EFFECTIVE INTERNAL CONTROL IN ENHANCING FOUNDATION FOR SAFE AND SOUND OPERATION IN AN ORGANISATION (A CASE STUDY OF COLLEGES OF EDUCATION IN ENUGU)

EFFECTIVE INTERNAL CONTROL IN ENHANCING FOUNDATION FOR SAFE AND SOUND OPERATION IN AN ORGANISATION (A CASE STUDY OF COLLEGES OF EDUCATION IN ENUGU)

 

ABSTRACT

Effective Internal controls are system consisting of specific policies and procedures designed to provide management with reasonable assurance that the goals and objectives important to the entity will be met. The purpose of this research is to ascertain whether internal control has actually helped to promote operational efficiency and effectiveness; provide reliable financial information; safeguard asset and records; encourage adherence to prescribed policies; comply with regulatory agencies and many more. Findings after analysis of data have shown that these Colleges has an organizational structure in place in these colleges; Provosts of these colleges have limited powerrs on expenditure approval; there are segregation of duties as it relates to transaction authorization, recording and custody; authority documents such as conditions of service, scheme of service and financial regulations are available; and there are internal audit department to ensure that these internal control system are operational. The survey method was used in gathering data while chi-square statistical method was used for data analysis. Harvard style of documentation was adopted in this research.