Bachelor of Business Administration - Main Campus

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Browsing Bachelor of Business Administration - Main Campus by Author "Allan Cohen Atugonza"

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    Internal Control System and Growth of Companies
    (Uganda Christian University, 2023-09-21) Allan Cohen Atugonza
    The purpose of carrying this research was to examine the effect of Internal Control System and growth of companies using a case study of Jessa Diary Farm. The research was guided by three objectives namely, to examine the effect of segregation of duties on the growth of companies in the study context, to examine the effect of authorization and approval on growth of companies in the study context and to examine the relationship between documentation and record keeping and growth of companies in the study context. The research adopted a descriptive cross-sectional study design with a quantitative method to carry out the investigation. The findings of the study showed that most of respondents agreed that segregation of duties has an impact on growth of companies. In the same they generally agree that also authorization and approval has an effect on growth of companies, and it was also ascertained that most respondents agree that documentation and record keeping also have huge effect on growth of companies. The findings further confirmed that there was a moderately strong relationship between the factors of Internal Control systems and the growth of companies. In a nut shell, it can be asserted that Internal control system comprising of the segregation of duties and control principles need to be adopted by all directors and management of companies so as to achieve their objectives by ensuring practical, orderly and efficient conduct of the organization. It was recommended the Farm should respond to fraudulent issues by taking immediate action of engaging legal counsel to ensure compliance with the law, launch an internal investigation to assess the extent of the fraud, preserve critical evidence for potential legal proceedings, and if necessary, report criminal activities to law enforcement, the management should establish a transparent communication plan for stakeholders, reinforce internal controls, and provide anti-fraud training for employees. Seek recovery of losses, protect whistleblowers, and enhance compliance programs, the study recommends competence profiling which should be based on what the company expects the internal audit to do and what appropriate number of staff would be required to do this job. Similarly, it was suggested that areas of research were the influence of ICT on the effectiveness of internal control system, the effect of cultural and behavioral factors on the performance of organizations, he effect of internal control system and financial performance on a farm.