Description
The effect of internal control system on cooperative profitability (case study of Kogi state polytechnic cooperative and thrift society, Lokoja Kogi state).
Abstract
The research work is designed to examine the effect of internal control system on cooperative profitability using Kogi State Polytechnic Cooperative and Thrift Society, Lokoja, Kogi state. To achieve this objective some research questions were raised, hypothesis were formulated and related literature to the study were reviewed. The population of the study consisted of thirty (30) staff from which sample size was drawn to twenty-eighty (28) using Yaro Yamane”s formula. Twenty-eighty (28) copies of the questionnaire were distributed and twenty-one (21) were filed and retrieved. Data collected were presented in Tables and analyzed using the means score, while chi-square) was used in testing the hypotheses with. The findings revealed that Every financial institution whether individual or family owned, small or big government owned, has now come to realize that fraud prevention in to effective internal control. It was revealed that Management control contribute to the breakdown in the internal audit system of the selected commercial banks The research recommended among others, Regular review and cleaning of all accounts, preparation of monthly accounts and board of central bank return, sound and effective control of account opening procedures. ..
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