Full Project-EFFECTIVE INTERNAL CONTROL SYSTEM AS A MEASURE OF FRAUD PREVENTION

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ABSTRACT

The purpose of this study is to analyze the effectiveness of the internal control system of the board of internal Revenue Enugu State. It cannot be over emphasized here that an effective internal control system does not only ensure financial accuracy of transactions, but it reduces trade to the barest minimum. A good internal control system can only operate in a fairly large organization that employs a good number of staff. It is also important to note that there is high rate of fraudulent practices in government ministries and parastatals today and the Board of internal revenue is not an exception. That is why the internal control system must not only be put in place, but is also having to be effective in removing such irregularities. Similarly, the research work will be grouped into five chapters, in which chapter one contains the introduction. This will give us a skeletal framework of the study and also sub topics such as statement of the problem and so on. Chapter two contains the literature review which will give the details of the topic and also the meaning of the topic. Chapter three contains the research methodology and techniques which will show the methods through which the survey and the sources of data will be carried out. Chapter four contains the presentation and the analysis of data which further gives the information suitable. Chapter five finally contains a workable recommendation proffered from the findings derived. These findings will help the management of the board of internal revenue Enugu State to improve on the effectiveness of their internal control system.

TABLE OF CONTENTS

Title Page

Dedication

Acknowledgement

Abstract

CHAPTER ONE

1.1 Introduction

1.2 Statement of Problem

1.3 Purpose of Study

1.4 Relevance of the Study

1.5 Methodology and Hypothesis Statement

1.6 Scope and Limitation of Study

1.7 Definition of Terms.

CHAPTER TWO

2.1 Introduction

2.2 Organizational Chart

2.3 Personal Income Tax Duties

2.4 Other Revenue Duties

2.5 Planning Research and Statistics

2.6 Administration and Finances

2.7 Relationship between Internal and External Auditor

2.8 Internal Audit as an Effective Internal Control System.

2.9 Factors that will be considered by an external auditor before relying on the work of the internal auditors

2.10 Audit committee.

2.11 Relationship between the audit committee and the external auditor.

2.12 Essentials of internal control

2.13 Internal check

2.14 Types of internal control system at board of internal revenue Enugu state

2.15 Areas of work where internal and external auditors overlap at the board of internal revenue Enugu state.

2.16 Areas of work where internal and external auditors overlap at the board of internal revenue Enugu state

2.17 Fraud

2.18 Difference between fraud in the organization

2.19 Reference

CHAPTER THREE

3.1 Research methodology

3.2 Primary data

3.3 Validity and reliability of the questionnaire

3.4 Personal interview

3.5 Observations

3.6 Statistical tools and mathematical manipulation

3.7 Research design

3.8 Selection of sample

3.9 References

CHAPTER FOUR

4.1 Introduction

4.2 Field survey

4.3 Presentation and analysis of data

4.4 Section a part of the questionnaire

4.5 Section B part of the questionnaire

4.6 Data analysis

4.7 The procedure for reporting fraud at the board of internal revenue

4.8 Testing of hypothesis

4.9 Hypothesis 1

4.10 Hypothesis 2

4.11 References

CHAPTER FIVE

5.1 Summary

5.2 Recommendations

5.3 Conclusion

5.4 Bibliography

5.5 Appendix

LIST OF TABLES

Table 1.1. Analysis of distribution collection of questionnaire

Table 1.2 Table of length of service

Table 11.1 Table for question 1

Table 11.2 Table for question 2

Table 11.3 Table for question 3

Table 11.4 Table for question 4

Table 11.5 Table for question 5

Table 11.6 Table for question 6

Table 11.7 Table for question 7

Table 11.8 Table for question 8

Table 11.9 Table for question 9

Table 11.10 Table for question 10

Table 11.11 Table for question 11

Table 11.12 Table for question 12

Table 11.13 (A) Table for question

Table 11.13 (B) Table for question

Table 11.14 Table for question 14

Table 11.15 Table for question 15

Table 11.16 Table for question 16

Table 11.17 Table for question 17

Table 11.18 Table for question 18

Table 11.19 Table for question 19

Table 11.20 Table for question 20

Table 11.21 Table for question 21

Table 11.22 Table for question 22

Table 11.23(A) Table for question

Table 11.23 (B) Table for question

Table 11.23 Table for question

Table 11.23(D) Table for question

Table 11.24 Table for question 24

Table 11.25

Table for questions 25.

CHAPTER ONE

1.1 INTRODUCTION

The Institute of Charter Accountants defines the concept internal control system as “The whole system of control financial and otherwise established by the management in order to carry on the business of the enterprise in an orderly and efficient manner, ensure adherence to management policies, safeguard the assets and secure as fact as possible the completeness and accuracy check and internal audit” fraud is a threat common to most organizations. It is a threat to the effective utilization of resources and as such, it will always remain an important concern to management.

Fraud needs to be deleted and potential fraud needs to be prevented. Effective internal control system is vital for the survival of any organization it serves as a check on fraudulent activities of the management and employees an organization and it brings about solutions to likely fraudulent acts in an organization. Management is totally responsible for establishing the internal control system in an organization.

Auditing today is based on internal control. A client during the course of financial period so because it is client during the course of so because it is undesirable for an auditor to carry out a hundred percent check on all the transactions enters this.

Internal control system is a necessity in large organization especially where management is removed from day to day routine operations of the organization. Internal control system include controls exercised by management which comprise of rules and regulations as well as procedures set up by organizations bearing also the problems set up by organizations bearing in also the problem of limited resources.

If the internals control system is effective in an organization, it ensures maximum use of resources and also reduces to the barest minimum fraud. The feed for affective internal control system therefore cannot be over-emphasized. It is important because of the existence of risks and also all form irregularities in an organizations.ter of flatly, the major frauds in public and private enterprises can be traced to lapse in the internal control system and the existence of poor control environment in organization.

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