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ABSTRACT: Internal control is an important tool by which management aims to achieve its object, of ensuring as far as practical  the orderly and to efficient conduct of the business of the enterprise it is an indispensable aid to efficient management particularly in large scale organization where it is impossible for management to be physically present to all sense of action. The research project is control in the private sector in order to find out whether move is a difference between the two and also to find out reason for these of suggesting ways of improving internal control in the public sector. In order to  achieve the objectives of this research four organization are used two from the public sector (Enugu state Institute) ie (PROUDA) and also two from the private sector (Eastern shop Nigeria limited Enugu all in Enugu State, were made use of properly  validate research and oral interview were used in a means of data collection for the purpose of the study.

 

TABLE OF CONTENT

CHAPTER ONE

1. Introduction                                                                                     

1.1     Purpose of the study                                                                        

1. Significance of the study                                                                            
2. Scope of the study                                                                                     
3. Limitation of the study                                                                    
4. Definition of terms                                                                                    

 

 

CHAPTER TWO

1. Definition of internal control                                                           

2.2     Functions                                                                                         

2.3     Relevance of study                                                                                    

 

CHAPTER THREE

1.      Summary of finding,  Conclusion Recommendation                            

3.1     Summary                                                                                         

1. Finding                                                                                             
2. Conclusion                                                                                       
3. Recommendation                                                                             

Bibliography                                                                                    

 

CHAPTER ONE

1. INTERODUCTION

1.1     INTERNAL CONTROL

                   This is the system by which management  maintains control over the purchase  reserving storing and selling of merchandise strong internal control we needed not only for purchases and sales transactions, but for all other types of transaction as well. In fact the concept of internal control  we needed not only for purchases and sales transactions, but for all other types of transaction as well. In fact the concept of internal control affects all assets and liabilities the revenue control is to provide assurance that the entire business operates in according with management’s plan and policies.

          A system of control within the organization included all measure taken by an organization for the purpose of the following.

1. Protecting its resources against western fraud inefficiency.
2. Ensuring accuracy and reliability in accounting and operatry data.
3. Security compliancy with company policies
4. Evaluating the level of performance in all division of the company.

Many people wants of internal control as only a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and liabilities and preventing fraud. This is only a port of it role. A primary objective of me system of internal control is to ensure my reliability of the accounting and operating data used in decisions –making.

          The public sector or social corporations the moves corporation in which Government investment are made and which provide basic amenities that cannot be price and even if they are prices are usually provided free or almost free to my people because may are politically expedient. The public sector also includes companies an organization in which the government has a computer control or at leas 81% of the equity.

          The comparative as used in the contextual this study is aimed at evaluating the equity of internal control in the public  sector and the quality of the internal control in the private sector. 

 

1.1     PURPOSE OF THE STUDY

          An agency’s management is required to include an assurance statement on the internal controls over financial reporting in the annual performance and accountability report as described  in section Vi reporting on internal control. This statement is management assessment of the effectiveness of the agency’s internal control over financial reporting as of June 30 of the fiscal year (see exhibit 2), this assurance statement is required to include the following.

• A statement of management’s responsibility for establishing and maintaining adequate interal control over financial reporting for the agency.
• A statement identifying the OMB circular A –123 management’s responsibility  for internal control as the frame work used by management to conduct the assessment of effectiveness of the agency’s internal control over financial reporting.
• An assessment of the effectiveness of the agency’s internal control over financial reporting as of June 30, including an explicit conclusion as to whether the internal controls over financial reporting are effective.
• If a material weakness is discovered by June 30, but corrected by September 30, a statement identifying the material bleakness, the corrective action taken and that it has been resolved by September 30.
• If a material weakness discovered after June 30, but period to September 30, the statement identifying the material weakness should be updated to include the subsequently identified material weakness.

In its assurance statement on the internal control over financial reporting management is required to state a direct conclusion about whether the agency’s internal control over financial reporting are effective the statement must take one ote following forms:

1. Unqualified statement of assurance (no material weakness reported):
2. Qualified statement of assurance considering the exceptions explicitly noted come or more material weakness reported or
3. Statement of no assurance (no processor in place or pervasive material weakness.).

 

1. SIGNIFICANCE OF  THE STUDY

This topic, “INTERNAL CONTROL will be important to all private and public sector in the country when well implemented by the users.

ACCOUNTANCY

          Accountancy will equally benefit from such write-ups as this will increase the “Morale” of internal control and  make them to invest and subsequently lead the comparative analysis between public and private sectors.

 

INDIVIDUALS AND CORPORATE BODIES

          Individual and corporate bodies will equally benefit from this research work because the research took time to printout the necessary steps for internal control. 

 

1.3     SCOPE OF THE STUDY

          Kpmer was engaged to identify best practices in risk management in the private and public sectors internationally. The study objective was to identify  risk management best practices including strategies approaches, methods took and techniques and how they can be used in the candia-federal government. The study was conducted in perallel with a study or best practices in conidian private and public sector organization carried out by another c

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