What chapters are covered in this Accounting project?

INTRODUCTION 1.1 Background of the Study 1.2 Statement of Problem 1.3 Aim and Objectives of Study 1.4 Research Question 1.5 Statement of Hypothesis 1.6 Research Methodology 1.7 Significance of Study 1.8 Scope and Limitation of Study 1.9 Definition of Terms CHAPTER TWO LITERATURE REVIEW 2.0 Introduction 2.1 Def

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Financial implication of internal control system in an organisation

Financial implication of internal control system in an organisation

INTRODUCTION
1.1Background of the Study
1.2Statement of Problem
1.3Aim and Objectives of Study
1.4Research Question
1.5Statement of Hypothesis
1.6Research Methodology
1.7Significance of Study
1.8Scope and Limitation of Study
1.9Definition of Terms

Chapter TWO

LITERATURE REVIEW

LITERATURE REVIEW
2.0Introduction
2.1Definition of Internal Control
2.2Purposes of Internal Control System
2.3Types of Internal Control2.
3.1Directive or Entity Level Controls2.
3.2Preventive Internal Control2.
3.3Detective / Corrective2.
3.4Compensating Control
2.4Components of the Internal Control System2.
4.1Definition of Responsibilities2.
4.2The In-House Dissemination of Relevant andReliable Information2.
4.3A System for identifying and Analysing Risk2.
4.4Control Activities2.
4.5On-Going Monitoring of the Internal Control System
2.5internal Control Players2.
5.1The Board of Directors or the Supervisory Board(“The Board”)2.
5.2Executive Management/The management Board2.
5.3Internal Audit2.
5.4Company Staff
2.6Conceptual Framework2.
6.1Control Environment2.
6.2Risk Assessment2.
6.3Control Activities2.
6.4Application Controls2.
6.5Information and Communication2.
6.6Monitoring
2.7Effective Internal ControlReferences

Chapter THREE

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY
3.1Introduction
3.2Sources of Data
3.3Population and Sample Size
3.4Research Instrument Design
3.5Administration of Research Instrument
3.6Analysis of Data
3.7Methodology

Chapter FOUR

DATA PRESENTATION AND ANALYSIS

DATA PRESENTATION AND ANALYSIS
4.1Introduction
4.2Personal Characteristics of the Respondent
4.3Response of Respondents of the Problem Areas
4.4Testing and Interpretation of the Hypothesis4.
4.1Test of Hypothesis One4.
4.2Test of Hypothesis Two4.
4.3test of Hypothesis Three

Chapter FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

SUMMARY, CONCLUSION AND RECOMMENDATION
5.1Introduction
5.2Summary
5.3Conclusion
5.4RecommendationReferencesAppendix

Project Abstract

Internal control systems is a topical issue following global fraudulent financial reporting and accounting scandals in both developed and developing countries.This research work examine the implications of internal control system in an organization with reference to Mercury Micro Finance Bank. In today’s volatile business environment, banking sub-sector in Nigeria faces a wide array of complex business challenges. These challenges come in the form of regulatory compliance, litigation, competitive market pressure, changing technology, investors demand, corporate governance, business ethics and accountability.The research examine the various types of internal control and the components of internal control. A questionnaire was designed and administered to the staff of Mercury Micro Finance Bank. The data gathered from the questionnaire were presented on table with the respective percentages. The formulated hypotheses were analysed with the used of Chi square statistical tool. From the analysis it was concluded that;Effective internal control system make fraudulent practices and other incidences of irregularities very difficult to perpetrate.Constant review of accounting and internal control system will reduce incidence of fraud and irregularities in Microfinance banks.The internal control system currently in operation at Mercury Microfinance Bank is inline with the International Accounting Standard (IAS).Conclusion was deduced from the result of the analysis and recommendations were made.

Project Overview

<div>INTRODUCTION1.1 BACKGOUND OF THE STUDYWhen companies suddenly collapse, the often resounding question is, “what went wrong?” A breakdown in the internal control system is the usual cause. Internal control is a process that guides an organization towards achieving its objectives. These objectives include operational efficiency and effectiveness, reliability of financial reporting, and compliance with relevant laws and regulations (COSO 1992). Absence of these variables often results in organizational failure. The findings of the Treadway Commission Report of 1987 in the United States (USA) confirmed absence of, or weak, internal controls as the primary cause of many cases of fraudulent company financial reporting.The widespread global corporate accounting scandals that assumes near epidemic proportions in recent years inform this study. Cases of accounting scandals have been recorded International Research Journal of Finance and Economics – Issue 27 (2009) 125 in JCI and Randgold and Exploration companies. In Nigeria, the Managing Director and Chief Financial Officer of Cadbury Nigeria plc were dismissed in 2006 for inflating the profits of the company for some years before the company’s foreign partner acquired controlling interest.These scandals emphasize the need to evaluate, scrutinize, and formulate systems of checks and balances to guide corporate executives in decision-making. These executives are legally and morally obliged to produce honest, reliable, accurate and informative corporate financial reports periodically.The banking industry is a very important subsector of the financial services of any economy. For effective operation and to be able to render a good stewardship to the operations of a bank, it is imperative that there should be reliable accounting and internal control system. The effectiveness of accounting system of any organization depends on the manner and methods used in the recording of financial transactions, which must be in agreement with the International Accounting Standard,(IAS) regulations.</div><h3></h3>

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