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Every policy formulated in boardrooms would have been a success, if they were being carried out there too. Unfortunately, adherence to planned policies by employees is the problem of many management of some companies.

Peter F. Drucker, noted that management is the act of getting thing done through others. The owner of every business expects a reasonable return on their investment of who executes the policies. The problem of policy execution is further compounded by the evolution of large organization.

Personal supervision of the employees by individual seems an attempt at impossibility with large spoons of control. There are therefore the needs for an internal control system. Internal control is such an indispensable tool in the hand of management if it wish to obtain adequate and useful information, protect company assets, but despite the established necessity for installing an internal control system, many managers do not have it, and they of course wallow in the flimsy excuse of its expensive nature. This is the first problem.

The other thing to think about is the effectiveness of control procedures of the internal control is at all established. The effectiveness of control procedures is a function of the fact that segregate duties are not being circumvented by the collusion of the employees, negligence and even personal factors. These factors are problem to the firm and eventually would undermine the effectiveness and efficiency of the internal control system, if not taken care of. The afore – mentioned problem give rise to the following basic questions:

1.                  How adequately are employees adhering to internal control measures?

1.                  What standard should management adopt as test to observe control measures?

1.                  Should internal auditing be an adequate means of checking internal control?

1.                  Should the effectiveness of control be relied on for adequate financial accountability?


The purpose of this study is to have a close look at the sort of internal control existing in breweries plc. If there is any, then to know how efficient this has assisted in attaining financial accountability.

Specifically, the purpose of the study include:

1.                  To ascertain if there is segregation of duties at various levels of management.

1.                  To know if there have been irregularities that have passed unnoticed in the establishment.

1.                  To find out what step have been taken to rectify inefficiency when detected.

1.                  To determine whether adequate punishment is meted out to those found to over – step control measures to prevent further occurrence of such defects in the future.

1.                  To know action that can be taken to forestall the situation and see that probity is maintained.

1.                  To undertake a critical appraisal of the system generally, and to suggest solutions where the system is seen effective, and

1.                  Finally, to build an analytical model to explain the network of an internal control, system.


The rational for the research in this paper is

1.                  An attempt to investigate the general belief of a more financial management and more effective control in the private sector of the economy.

1.                  The dis-satisfaction (apparent or perceived) with the level of financial accounting in the private sector and the resulting under development in the country’s economic sphere.

1.                  The paucity or, more accurately, lack of research on the question of probity in the private sector.

1.                  An intrinsic in the question of whether internal control influences or can determine the level of financial accountability.

There ius also the importance of this study, which comes as a result of the public glamour for accountability. The promotion of the benefits associated with effective internal control and the attendant financial accountability is the aim of this study.


Based on the problem and objectives of the research, the following hypothesis are formulated,

1.                  Null hypothesis (Ho): Financial accountability is as a result of effective internal control.

Alternative Hypothesis (Ho): Prudent allocatives and fraud elimination are not as a result of effective internal control system.

1.                  Ho: Prudent allocation and fraud elimination are not as a result of effective internal control system.

Hi: Prudent allocation and fraud elimination are as a result of effective internal control system.

1.                  Ho: There is no financial accountability in the private sector of the Nigeria economy.

Ho: There is financial accountability in the Private sector of the Nigeria economy.

1.5          scope of the study

The areas the survey covered include practically all company activities, especially those related to financial terms. These areas will include purchase of raw materials, hiring production and sales, payment and collection of debts. Etc.

Through internal control, the control measures, will be the only one computed for analytical purposes. Respondent to the study will astraddle over all departments and even beyond the company. However, a certain sampling procedure, as will be seen later, is adopted to achieve a certain level of reliability of the data gotten.


The researcher was faced with limitations which constituted a cog in the wheel of the researcher’s drive to make and compile the research work.

At this stage of this research, the following problems have raised issues like:

1.                  The prevalent increases on transportation in the country have prevented the researcher from making frequent visits to the company as many times as are necessary.

1.                  Another frustration is due to the “come today, come tomorrow” syndrome which people in authority have enjoyed issuing as a cheap excuse for being momentarily busy.

1.                  Respondents show lackadaisical attitude when they discover there is no financial reward which might accrue to them in the exercise, some keep the questionnaires for so long while others never bother to return them.

1.                  The competitive nature of the brewing industry in Nigeria have made almost every issue a secret, such that information may be better thrown to the winds than be given out to un – trusted students who claim to be working for internal of a company to which they do not belong.


To make the reader have a better understanding of the study, there are many variables that need definition under this heading which are most likely to be used in the research, they includes:

1.                  Active respondents: Those interviewers that were administered with the questionnaire and whose results were actually received.

1.                  Controls: Measures adopted by the management of an organization to check the activities of the employees by placing restrictions or giving authority to people in particular positions regarding the transactions of the organization.

1.                  Data: The amount of information available from the research survey from which interpretations are made and recommendation supported.

1.                  Development: A continuous growth or enhancement from the observed, position into a more functioning object.

1.                  Employee: A member of the organization who as a specialist works in conjunction with other staff for the achievement of the organization object.

1.                  Management: A ground of people responsible for the formation of organization policies.

1.                  Organization: The establishment (firm) with a goal to enhance the stockholder wealth by performing certain obligations the general public.

1.                  Policy: the method and adopted rules in the operation of the company.

1.                  Private sector: Organization with profit motive expressly attached and have majority of the shares in the hands of the public.

1.                  Public sector: the entire part of the business world in which government is the sole owner or owns majority of the share capital.

1.                  Questionnaire Administering: all the activities including the traveling, meeting of people and presentation before them of the document containing the questions relevant to the research findings.

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