Value of internal control system as a quality control mechanism in public organizations
- Author Obiri-Yeboah Hanson
- Co-Author David Ackah, Makafui R. Agboyi
- DOI
- Country : West Africa
- Subject : Procurement and supply Chain Management
Keywords : Value of Money, Internal Conrol System, Quality Control, Mechanism in Public Organizations
Abstract
In every organization it is very essential to put in place an effective internal control system in its daily activities to help achieve its organization objectives. Internal control system is defined by the auditing standard as ‘the whole system of control, financial or otherwise establish by the management policies, safeguards assets and secure as far as possible the completeness and accuracy of the controlâ€. There has been an alarming rate of misappropriation of funds in some organizations. One of such factors is ineffectiveness of internal control system. The extent of effective internal control depend on the environment, management risk, assessment, the accounting information and communication system, control activities and monitoring. When the five components mentioned above are properly conducted in any organization, it will go a long way of improving performance of employees in an organization. Furthermore, for internal control system to be effective there must be an internal mechanism to assess and review the performance of the control system put in place for effective measures to be in place where necessary. With the existence of management can be pro-active.
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