ABSTRACT
This project titled “The Role of Internal Control as the Foundation
of Quality Management: a study of the Broadcast Media in Nigeria” is
both a descriptive and an analytical study designed to evaluate the role
of internal control in an organization so as to see whether, or otherwise,
it is the bedrock of quality management. The entire work is chronicled
into five chapters with each addressing an important segment of the
research work.The objectives of the study are to identify and evaluate:
the importance of Internal Control System in the management of an
organization using Broadcast Media in Nigeria for the study; the features
of a good Internal Control System; the factors responsible for increase of
frauds, embezzlements or misappropriations of funds/assets in the
modern day Nigeria; and also to find out why some of them remain
undetected for a good number of years whereas the books of accounts
of the organization are often being examined by her internal and
external auditors.
Furthermore, the population of the study is the Broadcast Media in
Nigeria and the determined sample size is 171. Data used for the study
were obtained from primary and secondary sources, making use of oral
interviews, questionnaires, and literature review. Again, the data
collected were analyzed by the use of tables, simple percentages, and
absolute numbers, while chi-square (x2) technique was used to test the
hypotheses formulated in the study.
Moreover, the major findings made in this dissertation are as
follows:
that some of the factors responsible for increase of errors, frauds,
embezzlements or misappropriations of funds/assets, in this modern day
Nigeria are: greed and lack of contentment; non-compliance with the laid
down internal control procedures; non-adherence to financial policies
and guidelines; collusion; employment of unqualified and incompetent
personnel; poor remuneration; glorification of ill gotten wealth in Nigeria;
and delay in payment of salaries by some employers
- that undetected errors, frauds, embezzlements or misappropriation of
funds/assets for quite a good number of years (whereas the accounts of
the organization are being reviewed by her internal auditors on regular
basis and the external auditors yearly) are due to the following:
collusion; employment of inexperienced internal auditor; negligence on
the part of some external auditors; and noncompliance of
companies/organizations to auditors’ management letters (letters of
weakness).
Finally, based on the major findings above, the following
recommendations aimed at improving the situations are made:
establishment of adequate accounting system and effective internal
control measures; employment of honest, dedicated and competent
personnel; proper supervision of staff; compliance with Auditors’
management letters; adequate remuneration and regular payment of
salaries, and reorientation of the Nigerian citizens towards the
glorification of ill gotten wealth in our society today.
