AN EVALUATION OF ACCOUNTING AND INTERNAL CONTROL SYSTEM IN PRIVATE SECTOR

TABLE OF CONTENT
Title page
Certification i
Dedication ii
Acknowledgement iii
Table of content v
CHAPTER ONE
1.0 Introduction 1
1.1 Background of the study 2
1.2 Statement of the research problem 6
1.3 Objectives and purpose of the study 7
1.4 Scope and limitations of the study 8
1.5 Definition of terms 9
1.6 Organization and plans of the study 11
CHAPTER TWO
Literature review 13
2.1 Review of accounting policies 13
2.2 Internal control system review 16
2.3 Internal auditor and the watch dog role 17
2.4 Uses of internal audit department 19
2.5 Function of internal audit 20
2.6 Factors contributing to an effective audit 24
CHAPTER THREE
3.0 Case study and methodology 27
3.1 Brief history of Aiico insurance plc 27
3.2 Organization structure of Aiico insurance plc 31
3.3 Research design 35
3.4 Method of data collection 35
3.5 Method of data analysis 38
3.6 Limitations of the study 39
CHAPTER FOUR
4.0 Presentation and analysis 41
4.1 Preamble 41
4.2 Presentation and analysis of data according to research question 42
4.3 Results finding 46
CHAPTER FIVE: Summary, Conclusion and Recommendation
5.1 Summary 49
5.2 Conclusion 50
5.3 Recommendation 52
REFERENCE

CHAPTER ONE
1.0 INTRODUCTION
The establishment of Aiico Insurance Plc constituting part of the development of Insurance Company in the country within development and internal control system takes place.
A system of internal control is the whole system of controls, financial and otherwise established by the management in order to carry on the objectives of the organization in an orderly and efficient manner, ensure adherence to management policies, safeguard the assets and secure as far as possible, the completeness and accuracy of records.
In order to allow for better administration in Aiico Insurance Plc, the company is divided into various sections and each is charged with specified duties. The companies is required to render insurance services to the interested insured and are to keep the following account:
Premium received
Agent commission
Claims settlement
Wages and Salaries
But the question that readily comes to mod is, how far has this stewardship role been performed?
Cases of embezzlement and misappropriation of fund are rampant these days. Frauds have taken many in this country with the private sector and public sector, such as embezzlement of cash and falsification or wronged manipulation of accounts etc.
1.1 BACKGROUND OF THE STUDY

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