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The effect of internal control on revenue generation

 Department: Accountancy  
 By: usericon Raheemmuhammad  

 Project ID: 5268
   Rating:  (3.3) votes: 6
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The objective of this study was to evaluate the internal control system in operation at the Public sector (Ministry of Finance, Zamfara) with a view to knowing its actual revenue generation in the slate. A sample of 100 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 statistic 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. The study found out that ICS contributes to revenue generation in the public sector. Ministry of Finance plays a number of roles in supporting the systems by ensuring all documents are authentic, correct and confirm that the relevant officers have signed all documents before processing to prevent misappropriation of revenues. The ministry has formalized policies and procedures for all activities which allow for good and efficient communication, control and monitoring of activities. All employees understand the concept and importance of internal controls including the division of responsibility. Accounting records arc limited to employees with designated responsibility for such records. ...
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