ASSESSMENT OF INTERNAL CONTROL PRACTICE OVER FIXED ASSETS: A CASE STUDY ON ST. MARY’S UNIVERSITY

Abstract

Internal control is a priority for detecting asset misuse and ensuring operational efficiency of the organization with rules and regulations. Any organization needs assurance that an organization's internal controls are achieving the goal. Purpose: The purpose of the study is to evaluate the performance and effectiveness of the system that design to control fixed assets in the institution. The findings of the study revealed that there are measures put in place by the SMU to enhance fixed assets handling system in the institution. The measurement put in place is management oversight responsibility for internal control, whereby control policies and procedures are being adhered to.