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Internal control as a tool for improving profitability in Nigeria
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The research project was on the internal control as a tool for improving profitability. If any organization especially in profit making organization who wants to improve its profitability condition must see that proper, accurate and reliable financial accounting data is made, there must be promotion of management efficiency and encouragement should be made on adherence to management prescribed policies. Internal Control can be defined as the plan of the organization and all coordinate methods and measures adopted within a business organization, to check the accuracy reliability of its accounting data, to promote management efficiency and to encourage adherence to prescribed management policies. The main objective of this research is to ascertain the effectiveness and soundness of internal control as it concerns improvement in profitability. Finally, summary of findings and recommendation based on a research finding, it was certain that internal control system is the best tool for improving profitability in profit making organization. Fraud can be minimal and errors and irregularities will be sandwiched, if the internal control system is solidly founded and followed carefully.