| Abstract: | Internal control can provide the company’s management an access to a reasonable assurance
regarding the reliability and accuracy of financial information, compliance to rules and
regulations, safeguarding of assets from fraud and theft, efficiency of resource management,
and achievement of organizational goals. As a result, the appropriate implementation of an
internal control system can be crucial in ensuring organizational goals are met. The present
study aimed at assessing the internal control practice at Frigorifico Boran Foods PLC. The
research followed a descriptive design. Data was obtained from both primary and secondary
sources. The primary data was obtained from Frigorifico Boran employees using a semistructured
questionnaire developed using the five-point Likert scale approach. Data for this
research was obtained from 131 employees working at Frigorifico Boran Foods PLC. Data
was analyzed using IBM SPSS Version 28.0.1.0 software. The outcome of the present study
indicates that there is a moderately appreciable internal control system implemented in
Frigorifico Boran Foods PLC. The internal control systems are serving as a moderately
effective mechanism to protect the company from fraud and fraudulent activities. However,
overall documentation practices require improvement and the adequacy of the implemented
internal control system should be periodically assessed. Moreover, the company could benefit
from improvements in communication of risk assessment policies and findings communication
and other policies and procedures to staff. Although the internal control system monitoring
activities at Frigorifico Boran Foods PLC are moderately appreciable, they require revision
to promote effective evaluation of the implemented internal control system. Despite the
indications that internal control system implementation practices in Frigorifico Boran Foods
PLC are moderately good, the response from the respondents indicates that improvements are
required to ensure organizational goals are met. |
