
In
order to maintain these standards, the management must place system or
technique. The system or techniques instituted by the management to enhance the
laid down guidelines and policies set up by the management in order to attain
the corporate goals of the organization is termed internal control system,
which is an embodiment of internal audit, can be defined as, “the whole system
of control both financial and otherwise established by management in order to
carrying the business of the company in an orderly and efficient manner, ensure
adherence to, management polices safeguard the assets and secure as far as
possible the completeness accuracy and validity of books and records of an
company.
However,
internal control involves various methods and procedure adopted in an
organization with a view to safeguarding its assets to promote greater
efficiency in operation to carry out effectively the general policies as laid
down by the management and to ensure that the accounting and statistical data
produced are reliable and accurate.
The
essence of the quality of internal in modern day auditing can be compared to
that of the foundation work of a house.
The
house rest secure and it foundation and modern auditing depends in the same way
upon internal control.
A
sound internal system is vital to the management and auditors alike, because
experience has shown that any deficiency in it leads eventuality to chaos
within the organization.
Today,
the concept of internal has assumed greater dimension:
It
is the nerve system of very business which controls all the operations and
polices of business, financial and otherwise.
The
control is strictly supervised by the internal audit department through its
staff and generally for effectiveness. Internal auditor is given a measure of
independence to enables them carry out their work satisfactory and also to
enables them report directly to the chief executive of the organization.
The
entire internal controls of international Brewery Plc Ilesha are usually
divided into divisions and they have joint objectives fraud in the company.
·
Preventing fraud in the company
·
To provide reliable efficiency
·
Safeguarding the assets and records of
the company
·
To encourage adherence to prescribed
policies and directives of the company.
However,
the problems and prospects of internal control system international Brewery
Plc, Ilesha is the focus of this research with some responsibility entrusted in
to the hands of internal audit personnel in the Brewery Industry.
1.2 STATEMENTS OF THE PROBLEM
The
complicated system of checks and counter check that tends to hamper efficiency
and timelines of all system in the brewery industry has been attributed to the
old and out dated regulations.
An
incompetence of some personnel or hiring of unqualified hands in the
performance of audit and records duties. This pertly explains why some brewery
industries are not making profit (poor turnover). All these and others are
factors that forced many organizations to liquidate.
1.3 OBJECTIVES OF THE STUDY
The
main objectives of this study can be summarized as follows:
·
To examine the soundness of internal
control system in international brewery plc, Ilesa.
·
To determines the factors responsible
for ineffective internal control system in manufacturing companies.
·
To undertake an in depth study of the
mode or nature of pilferage and frauds that are perpetrated in manufacturing
companies with special reference to international Brewery Plc Ilesa.
1.4 SCOPE OF THE STUDY
The
study will cover an in-depth explanation of what internal control is and the
general impact of sound internal control system has contributed to the one the
growth and survival of the international Brewery company, ilesa.
1.5 SIGNIFICANCE
OF THE STUDY.
The
research work would be of great important most especially to the company chosen
as the case study and other manufacturing companies. Also the researchers
believe is going to be of great help on adjusting the existing system and
improve on it. In addition in the above, future researchers and students generally
would benefit from the study.
1.6 LIMITATION TO THE
STUDY
The
major limitation to this research is as a result of lack of data in the
organization.
The
lack of sufficient books and distance also there is no enough time for carryout
the research which constitute to the hindrance.
Also
not all information are released for the fear of revealing the company secret
and difficulties ion gaining access to organization literature and annual
report.
1.7 DEFINITION OF TERMS
The
auditing guidance on internal control defines internal control thus:
INTERNAL CONTROL SYSTEM: this
is whole system of controls, financial or otherwise, which established by the
management in order to carry on the business of the enterprise in an orderly
and efficient manner, ensure adherence to management policies safeguarding the
assets and secure as far as possible the completeness and accuracy of the
records, the individuals components of internal system are know as controls.
Some
authors from USA explained internal control as the system within a company
consisting of its plan organization, the assignment of duties and
responsibilities, the design of business and reports all measures and methods
employed.
a.
To protect its assets:
b. To
promote and judge the operational efficiency of all aspect of the company
activities.
c.
To encourage the accuracy and
reliability of business studies and other operating data and reports.
TERMS:
Is a mathematical expression which may form a separable part of a equation
series or another expression.
ORGANIZATION:
Is a social unit of people systematically structured and managed to meet a need
or to purse collective.
CONTROL SYSTEM;
is a device, or set of devices to many command direct or requite the behavior.
PRODUCTION:
Can be define as the transformation of raw materials into finished goods to
satisfy human want.
COMPANY:
Can be defined as an organization of people in group of business in effort to
make money.
EMPLOYEE:
Can be defined as the process of people that looking for job in essence of the
company for more progress.
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