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The Impact of Internal Control System on Revenue Generation

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Description

– The Impact of Internal Control System on Revenue Generation –

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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.

Introduction

1.1 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, Hongreen et al (2002:568) described revenue as inflows of asset (almost always cash or accounts receivables) received for products or services provided to customers.

On the basis of the above, National Electric Power Authority now Power Holding Company of Nigeria is a government owned public utility establishment enjoying almost total monopoly in generating, transmitting and delivering electricity to all homes and businesses in Nigeria.

According to the establishments customer service chartered (2004), her mission as a service industry is to satisfactorily meet customers electricity demand in the most cost effective manner using proven technology and well motivated customer friendly work force with adequate consideration for the environment.

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