The Impact of Internal Control Effectiveness on the Financial Reporting Quality in the Uganda's Business Industry.
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Date
2025-05-20
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Uganda Christian University
Abstract
Introduction; The study assessed that the impact of internal control effectiveness on the financial reporting quality in Jactor super market Mukono . The study was guided by the following objectives: To analyze the effect of internal control policies on the quality of financial reporting in Uganda's business industry, to evaluate the influence of corporate governance practices on the financial reporting quality in Uganda's business industry and to evaluate the effectiveness of internal control systems on the financial reporting quality in Uganda's business sector.
Methods;The study adopted adescriptive research design. Descriptive design was used because it’s appropriate in collecting information about people’s attitude, opinions and habits. the study population was 60 and the sample size was 52.
Results: The study established that Internal control policies had helped to detect errors and fraud in financial reporting at Jactor supermarket, strong internal control policies had helped to prevent and detect errors and fraud in financial reporting, accurate financial reporting depended on internal controls at Jactor super market.
The study further revealed that the board was responsible for overseeing the financial reporting at Jactor super market and Internal control system hadprovided reasonable assurance that the company's financial reporting is accurate and reliable. The efficacy and quality of the internal control system implemented enabling the business to survive at Jactor super
Conclusion; The study concluded that internal control policies has a significant effect on quality of financial reporting at Jactor super market. Hence it was concluded that an effective internal control system was an important factor in determining the quality of financial reporting at Jactor super market. cooperate government practices at Jactor super market had tried to effectively maintain the quality of financial reporting at Jactor super market.
Recommendations, Jactor super market should develop a good internal control system to monitor financial, record and track all the finance payments so that there is effectiveness in payment of cash and ensure to cover loopholes in the system to enhance financial performance.The top management in at Jactor should ensure that there is adherence to financial reporting standards. The accountants should have up to date standards and employ them while performing their function.
Description
Undergraduate