ASSESSING THE IMPACT OF INTERNAL CONTROL AND FRAUD EXTENUATION IN PUBLIC ENTERPRISES
Keywords:
The paper assessed the impact of internal control practices and fraud extenuation in public enterprises in Nigeria. The study recommends among others that government should put in place a functioning of internal control system that needs the right control make-up, with control performance clarified in detail at each point of public governance. This should contain: top level reviews; appropriate activity controls for different sectors or segments; neutral controls; looking for conformity with disclosure restrictions and follow-up on noncompliance; a system of authorization; confirmation and reconciliation. It also needs appropriate separation of jobs and that the workforce is not assigned contradictory schedules as a means of mitigating the high level of fraud in public enterprises in Nigeria.Abstract
The paper assessed the impact of internal control practices and fraud extenuation in public enterprises in Nigeria. The study recommends among others that government should put in place a functioning of internal control system that needs the right control make-up, with control performance clarified in detail at each point of public governance. This should contain: top level reviews; appropriate activity controls for different sectors or segments; neutral controls; looking for conformity with disclosure restrictions and follow-up on noncompliance; a system of authorization; confirmation and reconciliation. It also needs appropriate separation of jobs and that the workforce is not assigned contradictory schedules as a means of mitigating the high level of fraud in public enterprises in Nigeria.
