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INTERNAL CONTROL SYSTEM IN A COMPUTERIZED ENVIRONMENT A STUDY OF GUINNESS NIGERIA PLC.

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CHAPTER ONE

1.0              INTRODUCTION

The world is filled with the technology advancements that modernize the homes and businesses today. The telephones, automatic teller machines, satellites, computers and many other technologies are no longer serving as window dressing, but one actually being used to harness information.

1.1  BACKGROUND OF THE STUDY

In recent times, the Nigeria economy has influenced a number of technological evolutions. Computer technology is one of such evolutions. While the greater number of users enjoys the favours of these life made easy trends, audit and security practitioners are constantly being challenged by their applications.

Dependence on computers today in the business circle is not by choice. The computer is becoming the standard of communication among organizations; various types of computers have been introduced to substantially enhance human efforts in industrial, commercial, official and domestic activities. Data are captured, stored, processed, analyzed, transmitted and reported with computers.

Accountancy which is generally known as the language of business is no exception and has been affected by these changes in technology. The manual book keeping process is giving way to computerization in both private and public sectors of the Nigerian Economy. All organizations, both manually operated or computerized, whether profit oriented or not, operates within conditions of resource Constraints. This mass embrace is not without its attendants problems. As a result, various steps are taken and procedures established to ensure that the use of these resources are maximized in achieving organizational goals and objectives.

Apart from the problem of scarce resources, organizations run a high risk of fraud and errors. Steps are required therefore to minimize this risk by establishing operating rules and regulations. Internal control represents all such techniques, policies, rules and procedures which the management of an organization has developed for its day to day operations. An evaluation therefore involves considering carefully how good the system in use is to the needs of the organization.

Adeniji A.A (2001) says “Internal Control comprises all the coordinate methods and measures adopted within a business to promote operational efficiency and encourage adherence to prescribed management policies”.

Statement of auditing defines Internal Control thus, “Internal Control includes not only Internal checks and Internal audit, but the whole system of controls, financial and efficient manner, ensure adherence to management policies, safeguard the assets and secure as far as possible the completeness and accuracy of the records.

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INTERNAL CONTROL SYSTEM IN A COMPUTERIZED ENVIRONMENT A STUDY OF GUINNESS NIGERIA PLC.
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