CHAPTER ONE
1.1 INTRODUCTION AND BACKGROUND OF THE STUDY
The concept of internal control system is becoming increasingly useful in the practice of modern audit that it will be worth while understanding the subject matter and the role it plays in the effective management of a business enterprise. The existence of internal control system in an organization is of great assistance to both the management and the auditions of such an organization.Not only does it aid the management in the process of decision making, it also provide a base upon which the auditions place reliance when carrying out his audit. With a sound knowledge of the system of internal control operative in a firm, one can easily make a valid judgement on why a firm failed or succeed in its business within the period under review. According to Holmes (1964, 78) who maintained that as business organization have grown in physical size, as operations have expended in complexity, and as transactions have supplies itself promptly with reliable data based on the objectives of assets presentation, error elimination and income determination.
The method of procedures adopted by a business to control its operations provides the management with an assurance that the data available are authentic and factual.Such system of control comprises measurers taken by an organization for the purpose of protecting its resources against waste and fraud, ensuring accuracy and reliability of accounting and operating data, seeming compliance with company’s policy and evaluating the level of performance in all the sections company. In the words of Meigs (1997, 8) the basic principle of internal control in that no one person should handle all phase of a transaction from beginning to the end. He remarked that when business operations are organized that two or more employees are required to participate in every transaction; the work of one employee gives proof of the accuracy of the work of another.
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