1.1INTRODUCTION
The Institute of Charter Accountants defines the concept internal control system as “The whole system of control financial and otherwise established by the management in order to carry on the business of the enterprise in an orderly and efficient manner, ensure adherence to management policies, safeguard the assets and secure as fact as possible the completeness and accuracy check and internal audit” fraud is a threat common to most organizations. It is a threat to the effective utilization of resources and as such, it will always remain an important concern to management.
Fraud needs to be deleted and potential fraud needs to be prevented. Effective internal control system is vital for the survival of any organization it serves as a check on fraudulent activities of the management and employees an organization and it brings about solutions to likely fraudulent acts in an organization.
Management is totally responsible for establishing the internal control system in an organization.
Auditing today is based on internal control. A client during the course of financial period so because it is client during the course of so because it is undesirable for an auditor to carry out a hundred percent check on all the transactions enters this.
Internal control system is a necessity in large organizations especially where management is removed from day to day routine operations of the organization. Internal control system include controls exercised by management which comprise of rules and regulations as well as procedures set up by organizations bearing also the problems set up by organizations bearing in also the problem of limited resources.
If the internals control system is effective in an organization, it ensures maximum use of resources and also reduces to the barest minimum fraud.
The feed for affective internal control system therefore cannot be over-emphasized. It is important because of the existence of risks and also all form irregularities in an organizations.ter of flatly, the major frauds in public and private enterprises can be traced to lapse in the internal control system and the existence of poor control environment in organization.
An effective internal control system and its fraud preventive measures in an organization will help to prevent fraud and errors in an organization thereby reducing fraud to its minimum than when internal control is not in existence or when there is weakness in the system.
TABLE OF CONTENTS
Title Page
Dedication
Acknowledgement
Proposal
CHAPTER ONE
1.1Introduction
1.2Statement of Problem
1.3Purpose of Study
1.4Relevance of the Study
1.5Methodology and Hypothesis Statement
1.6Scope and Limitation of Study
1.7Definition of Terms.
CHAPTER TWO
2.1Introduction
2.2Organizational Chart
2.3Personal Income Tax Duties
2.4Other Revenue Duties
2.5Planning Research and Statistics
2.6Administration and Finances
2.7Relationship between Internal and External Auditor
2.8Internal Audit as an Effective Internal Control System.
2.9Factors that will be considered by an external auditor before relying on the work of the internal auditors
2.10Audit committee.
2.11Relationship between the audit committee and the external auditor.
2.12Essentials of internal control
2.13Internal check
2.14Types of internal control system at board of internal revenue Enugu state
2.15Areas of work where internal and external auditors overlap at the board of internal revenue Enugu state.
2.16Areas of work where internal and external auditors overlap at the board of internal revenue Enugu state
2.17Fraud
2.18Difference between fraud in the organization
2.19Reference
CHAPTER THREE
3.1Research methodology
3.2Primary data
3.3Validity and reliability of the questionnaire
3.4Personal interview
3.5Observations
3.6Statistical tools and mathematical manipulation
3.7Research design
3.8Selection of sample
3.9References
CHAPTER FOUR
4.1Introduction
4.2Field survey
4.3Presentation and analysis of data
4.4Section a part of the questionnaire
4.5Section B part of the questionnaire
4.6Data analysis
4.7The procedure for reporting fraud at the board of internal revenue
4.8Testing of hypothesis
4.9Hypothesis 1
4.10Hypothesis 2
4.11References
CHAPTER FIVE
5.1Summary
5.2Recommendations
5.3Conclusion
5.4Bibliography
5.5Appendix.
