Evaluation of Internal Control-An Approach to Transparency, Accountability and Efficient Management

Internal control system involves policies and procedures adopted by management of an organisation to assist in achieving management objective of ensuring as far as practicable, the orderly an efficient conduct of it's activities, including adherence to management policies, the safeguarding of assests, the prevention and detection of fraud and error, the accuracy and completeness of accounting records and the timely preparation of reliable financial information. The paper examines the horizontal (macro evaluation) and vertical (micro evaluation) aspects of corporate fraud. It identifies the nature, causes, implications and government efforts at controlling fraudulent practices in Nigeria.