IMPACT OF GOOD INTERNAL CONTROL SYSTEM ON FINANCIAL MANAGEMENT OF ORGANIZATION (A STUDY OF NIGERIA BOTTLING COMPANY, ENUGU)
Abstract
This study examined the impact of internal controls on the financial management
of organization in Enugu State in Nigeria. Efficient internal control enables the
prevention and detection of fraudulent activities in the organization. In line with
this, persistent efforts by policy makers to pursue policies that would improve
internal control system in the Nigeria bottling company has yielded abysmal
results with regard to financial performance. The sample of the study consists of
164 staffs and Management of Nigeria bottling company, Enugu State. Survey
methods including the use of descriptive were adopted, whilst correlation method
of analysis was adopted. The findings reveal that effective internal control enhance
financial management of organizations whilst conclusion, it was recommended
that, Management should ensure that there are adequate organizational controls
and that each staff knows his duties and equally ensured effective segregation of
duties so as to reduce interference in terms of funds; and assets management and
controls. The internal control system should be remolded and strengthened to
position the staff in carrying out their duties efficiently and effectively and at the
same time evaluated periodically to strengthen to strengthen its weaknesses in the
organization so as to reduce the likelihood of perpetrating fraud and loss of
organization funds by the staff amongst others
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