APPRAISAL OF INTERNAL CONTROL SYSTEM IN LARGE FIRMS

ABSTRACT

This project invested the appraisal of internal control system in large firms. The study was aimed at determining the strength and weakness of internal control system in public limited liability companies and how the existing control has helped the management in the realization of the organizational objective

 

In this project the research found out whether

  1. 1.     There is regular cash survey to ensure that amount voted into imprest in judiciously used.
  2. 2.     Majority of the employees are paid through banks and all authorized deductions are remitted to their appropriate authorities.
  3. 3.     Stocktaking is usually carryout by a team consisting of store and accounting staff preparation of pay roll and payment of salaries are not usually done by some person.

 

Data for research was collected from both primary and secondary. Primary data was conducted mainly through the use of questionnaires supplemented by oral interview, which was conducted among the staff of the company. Data was analyzed using the chi-square and percentage method of analysis. A test was carried out which showed that system of internal control in the company is effective.

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