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THE IMPACT OF INTERNAL CONTROL SYSTEM ON REVENUE GENERATION: (A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA (P.H.C.N) OKPARA AVENUE ENUGU)

BY
OFOZIE ONYEKA C.
ACC/2007/330
FACULTY OF MANAGEMENT AND SOCIAL SCIENCES
CARITAS UNIVERSITY AMORJI-NIKE, ENUGU STATE.

IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELOR OF SCIENCE (B.Sc) DEGREE IN ACCOUNTING.

AUGUST, 2010.

CERTIFICATION
This research work has been read, approved and accepted as having met the requirements and regulations governing the preparation and presentation of project in the Department of Accountancy, Faculty of Management and Social Sciences, Caritas University, Amorji-Nike, Enugu for the award of a Bachelor of Science (B.Sc.) degree in Accounting.

MR. AGU C.DATE
Project Supervisor

MR. UGWU COLLINSDATE
Head of Department

External SupervisorDATE

DEDICATION

The research project is dedicated to God Almighty, the creator of heaven and earth. I also dedicate this piece of work to my wonderful and enduring parents, Chief and Mrs E.I Ofozie.

ACKNOWLEDGMENT

My sincere appreciation goes to Almighty God, the maker of all impossibilities possible and for giving me the knowledge and strength to produce this project work. A big thanks to the members of my great family: especially my Dad, Chief E. I. Ofozie, my Mum Mrs Stella Ofozie, my sibling: my Brother Ifechukwu, my Sister Juliet and to my cousins: Chinelo, Chi-Chi, Ifeyinwa, Emeka and others not mentioned. To my Uncle,s and Aunties Mr and Mrs P. U. Obiefuna and to numerous member of my family not mentioned for their financial support, advice and encouragement. In particular, i would like to thank my colleagues and friends, among them are;Chioma, Ngozi, Chizoba, Stephanie, Christopher, Stella and so many others. I appreciate the efforts and positive criticism and necessary correction of my capable and intellectual supervisor in of Mr. Agu C. I. who took his time to ensure compliance and orderliness in my work and I also wish to thank my H.O.D, Mr. Ugwu C. and my other lecturers, Mr. Ovute F., Mr. Nsoke P., Mr. Enekwe C., Dr. Mrs Eyisi S. for their immense contribution from the begining to end, and also to my roommates (St Mary hostel) for their support and encourangement. May God bless you all.

LIST OF FIGURES

Figure 2.1 Classifications of Departments Goals and Objective Figure 2.2 Classification of Business objectives and related risks

ABSTRACT

The objective of this study was to evaluate the internal control system in operation at power holding company of Nigeria Plc in Enugu State with a view to knowing its impact on revenue generation in the state. A sample of 40 was selected for the study randomly. The questionnaires were used in gathering the primary data while secondary data were collected from the work of others in the form of literature review. The data collected were analyzed using the chi-square (x2) as the statistical tool to determine the valuation of the hypothesis. The findings concluded that weak internal control system encourages collusion fraud loss of revenue, embezzlement and computation. This have always impeded the company’s ability to effectively supply electricity to customers and there from generate revenue. Internal audit system ensures operations compliance with set policies, promoting accuracy and reliability of transactions recording. In addition, effective internal control system ensure effective recommends the remodeling of the company’s internal control system and strengthening of the investigating unit. The components sectors of the present corporate Power...
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