Assessment Of The Effectiveness And Efficiency Of The Internal Control System With Respect To Profitability Of Some Selected Companies:-Ononiwu Gift A
ABSTRACT
This
research project centered on the assessment of the effectiveness and efficiency
of the internal control system with respect to profitability of some selected
companies (Union Bank of Nigeria. Guinness Nigeria pic, UTC Nigeria pic, Usama
farms [Nig.] ltd) in Nigeria. The study was conducted in Aba, Abia state. The
research design method used in this research study was descriptive research
design. TARO YAMANTS (Nnamucha P. N 2000) formula was adopted to select the
exact number of respondents to be ascertained. A well-structured questionnaire
was used.to interview the respondents in order to obtain data needed for the
assessment. The finding indicates that the four (4) companies were observed to
have had a fore knowledge of the existence of internal control. Based on the
response, the level of compliance happens to be very reasonable. Not all
employees were paid by cheques, but there was discrimination. But in all of
these companies, time cards were used and signed by authorized persons for
computation of hours. It was also noted that discrepancies between store record
and physical inventories were promptly investigated, particularly with regard
to continued differences of a material nature. It was noted that the cost
ofimplementation does not have any significant effect on the profitability of
companies but its effective implementation had. Therefore, it was recommended
that the workers be effectively motivated to see to the attainment of company’s
objective.
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ONONIWU, A (2024). Assessment Of The Effectiveness And Efficiency Of The Internal Control System With Respect To Profitability Of Some Selected Companies:-Ononiwu Gift A . Repository.mouau.edu.ng: Retrieved Nov 21, 2024, from https://repository.mouau.edu.ng/work/view/assessment-of-the-effectiveness-and-efficiency-of-the-internal-control-system-with-respect-to-profitability-of-some-selected-companies-ononiwu-gift-a-7-2
AZUOMA, ONONIWU. "Assessment Of The Effectiveness And Efficiency Of The Internal Control System With Respect To Profitability Of Some Selected Companies:-Ononiwu Gift A " Repository.mouau.edu.ng. Repository.mouau.edu.ng, 22 Aug. 2024, https://repository.mouau.edu.ng/work/view/assessment-of-the-effectiveness-and-efficiency-of-the-internal-control-system-with-respect-to-profitability-of-some-selected-companies-ononiwu-gift-a-7-2. Accessed 21 Nov. 2024.
AZUOMA, ONONIWU. "Assessment Of The Effectiveness And Efficiency Of The Internal Control System With Respect To Profitability Of Some Selected Companies:-Ononiwu Gift A ". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 22 Aug. 2024. Web. 21 Nov. 2024. < https://repository.mouau.edu.ng/work/view/assessment-of-the-effectiveness-and-efficiency-of-the-internal-control-system-with-respect-to-profitability-of-some-selected-companies-ononiwu-gift-a-7-2 >.
AZUOMA, ONONIWU. "Assessment Of The Effectiveness And Efficiency Of The Internal Control System With Respect To Profitability Of Some Selected Companies:-Ononiwu Gift A " Repository.mouau.edu.ng (2024). Accessed 21 Nov. 2024. https://repository.mouau.edu.ng/work/view/assessment-of-the-effectiveness-and-efficiency-of-the-internal-control-system-with-respect-to-profitability-of-some-selected-companies-ononiwu-gift-a-7-2