INTERNAL CONTROL : A COMPARATIVE ANALYSIS BETWEEN PUBLIC AND PRIVATE SECTORS

CHAPTER ONE

1.0 INTRODUCTION

1.1 INTERNAL CONTROL

This is the system by which management maintains control over the purchase reserving storing and selling of merchandise strong internal control we needed not only for purchases and sales transactions, but for all other types of transaction as well. In fact the concept of internal control we needed not only for purchases and sales transactions, but for all other types of transaction as well. In fact the concept of internal control affects all assets and liabilities the revenue control is to provide assurance that the entire business operates in according with management’s plan and policies. A system of control within the organization included all measure taken by an organization for the purpose of the following.

1. Protecting its resources against western fraud inefficiency. 2. Ensuring accuracy and reliability in accounting and operatry data. 3. Security compliancy with company policies 4. Evaluating the level of performance in all division of the company. Many people wants of internal control as only a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and liabilities and preventing fraud. This is only a port of it role. A primary objective of me system of internal control is to ensure my reliability of the accounting and operating data used in decisions –making. The public sector or social corporations the moves corporation in which Government investment are made and which provide basic amenities that cannot be price and even if they are prices are usually provided free or almost free to my people because may are politically expedient. The public sector also includes companies an organization in which the government has a computer control or at leas 81% of the equity. The comparative as used in the contextual this study is aimed at evaluating the equity of internal control in the public sector and the quality of the internal control in the private sector.