This project is on the implication of accounting as internal control mechanism in Enugu State Ministries. The term paper is aimed at ascertaining the effectiveness of accounting as internal control mechanism in the state ministries.
The problem studied is to find out whether the Enugu State Government accounting records are properly kept according to the provision of the state government. The term paper is divided into three chapters each chapter deals in a particular aspect.
Chapter one covers the introduction of the study including general overview or the background of the study, the statement of the problem in the purpose of the study, the significance of the study and definition of terms. Chapter two discussed the review of related literature principles of financial internal control, objectives and sources of data.
Finally, the last chapter also discussed the summary of findings, conclusion and recommendation.
Title page ii
Approval page iii
Dedication iv
Acknowledgement v
Preface vi
Table of content vii
CHAPTER ONE
Introduction 1
1.1 Background of the study 1
1.2 Statement of the study 4
1.3. Purpose of the study 5
1.4. Significance of the study 6
1.5 Scope of the study 7
1.6 Definition of terms 8
CHAPTER TWO
Review of related literature 10
2.1 Principles of financial internal control system 13
2.2 Sources of data 18
CHAPTER THREE
Summary of findings, recommendation 19
and conclusion
3.1 Summary of findings 19
3.2 Summary of recommendation 20
3.3 Conclusion 21
Bibliography 23
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
One problem of management is planning but planning is useless if it is not implemented. The success of any plan is based on adequate control and monitoring of the achieve the requirement objectives.
However, this is a research on the implication of accounting as an internal control mechanism in Enugu State Ministries.
Accounting is defined as the art of recording and giving result of business transaction to the client. It is a medium of communication, pricing and transmitting and receiving information. Accounting therefore must have its origin to the time when man began to entrust the man agreement of his state to another usually his servant long time age.
However, accounting in the sense we know it today certainly has its origin between 14th and 16th century. As commerce developed the number that participated in enterprises increased more significantly.
Those who provide financial backing for venture would often not want to be involved in day to day management of the enterprises.
Those who were not directly involved needed summaries of the transaction so that they would understand the enterprises position without the need for them to go through the books in detail.
Early Greek and Roman accounts were kept on the charge and discharge principles centered on the need to keep tract of assets and exercise control over those entrusted with property.
The period 1948 witnessed a meritorious event in the development of accounting and auditing. The joint stock act of the year, which made possible the separation of management and ownership of joint stock companies, created a new dimension in the requirement for periodic financial statement as shareholder and other investment. With the advert of colonial rule in Africa, the European system of accounting was introduced in West African countries such as Nigeria, Ghana, Gambia and so on.
The primary purpose of accounting is for stewardship. It should be largely correct them to say that the earliest form of accounting records revealed the preoccupation with internal control.
According to Osita Aguola (1998:36). An internal control is the whole system of controls, financial or otherwise established by management, in order to secure, as far as possible the accuracy and reliability of the records in the business in an orderly manner and safeguard the company’s asset, it’s objective being the prevention or early detection of fraud and error.
Accounting can be taken as the set of rules and method by which financial and economic data as collected processed and summarized into reports that can be used in making decision. Management accounting which is another accounting system is different from financial accounting which get it impetus form the industrial revolution. It is the application of accounting and statistical technique. For the specific purpose of providing and interpreti
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