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 Holding Company of Nigeria PLC should be unbundled into separate distinct independent entities that handle generation, transmission, distribution and marketing. It further recommends that prepaid meters should be seen as an alternative to further accumulate debts.
TABLE OF CONTENTS
Title page
Certification
Dedication
Acknowledgement
List of figures
Abstract
Table of contents
CHAPTER ONE: INTRODUCTION
1.0 Background Of The Study
1.1 Statement Of Problem
1.2 Objective Of The Study
1.3 Significance Of The Study
1.4 Scope and Limitation Of The Study
1.5 Research Hypothesis
1.6 Research Questions
1.7 Historical Background of Power Holding Company of
Nigeria
1.8 Definition of Terms
CHAPTER TWO:
REVIEW OF RELATED LITERATURE
2.1 What is Revenue?
2.2 What is Internal Control System
2.3 Objectives of Internal Control System
2.4 Types of Internal Control System
2.5 Components of Internal Control System
2.6 Functions of Internal Control System
2.7 Roles and Responsibilities.
2.8 Internal Control System And The Auditors
2.9 Operation Of Internal Control System At Power Holding Company Of Nigeria
2.10 Limitation Of Internal Control System
CHAPTER THREE
RESEARCH METHODOLOGY
1.1 Research Design
1.2 Sources Of Data
1.3 Population Of The Study
1.4 Sample Size
1.5 Description Of Questionnaire
1.6 Method of Data Analysis
1.7 Statistical Test For Hypothesis
CHAPTER FOUR:
DATA PRESENTATION, ANALYSIS AND INTERPRETATION
4.1 Data Analysis and Interpretation
4.2 Test Of Hypothesis
4.2.1 Hypothesis One
4.2.2 Hypothesis Two
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Summary Of Findings
5.2 Conclusion
5.3 Recommendation
5.4 Suggestions For Further Investigation
Bibliography
Appendices
CHAPTER ONE
INTRODUCTION
1.0. BACKGROUND OF THE STUDY
Every organization has a purpose, which includes making some product and rendering some services at a price. For normal operations of the business organization, it is the product or services of the firm that cause cash receipts (revenue) to flow into the firm. Revenue is associated with products or service of a firm as source of expected cash receipts. Revenue is an event; an increase that applies definitely to value that is monetary. This increase occurs because the firm undertakes certain activities or there is any performance by the firm.
Revenue therefore refers to the monetary event of asset valves increasing in the firm due to the physical event of production or sales of the firms’ products or services.
In Kam (1987:237), Financial Accounting Standard Board(FASB) defines revenue as inflows or other enhancements of assets of an entity or settlements of its liabilities (or combination of both) during a period from delivery or producing goods, rendering service or other activities that constitutes the entity’s ongoing major or central operations. In addition...
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