Internal Control System in Small Scale Manufacturing Enterprises in Ondo State, Nigeria
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 1
Abstract
This study assessed internal control system in small scale manufacturing enterprises in Ondo State, Nigeria and the challenges encountered in the implementation of internal control system. The population of the study consisted of 4,500 enterprises registered with the Nigerian Association of Small Scale Industrialists (NASSI) Ondo State chapter, out of which 195 enterprises were randomly selected as sample. Primary data were collected using a set of questionnaire and descriptive statistics was employed in analysing the data. The findings revealed that most small scale manufacturing enterprises had control activities in place, with employment of competent staff in the first position (29.8%) while segregation of duties coming eighth (1%)in the rank order. It was also established that some internal control activities such as job description, organizational chart and procedures for transactions were absent. The study also revealed that the main challenges encountered in the implementation of internal control system in the small scale manufacturing enterprises were employees’ lateness to work (28.5%) in the first position, and fatigue and stress(4.1%)coming last. In conclusion, the major challenges associated with the implementation of internal control system in small scale manufacturing enterprises are employee related. It is recommended that small scale manufacturing enterprises should pay particular attention to human resource management practices.
Authors and Affiliations
Adedeji A. O, Olubodun O. H
Keywords
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- EP ID EP409508
- DOI 10.9790/487X-2001043439.
- Views 60
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