The Impact Of Efficient Internal Control In An Organization (A Case Study Of Anchor Insurance Company Limited, Uyo)

The Impact Of Efficient Internal Control In An Organization (A Case Study Of Anchor Insurance Company Limited, Uyo)

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PROJECT TOPIC AND MATERIAL ON THE IMPACT OF EFFICIENT INTERNAL CONTROL IN AN ORGANIZATION (A CASE STUDY OF ANCHOR INSURANCE COMPANY LIMITED, UYO)

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  • Name: The Impact Of Efficient Internal Control In An Organization (A Case Study Of Anchor Insurance Company Limited, Uyo)
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CHAPTER ONE

INTRODUCTION

1.1    BACKGROUND OF THE STUDY

Formulation and implementation of bound policies is one of the attributes of a successful business. It’s the function of management in any business either large or small to formulate policies for the business and ensure that the policies that they have formulated one religiously implemented.

Santocks (1979), states the management to set guidelines for documentations of transaction for safeguarding of assets of the enterprise and for approval and authorization of transaction. Management also have function task and responsibilities to it’s employees and ensures that organizational goals and objective are not only met, but are met on target.

In short, the success of failure of any business rests on the shoulder of it’s management. This bread function can only be achieved by the management, if it has a control measure and standard to which all it’s employees should adhere to also not possible for the management of a business to be at all times and place to personally supervise operations. Hence management usually installs all system of control which guide it’s employees on how to perform in accordance to managements stated policies and guidelines. And the measure is known as internal control.

The establishment and maintenance of a system of internal control is an important responsibility to management (Auditing standards: 1982, p55). And the system once installed, should be under continuous supervision by management to determine that it is functioning as prescribed and modified as appropriate for change conditions.

Large and small organizations have the financial, capability and human resources to police their employees, and supervise them more appropriate as a complement of internal control, but small organizations do not posses either financial capacity or the supervisory man power to assist management in their asset to closely monitor operation and compliance to policies and guidelines. Hence, internal control becomes more compulsory and relevant to them.

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1.2    BRIEF HISTORY OF ANCHOR INSURANCE, UYO

Anchor Insurance was incorporated on 16th June, 1989 as an insurer and was licensed on 17th October, 1989 to commence general business. Anchor Insurance is wholly owned by Akwa Ibom State Government. The companies head office was formerly in NO. 57 Wellington Bassey Way, Uyo. But now is in No. 7 Aka Road, Uyo.

It formally commenced operation on 10th November 1989 with general business. It has now added a life business line to this operation. The company has branches various cities in the country, examples are Lagos, Port Harcourt, Calabar, Aba, Ikot Ekpene, Ikot Abasi, Ikono, Itu, Abak, Oron, Etinan, Ukanafun, and the head of it at Uyo.

The company is headed by the Managing Director (MD). It has a broad which make policies for companies. The board has the honourable commissioner for finance as chairman. It has functional departments such as finance/accounting, personnel administrative, marketing department, life/pension department as also public relation department.

The general business department takes charge of fine as special rents. Consequential, law, burglary goods transit, marine insurance, personal assistance group personal assistance / workmen compensation and merrier insurance.

Life assurance is effected as a protection against loss caused by death. The life assurance policy may be whole life assurance or endowment. While the bond department takes care of performance bond advance payment, customer bond and also credit bonds.

1.3    RESEARCH PROBLEM

In organization with very few employee’s (Mergs et al, 1977, p. 169)” there is little or no opportunity for division of duties are responsibilities”. This makes their interest control to be weak or even completely non – existence in some cases.

Weak or lack of control, lead to fraudulent practice carelessness and outright embezzlement of company properties. This weak or lack of impact of internal control has contributed to the winding up of organizations due to the problems name above. With this in mind, the importance of internal control to organization cannot be over emphasized.

1.4    PURPOSE OF THE STUDY

The purpose of the study is to:

  1. Find out if internal control system exist in anchor insurance company Uyo, Akwa Ibom State.
  2. To ascertain how they have complied with the system that they have.
  3. To determine if it has helped to reduced error rate in the company.
  4. To determine if that system has helped in controlling fraudulent practices in the company rate in the company.
  5. To suggest means of enhancing effective internal control in the organization.


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