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TITLE PAGE

EFFECTIVE INTERNAL CONTROL SYSTEM AS A MEANS OF DECTECTING AND MINIMIZING FRAUD IN A MANUFACTURING COMPANY

BY

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EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---

DECEMBER,2018

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APPROVAL PAGE

This is to certify that the research work, "effective internal control system as a means of dectecting and minimizing fraud in a manufacturing company" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.

By
---                                                     . ---
Supervisor                                                  Head of Department.
Signature……………….                           Signature……………….        

……………………………….
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External Invigilator

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DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.

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ACKNOWLEDGEMENT

The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.

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TABLE OF CONTENTS
          Title Page                                                                       i
          Approval Page                                                               ii
          Dedication                                                                     iii
          Acknowledgment                                                           iv
          Table of Contents                                                          vi
CHAPTER ONE

1. Introduction                                                                   1
1.    Background of the study                                               2
2.    Statement of the study                                         2
3.    Aims and objective of the study                                    3
4.    Significance of the study                                                4
5.    The Scope and Limitation of the study                          5
6.    Definition of Terms                                              6
7.    Organization and plan of the study                      7
8.    Plan of the study                                                  8

         CHAPTER TWO

1. Literature Review                                                 9
1.    Internal control and  its Relevance                       9
2.    Internal Checks                                                    14
3.    Internal Audit                                                       16
4.    Forms of Fraud and Its cause                               18
5.    Effects of Fraud on an organization                     20
6.    Factors That May Encourage Frauds                            21
7.    Basic Control and Prevention  of Frauds             22

         CHAPTER THREE

1. Case study and Research Methodology               26
1.    The History of the case study                              27
2.    Data Analysis And Techniques                                     28
3.    Sources of Data Analysis                                              28

CHAPTER FOUR

1. Data Presentation And Analysis                                    30
1.    Data presentation                                                 31
2.    Data Analysis                                                      31
3.    Data Summary                                                     47

CHAPTER FIVE

1. Summary                                                             50
1.    Conclusion                                                           52
2.    Recommendations                                                         52

References

CHAPTER ONE

1. 0 INTROUCTION

It is the primary responsibility in the management of business organization to prevent and detect errors, irregularities and frauds. The responsibility arises because of directors and other managers owe a contractual duty of care and must act in a stewardship capacity with regards to the property entrusted to them by the shareholders or other owners. They exercise this duty of care is a matter for them, be generally they discharge their duties by maintaining an effective internal control system.
In fact, internal control system mean "the whole system control financial and otherwise established by the management in order to carry in the business of a company in an orderly manner, safeguard its asset and secure as far as possible the accuracy and reliability of its record".
In other words, it is a complex series of continuous and inter-related activities design by the management to direct and monitor the affairs of the organization.

1. 1 BACKGOUND OF THE STUDY

The main motive for internal control is to prevent and minimize fraud to its minimum. Fraud can be defined as an international misrepresentation financial information by or more  individual among the management, employees or third party. It is a special case of criminal deception to obtain and undue advantage.
Moreover, the internal control system various one organization to another as regards the activities of individual. However, there is a frame work to every internal control system and these are usually in the from of objective measure of performance against the objective, analysis and appraisal of the actual deviation and appropriate action including the re-appraisal of the objective.

1. 2 STATEMENT OF THE PROBLEM

This study intends to ascertain the importance, impact and effects of internal control system as a means of dectecting and minimizing fraud in a manufacturing company has been detected that some manufacturing company often fail to take proper records of their accounts which has always caused such company into present or future failure.
The failure of business recognition within the manufacturing company has brought up the motivations of this project work; effective internal control system in the case study, Nigeria bottling company, ilorin plant; the question is how to appraise the effects and importance of effective internal control system.
Conclusively, with the problems discussed above, the researcher will proffer solutions to the problems during the course of the study.

1. 3 AIMS AND OBJECTIVE OF THE STUDY

This study aims at conducting a research in to the operational activities of the company (Nigeria Bottling Company, Ilorin). Therefore offers were made to review and evaluate its internal control system and make suggestion for correction or improvement where there are loopholes in the existing system.
The immediate purposes of this study are to establish;

1. To identify internal control system that would detect and minimize fraud in order to facilitate attainment of organization objective.
2. That there is proper functioning of the organization.
3. That all receipt is duly accounted for.
4. That the work done by junior officers are checked by their supervisior, department heads to ensure conformity with established standard.
5. That purchases and sales of goods are properly carried out and necessary books and record are kept.
   
   
1. 4    SIGNIFICANCE OF THE STUDY

The ultimate significance of this study is to enable the leaders managers handle the crime of counterfeiting handwriting documents materials in order to minimize fraud to its lowest possible so as to effect primary aim of business organization which is profit making. Likewise to let the management see need to make use of effective internal control system, in order to map out strategy to eradicate fraud entirely if possible.
An organization with ineffective internal control system adversely effect its progress therefore it is in this context that the researcher wishes to analyze and emphasize the need for internal control system in an organization and suggest ways by which effective control could be established in an organization.

1. 5 SCOPE AND LIMITATIONS OF THE STUDY

This research work covers some strategic areas, such as effectiveness of internal control system of the manufacturing company with particular attention on staffing, knowledge, stall, discipline and supervision. It is also covers the role of an auditor with respect to effectiveness of internal control system. However, the problem encountered in the course of this study is the attitude of some respondents, some of the respondents answered just few questions leaving majority of the questions un-answered.
More so, the analyses of the study are based on responses of the respondents as well as the result of the interview conducted. Since there is no way of testing the degree of reliance of their responses, do data collection however, limited to the Nigerian Bottling Company, Ilorin plant alone, is due to financial, material, and time constraints. The study may not be a good reflection of the system, and it may result is not being applicable to true situation in totality.

 

1. 6 ORGAIZATION AND PLAN OF THE STUDY

This shall comprise of five chapters. The first chapter will contain the introduction, background of the study, statement of the problem, aims and objective of the study, significance and scope of the study and the definition of terms. While
The second chapter consist of the literature review, internal control and its relevance, internal checks, internal audit and contribution of scholars and authors textbook relevant to the research work and other sub-headings.
The third chapter shall consist of the research methodology, the history of the case study, method of data collection, data analysis and techniques and source of data collected.
The four contains the data presentation and analysis, data presentation, data analysis and data summary. “While” the last chapter (five) states the summary, conclusion and recommendation, putting the following into consideration:
Bibliography, questionnaire and Appendix of the project work.

1. 7 DEFINIATION OF TERMS

ERRORS:-
Errors are generally in auditing as unintentional mistakes in the financial records. It makes clients amount unreliable, misinterpretation of facts.
FRAUDS:-
Fraud can be interpreted as an attempt to deceive by falsification. It is intentional misrepresentation of financial information by one or more individual between management, employee or third parties.
Fraud can also refers to as irregularities involving the use of criminal deception to obtain an unjust or illegal advantage, such as stating stock value higher than obtainable, in a deceptive manner to be able to declare profit. Fraud can also be interpreted as intentional deceit.
IRREGULRLITIES:-
This refers to as intentional distortion of financial record. Every intentional distortion of financial statements for whatever purpose, which include misappropriation of assets, whether or not accompanied by distortion of financial statement (such as payment disputes, imbalance figure etc.) undoubtedly constitute irregularities.
Irregularities give due for fraud.

1. 8 PLAN OF THE STUDY

The structure of this research work is divided into five chapters:
Chapter one:- Introduction containing general background of the study such as statement of the problem, its significance, scope, objective and limitation of the study research.
Chapter two:- literature review shedding light of different authors (scholars), researchers, in related field and review journals, bullions and relevant literature.
Chapter three:- Historical background of the study, methodology of data, data analysis and techniques, source of data analysis.
Chapter four:- data presentation and analysis, data presentation, data analysis and summary.

Chapter five:- contain of summary, conclusion and some recommendation will be made

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