ProjectClue.com WhatsApp or Call Us

projectclue whatsapp icon07030248044

Project Topic:

AN EVALUATION OF INTERNAL CONTROL SYSTEM IN A COMPUTERIZED ACCOUNTING ENVIRONMENT A STUDY OF FIRST BANK NIGERIA

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 52 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   2,303 people found this useful

Project Department:

ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

CHAPTER ONE

INTRODUCTION

  1. Background of the study

According to Fadzil et al (2005), the technology revolution in accounting and auditing began in the summer of 1954 with the first operational business computer. General electric is attributed with the first operational electric accounting system, a UNIVAC computer, in the summer of 1954.

 

Hunton and Wright (2009) concur that Information Technology Auditing (IT Auditing) began as Electronic Data Process (EDP) auditing and developed largely as a result of the rise in technology in accounting systems, the need for IT control, and the impact of computers on the ability to perform attestation services. It is believed the first use of a computerized accounting system was at General Electric in 1954. At this time only mainframe computers were used and a few people had the skills and abilities to program computers. This began to change in the mid-1960s with the introduction of new, smaller and less expensive machines. This increased the use of computers in businesses and with it came the need for auditors to become familiar with EDP concepts in business.

 

Jones and Young (2006) point out that EDP auditors formed the Electronic Data Processing Auditors Association (EDPAA). The goal of the association was to produce guidelines, procedures and standards for EDP audits. In 2007, the first edition of control Objectives was published. This publication is now known as Control Objectives for information and related Technology (CobiT) is the set of generally accepted IT control objectives for IT Auditors. In 2004, EDPAA changed its name to Information Systems Audit and Control Association (ISACA). The period from the late 1960s through today has seen rapid changes in technology from the microcomputer and networking to the internet and with these changes came some major events that change IT auditing forever.

 

According to Griffiths (2006), the accounting industry is responsible for recording and reporting financial information for business. Accounting functions generally fall in to one of two accounting categories: management and financial. Where management accounting is responsible for recording and reporting internal financial information for managers for business decisions, financial accounting reviews company’s information released to external business stakeholders.

 

Jackson (2005) suggested that taking comprehensive measures for protecting financial information often helps companies pass external audits with positive audit opinions. External audits may be used by banks, lenders or investors deciding to invest capital into the company.

 

Companies may also need to present clean audit report to government agencies regarding their financial and accounting practices. The ability to present a strong internal control process and audit trails relating to accounting software often helps companies’ limits financial or legal liability.

Lorenzo (2001) mention that, the objective of enterprise risk management audit and control is to provide an integrated, comprehensive assessment of all the risks that an institution is exposed to and an objective and consistent approach to managing them. The size and complexity of the larger institutions make computerized auditing more important while on the other hand; their very size and complexity also make it harder to achieve an enterprise wide view of risk auditing.

 

Measuring operational risk is especially difficult due to a variety of reasons. Kunkel (2004) also noted that ERP systems implementation at many corporations has led to increased audit related risk due to automated interdependencies among business processes, and integrated relational database. As technological developments continue, auditors may need to expand their technological knowledge and skills in order to perform effectively and efficiently in audit functions.

1.2   The Statement Of The Problem

The audit problems with organization today can be dealt with from two broad perspective i.e. technological problem and historical problems.

This sense of the technical problem has to do with lack of technological know how. Since audit in a computer environment is a modern or contemporary way of audit, it entails a formal or an informal training on how to do this, which so many people (auditors) and their organization lacks, and it also involves extra spending on the purchases, maintenance, etc. of computer and its accessories, which organization try to avoid in their bids to maximize profit.

 

The historical aspect of it could be referred to as familiarity with the traditional way, which result from continuous practice, hence making it difficult for one to adopt to current or modern way of doing it, so easily.

Furthermore, the size of the organization, like my case study whose area offices here in Benue State is small in size and in member of staff, also determine the use of modern audit (Computer) or the traditional (manual) way of doing it, i.e. if the size is big, computer audit will be embarked on to facilitate the whole audit process, while if it is small in size, the traditional way can be used, since the work load in little.

1.3 Objectives of the study

This research work titled an assessment of internal control system in a computerized accounting environment with particular reference to First bank Nigeria Plc.

The specific objectives of this research work includes the following;

  1. To examine the effect of computerized accounting system on the effective performance of internal control unit in first bank Plc.
  2. To evaluate the extent of application of computerized accounting system in first bank Nigeria Plc.
  3. To examine the role of internal control system in a computerized accounting environment.
  4. To identify the factors militating against effective internal control system in a computerized accounting system. And also proffer possible solutions to the problems identified.

1.4 Research Questions

Based on the objectives above the researcher asked the following questions;

  1. Does computerized accounting system influence the effective performance of internal control unit in first bank Plc?
  2. To what extent does first bank Nigerian plc apply computerized accounting system in internal control unit?
  3. What are the roles of internal control system in a computerized accounting environment?
  4. What are the factors militating against effective internal control system in a computerized accounting system?

Get the complete project »


Instant Share On Social Media:


Can't find what you are looking for?
Call (+234) 07030248044.

OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS

A COMPARATIVE ANALYSIS OF COMPUTERIZED ACCOUNTING SYSTEM AND MANUAL ACCOUNTING SYSTEM

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 72 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   4771 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Accounting system according to an Italian monk, Luca Pacioli (1491), is the combination of personnel records and procedures that a business uses...Continue reading »

A COMPARATIVE ANALYSIS OF COMPUTERIZED ACCOUNTING SYSTEM AND MANUAL ACCOUNTING SYSTEM

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 70 ::   Attributes: Questionnaire, Data Analysis, Abstract

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Accounting system according to an Italian monk, Luca Pacioli (1491), is the combination of personnel records and procedures that a business uses...Continue reading »

A COMPARATIVE ANALYSIS OF COMPUTERIZED ACCOUNTING SYSTEM AND MANUAL ACCOUNTING SYSTEM (A Case Study Of Ama Breweries Plc. Eke, Udi L.G.A And Africa Petroleum Plc Presidential Road)

 Format: MS WORD ::   Chapters: 1 - 5  ::   Pages: 87 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   12167 engagements

ABSTRACT This research study is a comparative analysis of computerized accounting system and manual accounting system with reference to Ama breweries plc. and African petroleum plc. all in Enugu state...Continue reading »

A COMPARATIVE ANALYSIS OF COMPUTERIZED ACCOUNTING SYSTEM AND MANUAL ACCOUNTING SYSTEM (A study of Ama breweries Plc. and Africa petroleum Plc)

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 72 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   3442 engagements

ABSTRACT This research study is a comparative analysis of computerized accounting system and manual accounting system with reference to Ama breweries plc. and African petroleum plc. all in Enugu stat...Continue reading »

A COMPARATIVE ANALYSIS OF COMPUTERIZED ACCOUNTING SYSTEM AND MANUAL ACCOUNTING SYSTEM (A study of Ama breweries Plc. Eke, Udi L.G.A and Africa petroleum Plc Presidential road)

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 67 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   2688 engagements

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Accounting system according to an Italian monk, Luca Pacioli (1491), is the combination of personnel records and procedures that a business uses to...Continue reading »

A COMPARATIVE ANALYSIS OF EARNING QUALITY BEFORE AND AFTER ADOPTION OF IFRS IN NIGERIA (A CASE STUDY OF MONEY DEPOSIT BANKS ABUJA)

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 80 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   3689 engagements

CHAPTER ONE INTRODUCTION BACKGROUND OF THE STUDY The purpose of International Financial Reporting Standard (IFRS) is to ensure high degree of transparency and comparability of financial statements....Continue reading »

What are looking for today?

WHAT OUR CUSTOMERS ARE SAYING:
  • 1. Abubakar Sani from Nigerian Investment Promotion Commission said "I had a wonderful experience using ProjectClue, they delivered not only on time, but the content had good quality. I recommend ProjectClue for any project research work.".
    Rating: Excellent
  • 2. Ogunniran Olawale from Ekiti state university said "Projectclue is really safe and reliable Quick access to project works Nice customer service Fast delivery of request Recommend this toy fellow students ".
    Rating: Excellent
  • 3. Fahat Nasir from isa kaita college of education dutsinma said "Fish farming a solution unemployment ".
    Rating: Very Good
  • 4. Ajimbi Oluwarotimi from Theology school osun said "Good ".
    Rating: Very Good
  • 5. Clement Abdullahi Ogiji from National Open University of Nigeria said "I am a living witness and have recommended project clue to a lot of students, so far none have been disappointed, very reliable and, trustworthy and dependable".
    Rating: Excellent
  • 6. Jhuee from Sultan national high school said "Good quality. I recommend project clue for any project research work.".
    Rating: Excellent