ABSTRACT

It is observed that a •whole system of control, financial and otherwise, form the basis for decision making in any enterprise; be it sole trade business, partnership, private and public limited liability companies. But, in most enterprises, little or no attention is being given to the whole system of control and financial record keeping, irrespective of the fact that the main portion of information used in decision making generates from a sound system of any systematic financial record keeping. The executive of many organizations are handicapped in the absence of a whole system of control and financial records to manage their business very effectively and efficiently, therefore, the researcher has to seek ways to bring to the knowledge of business organization, the need of a whole system of control and financial record information system for the decision making and to help in solving problems that might arise from its day to day business operations and to advance strategies on how best to store and preserve records for fast retrieval and supply of accurate information in the enterprise. In the light of the above, the researcher examines the internal control system, the significance of financial information in the enterprise as well as the problems emanating from ineffectiveness of a whole system of control and financial system, with the adverse effects it has on the management of the enterprise. We begin the study of internal control by considering why it is important to establish a whole system of control and financial otherwise in order to carry on the business of the enterprise, and this will require us to examine the various forms of activities involved. A look at the up-coming chapter one, states the background of the study, and brief history of the enterprise, statement of problem, aim and purpose, hypothesis, significance of study etc. Chapter two discusses the review of related literature, the definition of internal control system, condition of effective internal control system, essence of internal control system and other issues of fraud control. Chapter three states the methodology, selection of data, research design, sampling design and procedures, data analysis and limitations of methodology. Chapter four states the presentation, analysis, result findings and limitation while chapter five shows the summary, recommendation and conclusion.