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THE ROLE OF INTERNAL CONTROL SYSTEM IN PUBLIC CORPORATION

THE ROLE OF INTERNAL CONTROL SYSTEM IN PUBLIC CORPORATION (A CASE STUDY OF

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 AKWA IBOM STATE WATER COMPANY)

 

TABLE OF CONTENTS

 

Title Page

Certification

Approval Page

Dedication

Acknowledgements

 

Table of Contents

List of Tables

List of Appendices

Abstract

CHAPTER ONE:     INTRODUCTION

1.1       Background to the Study

1.2       Statement of the Problem

1.3       Purpose of the Study

1.4       Research Questions

 

1.5       Hypotheses

1.6       Significance of the Study

1.7       Scope of the Study

1.8       Definition of Terms

 

CHAPTER TWO:    REVIEW OF LITERATURE

2.1       Theoretical Framework

2.2       Conceptual Review

2.3       Review of Empirical Studies

2.4       Summary of Literature Review

 

CHAPTER THREE: RESEARCH METHOD                                                                

3.1       Research Design

3.2       Area of the Study

3.3       Population of the Study

3.4       Sample and Sampling Technique

 

3.5       Instrumentation

3.5.1    Validation of the Instrument

3.5.2           Reliability of the Instrument

3.6       Procedure for Data Collection

3.7       Method of Data Analysis

 

CHAPTER FOUR:  RESULTS AND DISCUSSION OF FINDINGS

4.1       Answering the Research Questions

4.2       Testing the Hypotheses

4.3       Summary of Findings

4.4       Discussion of Findings

 

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1       Summary

5.2       Educational Implications of the Findings

5.3       Conclusion

5.4       Recommendations

5.5       Limitations of the Study

5.6       Suggestions for further Study

References

Appendices

 

CHAPTER ONE

1.0   INTRODUCTION

Government Corporation often referred to as parastatals are established to provide service to the people. At any time the Government wishes to provide economic good and service to the citizens. It does so usually be setting up a co-operation to provide such good and services. Moreover, example of government public corporation includes National Electric Power Authority (NEPA) Akwa Ibom State Water company.

However, intention may be expressed but implementation may be grossly inadequate. To close the gap between plan and implementation, the company as any other business needs a control mechanism and the basic control system opened or available to all business corporations with aspiration is the internal control system (ICS).

 

THE ROLE OF INTERNAL CONTROL SYSTEM IN PUBLIC CORPORATION

According to Smith etal (2018), internal / control / system is a designed to provide a dependable and efficient accounting system that will help management to plan and control the public corporations activities as well as safeguard the resources – Asset and liabilities.

However, most worker and researchers internal control system and auditing one on business organization that are profit oriented. But the study if concern with public corporation of Akwa Ibom State water company which is a non-profit corporation and serviceable in nature. In order to achieve the objective of providing good and services at affordable prices public corporation are run as non-profit making organization. Also, according to Steim Berge, Richard, M. in his landmark publication “internal /control gain firmer control over public corporation activities.

While most small and mind size companies may implement the component differently than large companies the same principles should apply. To this end, Howard (2018) observed that for the system to be effective the verification of its assets and liability and the investigation of its working machines must be properly kept in place in order that a true and fair view should prevail.

 

1.1   BACKGROUND OF THE STUDY

As recorded in the company information (1988) Akwa Ibom State water company nee (Akwa Ibom State water co-operative) which has its administration headquarter at 52 Ekpenyong Street Uyo started as a branch of water board in them cross river state before the creating of Akwa Ibom State in 1987. Moreover, with the creating of state in 1987 Akwa Ibom state water corporation (now company) was established by Akwa Ibom State No. 9 of 1st May 1988, an dependent mandate to produce and supply portable water to all communities within the new state comprising of Urban area. The role of internal control system in public corporation.

To commence the actual take off, of the corporation for water production storage and distribution as well as power, right and privilege appertaining to the old cross Rivers State water Board, but which by write of the state creation exercise were transferred to the Akwa Ibom State Government were automatically transferred Akwa Ibom State water corporation by above edict.

 

Furthermore, the general mission of Akwa Ibom State Water Corporation is to produce and supply portable water to all communities in the state. However, the edict establishing the corporation stipulates that the day to day running of the corporation shall be handle by the board of directions. Moreover, government usually appoints people into the board of public corporation to closely oversee their activities. Therefore, it is the responsibility of the board to appoint external auditor audit the account of the corporation really.

 

1.2   THE STATEMENT OF THE PROBLEM

In brief, designing on internal control system for any corporation requires a conceptual and the ability to transform the system into operations. This precaution is necessary because of the problem that might militates agents its implementation and the apparent problems the public corporation might likely face in the absence of the control system.

However, the establishment of a sound and effective internal control system in Akwa Ibom State Water Company was interred to reduce fraud, wastes and in efficient management. The role of internal control system in public corporation.

In addition, fraud and misuse of funds, in efficient allocation of available resources, embezzlement and management in efficiencies in the enterprise. Therefore, there are many problems observed in companies of this nature and finding solution to these problems necessitates his study and from it focus.

 

1.3   THE PURPOSE OF THE STUDY

The main purpose of this study aimed to examine the role of internal control system in public corporation in Akwa Ibom State water company

Specifically, purpose of the study include:

  1. To find out whether there are roles that must be follow in the organization
  2. To find out whether there is internal control system in organization.
  3. To find out whether internal control department do check problem in the organization
  4. To find out whether internal do help the organization.

 

1.4   RESEARCH QUESTION 

  1. Are they role regulate and procedures put in place by management in performing their duties.
  2. Does internal Audit department of Akwa Ibom water operation do check to see whether roles regulate procedures put by management are being followed.
  3. Involved the management of the internal control system to be able to state whether there is internal control in their board company.

 

1.5  RESEARCH HYPOTHESES

1. Internal control system has not being benefit to Akwa Ibom State Water Company.

2.  Internal control system has not being benefit to Akwa Ibom State Water Company.

3. The Company has not adopted measure to safe guard cash against fraud, waste and inefficient management.

4. The company has not shown evidence that internal procedure are followed.

 

1.6   THE SIGNIFICANT OF THE STUDY

As stated earlier the effectiveness and efficiency of the public corporation and end on the ability of the Government to plan and establishment of suitable control system to ensure the implementation of the plan. In fact, this assertion has given credence to the choice of the topic for a research. It is hope that finding world be useful to the administration of the water company in particular and other Government agencies in general. The role of internal control system in public corporation.

It is believe that effective implementation of a good system of internal control world kept the water company under a check and balance and ensure proper accountability as well as provides measure to evaluate performance against standard. In addition, the study will offer tremendous assistance to practicing accountants who may be involved in system design for their company. It will equally assist future researchers who might find it as a valuable reference for their works and finally will contribute to the advancement of knowledge and skill.

 

1.7   SCOPE OF THE STUDY

This study was limited to the examination of the internal control system in Akwa Ibom State Water Company. The emphases were on the development and the implementation of the basic concept of internal control like authorization, recording and custody procedures. Duty segregation and supervision were also examined.

 

1.8   THE LIMITATION OF THE STUDY

There were series of limitation arising from the problem of the time and resources. The time at my disposal was short hence limited the scope. However, it was not possible to cover all the branch offices in the 8 urban areas serving the thirty one local Government Area of Akwa Ibom State for comparative analysis. This research was limit to the University of Uyo library. The State Library in Uyo and some private bookshop within the town.

Finally, since the study was an Akwa Ibom State water company, materials for references were sector economy.

 

CONCLUSION

                Based on the analysis of the data, the findings in the study the following conclusion were researched.

1.      The company was an internal control system but the implementation still needs transformation to more in line with modern method, which will incorporate lime component left out in the design of the control system.

2.      Also, the company’s measures to safeguard cash are not enough. Thus, cash ligament with the bank should be on a daily basic if a better result was required

3.      Stores should be re-organized in order to limit access inventory to only authorize personnel. The role of internal control system in public corporation.

4.      detection of fraud and other corrupt practice were well handle by the internal audits.

 

5.      Expenditure was not full kept within the approved estimate. This means that then was negative variance between estimate actual performances.

6.      The system was able to purged fake or ghost workers out through preparation of monthly normal roll and the regular personnel audit excise.

 

 

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Joselyn Nya

My Name is Joselyn Nya A Publisher in Project Boss Team. I'm a Nigerian I'm a graduate/Educational Researcher. Project Boss Team. We are the best for Project materials and project writing services. Email: admin@projectboss.com.ng

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