scholarly journals Controversial Aspects of the Internal Control Concept

2018 ◽  
Vol 5 (4) ◽  
pp. 56-63
Author(s):  
A. V. Bоdуako
Keyword(s):  
Risk Management ◽  
Conceptual Framework ◽  
Internal Control ◽  
Technological Development ◽  
Corporate Control ◽  
Use Of Resources ◽  
Optimal Balance ◽  
Control Concept ◽  
Key Aspects ◽  
Growth Scaling

The logic of the paper is based on defining the key aspects of internal control notion as a phenomenon in modern management process. The article considers the issues of applying Article 19 “Internal control” of the Federal Act 402 taking into consideration the progress in microelectronics, information technology and telecommunications and their relation to control. It also discusses the important aspects of “The Conceptual Framework of Risk Management in Organizations” related to the issues of internal control as a wider notion of risk management. It is also noted that this document doesn’t cancel “The Conceptual Framework of Internal Control” but include it as an integrant part.The author draws the attention to the modern transformation of methodological views on internal control organization particularly to the shift of emphasis with regard to identification and elimination of risks. Nowadays it is believed that the management task is to make decisions about the level of uncertainty which the organization is prepared to accept seeking to increase value for stakeholders.The author concludes that the system of internal corporate control (SICC) is a multilevel process, the subjects of which are all company’s management bodies, departments, divisions and their employees whose activity is related to risks able to influence the company’s goals achievement including such an important goal as reliable presentation of company’s activity results in financial and other types of reporting.The article contains the proposals on the content of risk-oriented internal corporate control. Sustainability of an enterprise is based on getting right economic strategy which means that the goals should be set in a way that ensures the optimal balance between the technological development and growth (scaling) of the company, its profitability and risks along with thrift and efficient use of resources available. 

Stock Market Development And Economic Growth in Nigeria

1998 ◽  
Vol 2 (1) ◽  
pp. 33-38 ◽  
Author(s):  
John C. Anyanwu
Keyword(s):  
Economic Growth ◽  
Risk Management ◽  
Stock Market ◽  
Conceptual Framework ◽  
Corporate Control ◽  
Market Development ◽  
Political Environment ◽  
Stock Market Development ◽  
Long Run

Is the stock market development important for economic growth in Nigeria? One line of research argues that it is not; another line stresses the importance of stock market development in allocating capital, acquisition of information about firms, easing risk management, mobilization of savings, and exerting corporate control. Indeed, some theories provide a conceptual framework for the belief that larger, more efficient stock markets boost economic growth. This article examines whether there is a strong empirical association between Nigerian stock market development and long-run economic growth. Our empirical results suggest that the Nigerian stock market development is positively and strongly associated with long-term economic growth. This implies that Nigerian policymakers should make concerted efforts at removing obstacles to stock market development while creating and sustaining an enabling macroeconomic and political environment for the market’s development.

scholarly journals OPERATIONAL RISK MANAGEMENT STRATEGIES AND THE GROWTH OF MICROFINANCE SECTOR IN KENYA

2017 ◽  
Vol 2 (2) ◽  
pp. 42
Author(s):  
Dr. James Rurigi Njuguna ◽  
Prof. Roselyn Gakure ◽  
Dr. Anthony Gichuhi Waititu ◽  
Dr. Paul Katuse
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Management Strategies ◽  
Internal Audit ◽  
Operational Risk ◽  
Operational Risk Management ◽  
Operational Risks ◽  
Use Of Resources ◽  
Policies And Procedures ◽  
Risk Management Strategies

Purpose: The purpose of this study was to establish how operational risk management strategies lead to growth of MFI sector in Kenya.Methodology: The study adopted a correlation survey research design. The population of this study was fifty seven (57) MFIs. The sampling frame was the list of MFIs provided in the AMFI website www.amfikenya.com. A sample of thirteen (17) MFIs was selected using the random sampling approach. A questionnaire and an interview schedule were the main data collection tools. Qualitative data was analyzed using content analysis whereas the quantitative data was analysed using Statistical Package for Social Sciences (SPSS) where descriptive and regression analysis were conducted to determine the relationship between enterprise risk management strategies and growth of MFIs.Findings: Findings revealed that the MFI had adequate policies and procedures to manage its operational risks and the MFI had an operations manual. The findings also indicated that the MFIs have adhered to written policies and procedures to manage operational risks in the financial operations area, procurement area, treasury area, and financial management area. Results further indicated that the MFI had effective internal control systems for detecting fraud or other significant operational risks. Finally the study findings indicated that MFI’s internal audit functions ensured effective use of resources, accurate financial reporting, and ample random spot checks of MFI branches, clients, and staff. The regression results indicated that there was a positive relationship between operational risk management strategies and MFI growth.Unique contribution to theory, practice and policy: The study recommends that the MFIs to continue practicing effective operational risk management practices such as internal control framework comprising of policies and procedures. MFIs need to uphold the existence and accessibility of operational manuals. It is suggested that adherence to written policies and procedures is positive strategy and it should be emphasized.  The internal audit functions for effective use of resources and accurate financial reporting needs to be emphasized as it had a positive effect on growth. The MFIs should also benchmark their technology with that of banks to reduce human error, to produce timely and relevant data. It is recommended that implementation of know your client (KYC) requirements should be enhanced as it has an effect on growth.

Effect of Financial Control Mechanisms on Performance of Income Generating Units in Selected Public Universities in Kenya

2019 ◽  
Vol 3 (V) ◽  
pp. 286-304
Author(s):  
Shadrack Musunkui Towett ◽  
Isaac Naibei ◽  
Williter Rop
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Public Universities ◽  
Management Strategies ◽  
Internal Audit ◽  
Simple Random Sampling ◽  
Target Population ◽  
Control Measures ◽  
Financial Control ◽  
Control Mechanisms

In an attempt to bridge the gap between the budgetary allocations and actual expenditures most universities have started income generating units with the aim of boosting their operational expenses. Whereas there is the potential of the use of Income Generating Units (IGUs) to generate additional funds, most universities still experience challenges in full implementation and realization of the revenue goal. This study therefore sought to determine the financial control mechanisms affecting performance of income generating units among selected public universities. The study sought to determine the effect of internal controls, credit policies, financial risk management and internal audit on performance of income generating units in selected universities. Targeted population was all the 290 employees in the IGU departments of selected public universities. The respondents were sampled using simple random sampling so as to enable equal representation of the target population without any biasness. Data collection was done using the questionnaire to ensure sufficient data was collected from the respondents. Descriptive statistics assisted in the determination of respondent’s views and opinions on every variable. Qualitative data was analysed using content analysis into meaningful, precise and comprehensive statements and presented in quotations. Data analysis was done using SPSS version 21 and data presented in form of figures and tables. The study ensured that all ethical considerations were considered by the study. The findings were that most employed Income Generating Units in Public Universities were Collection of rental fees, Evening and executive programs and Trainings of both short and long courses while the least was established to be Sales of memorabilia and books. All the financial control mechanism investigated namely internal audit, internal control measures, risk management strategies and credit policies had large extents of adoption in the selected universities. The results of the regression analysis showed that the financial control mechanisms investigated had a significant positive relationship on performance of the IGUs. Specifically, 47% of the variation of the performance of IGUs was established to be explained by the studied factors. The study concluded that the performance of the IGUs among the selected public universities was largely accounted for by the implemented financial control measures. Therefore effective financial control mechanisms is concluded to lead to better IGU performance whereas shortcomings in the financial control mechanisms is concluded to lead to diminished returns in the IGUs. The study recommended that the management in charge of the IGU department in the public universities to prioritize the formulation, implementation and monitoring of financial control mechanisms in the IGUs. To facilitate effective financial controls, the study recommended that the management especially those in the audit section to conduct regular checks and inspections on the IGUs. Additionally, frequent reforms were recommended to address the shortcomings experienced in integrating financial control measures in IGUs.

scholarly journals Beyond the Woodward-Hoffman Rules: What Controls Reactivity in Eliminative Aromatic Ring-Forming Reactions?

2018 ◽  
Vol 71 (4) ◽  
pp. 249 ◽  
Author(s):  
A. D. Dinga Wonanke ◽  
Deborah L. Crittenden
Keyword(s):  
Molecular Wires ◽  
Chemical Diversity ◽  
Semiconducting Polymers ◽  
Cyclization Reactions ◽  
Rate Determining Step ◽  
Oxidation Potentials ◽  
Optimal Balance ◽  
Ring Oxidation ◽  
Dehydrogenation Reactions ◽  
Key Aspects

The Mallory (photocyclization) and Scholl (thermal cyclohydrogenation) reactions are widely used in the synthesis of extended conjugated π systems of high scientific interest and technological importance, including molecular wires, semiconducting polymers, and nanographenes. While simple electrocyclization reactions obey the Woodward-Hoffman rules, no such simple, general, and powerful model is available for eliminative cyclization reactions due to their increased mechanistic complexity. In this work, detailed mechanistic investigations of prototypical reactions reveal that there is no single rate-determining step for thermal oxidative dehydrogenation reactions, but they are very sensitive to the presence and distribution of heteroatoms around the photocyclizing ring system. Key aspects of reactivity are correlated to the constituent ring oxidation potentials. For photocyclization reactions, planarization occurs readily and/or spontaneously following photo-excitation, and is promoted by heteroatoms within 5-membered ring adjacent to the photocyclizing site. Oxidative photocyclization requires intersystem crossing to proceed to products, while reactants configured to undergo purely eliminative photocyclization could proceed to products entirely in the excited state. Overall, oxidative photocyclization seems to strike the optimal balance between synthetic convenience (ease of preparation of reactants, mild conditions, tolerant to chemical diversity in reactants) and favourable kinetic and thermodynamic properties.

scholarly journals Nuclear Components of the Conceptual Framework ‘Medicine’ in the Modern English Language

2021 ◽  
Vol 163 (1) ◽  
pp. 130-141
Author(s):  
A.A. Golubykh ◽  
Keyword(s):  
Mass Media ◽  
Conceptual Framework ◽  
English Language ◽  
Semantic Content ◽  
Media Communication ◽  
Professional Discourse ◽  
Medical Vocabulary ◽  
Media Types ◽  
Key Aspects

The conceptual framework ‘medicine’ within the English lexicographic, scientific, educational, and mass-media discourse was considered in this paper. The research was motivated by current medical innovations accompanied by word-coining contributing to the renewal of nuclear concepts and their semantic content within the conceptual framework ‘medicine’. The nuclear concepts of the above-mentioned conceptual framework focusing upon semantic, synonymic, and hyper-hyponymic features of medical nouns in English were studied and systematized. For this purpose, the methods of data collection, description, and classification of the empirical materials with elements of semantic and conceptual analysis were used. The key aspects of the modern conceptual framework ‘medicine’ were identified. It was discovered that the conceptual framework ‘medicine’ in the modern English lexicographic, scientific, educational, and mass-media types of discourse is basically actualized through the following nuclear concepts: ‘diseases’, ‘diagnostics and treatment methods’, and ‘drugs’. Interestingly, the nuclear concepts in all types of the English professional discourse enrich and develop the conceptual framework ‘medicine’ with medical terms related to the corresponding professional markers, synonyms, hyponyms, and hyperonyms. The results obtained provide both a valid background for better explanation, translation, and application of medical vocabulary in terms of modern lexicographic, scientific, educational, and mass-media communication strategies.

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