INTERNAL CONTROL AND DUSTIANABILITY OF SMALL SCALE ENTERPRISES IN NIGERIA

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INTERNAL CONTROL AND DUSTIANABILITY OF SMALL SCALE ENTERPRISES IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

In this chapter, the researcher intends to look and conduct research on the Impact of Internal Control Mechanism for successful operation in an organization particularly U and C Microfinance bank .

According to Weber (2010), define impact “as a powerful effort that management has in order to perform their function effectively and to achieved their goals or objective.

According to Benarivo De Guisppee (Augustan Gill, 1943), he said that internal control is a plan of organization and all of the coordinate methods and measures adopted within a business to safeguard its environment, check it is effective and efficient and encourage adherence to prescribed managerial policies.

Louis Fisher (2004) said that Operation is an organized activity in an organization that involves several people performing different task in order to meet organizational goals.

Some of the interesting areas about the topic is as follows:

1. Fraud and Error Prevention: According to Adebayo Adedeji (1979), the responsibility for the prevention of frauds and errors in organization is the responsibility of management, which is usually achieved through the implementation and continuing operation of adequate systems of internal control.

2. Discover Good Internal Control System: Rober H. Haverman (2004) said that a good internal control system should have a proper coordination and communication network for decisions and policies of management to be effectively communicated throughout the organization and the result thereby reported back efficiently.

1.2 STATEMENT OF THE PROBLEM

The most serious problem hampering the smooth operation in public and private sectors at all the levels has been fraud, errors, defalcations, mismanagement and abuse of office.

Applicants are complaining bitterly that U and C Microfinance bank do not allow staff to go on training and development having worked for specific period of time with the bank.

Another paramount problem facing the organization as regard to the recruitment, selection, training and development of applicants or candidates during and after an interview because of the pressure by the top official to select their candidate of the applicants regardless of their betterment.

No fair play for promotion and training in the organization

The condition of work is not adequate and the problems of motivation and grievances settlements procedures are not adequate as well.

Over the years, various management has been trying to institute a corrective measure. In spite of all these, a lasting solution is still far reached. At times, one tends to wonder if at all the numerous internal control measures instituted in public and private organizations do function, and if they do, to what extent can one conveniently at attest to the fact that internal controls and measures have contributing towards solving the inherent problems that exist in the organization concerned.

The research examines the internal control mechanism of U and C Microfinance bank With a view to identifying to what extent the controls instituted were able to achieve the goal which they were meant to.

It is note worthy that what matters most is not only instituting internal control mechanism in an organization but the system should be subjected to a process of continuous review and appraisal if it is to function properly and achieve the purpose for its installation.

1.3 OBJECTIVES OF THE STUDY

The aim of this study is to assess the effectiveness of internal control mechanism on the performance of workers in organization particularly U and C Microfinance bank

The research is an effort to determine the prospects and problems of internal control mechanism on the performance of workers in an organization particularly U and C Microfinance bank are as follows:

i) To examine the impact of internal control mechanism in U and C Microfinance bank

ii) To find out the problems of internal control mechanism face in implementing on the performance of personnel working in U and C Microfinance bank

iii) To determine the problems and prospect of internal control mechanism on the performance of workers in U and C Microfinance bank

1.4 RESEARCH QUESTIONS

i) What are the impact of internal control mechanism in U and C Microfinance bank

ii) What are the problems of Internal Control Mechanism faced in implementing on the performance of personnel?

iii) What are the problems and prospect of internal control mechanism on the performance of workers in U and C Microfinance bank

1.5 SIGNIFICANCE OF THE STUDY

This project is very relevant and important to the following categories of people:

i) Society and the Public: Shareholders, customers and the public at large will benefit from this project because it gives them insight to what internal control is all about, its importance to the private sector and particularly U and C Microfinance bank

ii) Tax Authority: They will be interested in knowing how managements runs the company particularly the company looses or gains profit.

iii) Academic Community: The researcher will add to directly available knowledge in academic world on internal control mechanism. Student, lecturers and other scholars will find it very useful and make reference to it.

iv) Management: The study will also provide management with suggestions and recommendations on how best to improve the performance of the internal control mechanism. It is only meant as a study, it can go a long way in alleviating similar problems for some organization in the banking industry.

v) To the Researcher: This is part of organized work for awarding HND in Human Resources Management.

1.6 DEFINITION OF TERMS

Some of the technical terms used in writing the project are defined for simplicity.

i) Human Resources: The administration and policy makers of a business or organization.

ii) Impact: Is a powerful effort that management has in order to perform their function effectively and efficiently to achieve their goals and objectives.

iii) Control: Is a plan of organization all of the coordinate methods and measures adopted within organization to safeguard its environment and check it is effective and encourage adherence to prescribed managerial policies.

iv) Operation: Is an organized activity in an organization that involves several people performing different task in order to meet organizational goals.

v) Internal: Is an activity put in place within the organization by management in order to meet their goals.

vi) Objective: Specific goals to be attained should be measurable in terms of growth, quality and time.

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