ABSTRACT

This research identified the risk in the Accounts payable and ledger processing functions in Nigeria Breweries and the adequacy of financial controls under the topic "Risks Reduction and Financial Controls in a Computerized Accounting System in Nigeria" Personal interviews, questionnaire and other secondary sources like textbooks, Magazines; journals etc were the major source of data for the study. A total of three hundred and twenty six (326) staff of Nigeria Breweries ,Aba which comprises of both Account, Finance, Audit and Marketing departments were considered and one hundred and eighty(180) staff were used as Sample size derived using Yaro Yemen sampling techniques, whereas a non parametric statistical tool, the chi-square test was applied in testing the hypothesis, if there is relationship between financial information and documentation, authority system and independent review and performance controls and risk reduction. Based on the results, it was concluded that proper financial information and documentation, a formal authority system and timely independent reviews and performance controls relate positively with reduction of risk, thereby accepting the hypothesis of the study. ln order to ensure adequate finance controls, reduce existing risk and also reduce the level of losses and defalcations, it is recommended that: Financial Managers should endeavour to understand practical guidance on core financial controls in their main business activities and establish a set of criteria against which they can judge the standards achieved in their own companies.