Internal Control System and Financial Performance of Institutions of Higher Learning in Uganda: A case study of Monaco Business Institute.
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Date
2015-05
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Kampala International University, College of Economics and Management Sciences .
Abstract
The study sought to establish a relationship between internal control and organizational
performance of Monaco Business Institute. The study objectives were; to examine the
effectiveness of internal controls used in Monaco Business Institute, to establish the
level of performance in Monaco Business Institute and to establish a relationship
between internal control and performance in Monaco Business Institute. A cross
sectional survey was used in the course of the study. Both qualitative and quantitative
data was gathered in order to establish the relationship between the independent and
dependent variables, so as to examine how internal controls are used in Monaco
Business Institute and therefore account for the performance levels. The study
comprised of 30 employees and 20 management of Monaco Business Institute. Simple
random approach was used during the study. Purposive sampling was also used to
select only respondents for the researcher to attain the purpose of the study. Data was
collected using both primary and secondary sources. After collecting data, the
researcher organized well-answered questionnaire, data was edited and sorted for the
next stage. The data was presented in tabular form, pie charts and bar graphs with
frequencies and percentages. The researcher used Statistical Package for Social
Sciences (SPSS) to analyze the relationship between the variables under study. It was
concluded; the study findings indicated that the internal controls used in Monaco
Business Institute were ineffective and unsatisfactory, the level of organizational
performance was found to be inadequate and a significant positive relationship between
internal controls and organizational performance was established to exist. It was
recommended that; management of Monaco Business Institute should design effective
internal control systems through ensuring that adequate asset listings is done by
management, capital assets purchased are approved by appropriate level of
management and asset numbering is done to show location and protection of the
assets; management ensures that it strengthens strategies aimed at improving
organizational performance in all categories of staff; management should appreciate the
Description
A research dissertation submitted to the College of Economics and Management in Partial Fulfillment of the Requirements for the Award of a Bachelor's Degree in Business Administration
of Kampala International University.
Keywords
Internal Control System, Financial Performance, Institutions of Higher Learning, Uganda