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Internal Control among Staff of Government and Firms Operating In the Sultanate of Oman (Essay Sample)

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Assessment of Awareness of Internal Control among Staff of Government and Firms Operating In the Sultanate of Oman

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Content:
Assessment of Awareness of Internal Control among Staff of Government and Firms Operating In the Sultanate of Oman
Name:
Student No:
A Dissertation Submitted To School Of Graduate Studies In
Partial Fulfilment for the Requirement for the Award of
Degree of Master --------------------------------
Date:
Declaration
This research work is original and has not been submitted for any other degree award to any Institution before.
Signature: _____________________ Date: ______________________

Name:
Registration No:
Dedication
Acknowledgement

Contents
 TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc363671614" Chapter One: Introduction  PAGEREF _Toc363671614 \h 13
 HYPERLINK \l "_Toc363671615" 1.1. Background of the Study  PAGEREF _Toc363671615 \h 14
 HYPERLINK \l "_Toc363671616" 1.2. Importance of Study  PAGEREF _Toc363671616 \h 15
 HYPERLINK \l "_Toc363671617" 1.3. Statement of the Problem  PAGEREF _Toc363671617 \h 17
 HYPERLINK \l "_Toc363671618" 1.4. Objectives of the Study  PAGEREF _Toc363671618 \h 18
 HYPERLINK \l "_Toc363671619" 1.4.1 Research Questions  PAGEREF _Toc363671619 \h 18
 HYPERLINK \l "_Toc363671620" 1.5. Structure of the Dissertation  PAGEREF _Toc363671620 \h 19
 HYPERLINK \l "_Toc363671621" Chapter Two: Literature Review  PAGEREF _Toc363671621 \h 21
 HYPERLINK \l "_Toc363671622" 2.1. Introduction  PAGEREF _Toc363671622 \h 21
 HYPERLINK \l "_Toc363671623" 2.2. General Overview of the Sultanate of Oman  PAGEREF _Toc363671623 \h 21
 HYPERLINK \l "_Toc363671624" 2.3. Definition and Understanding of Internal Controls  PAGEREF _Toc363671624 \h 22
 HYPERLINK \l "_Toc363671625" 2.4. The Evolution of the Concept of Internal Control  PAGEREF _Toc363671625 \h 25
 HYPERLINK \l "_Toc363671626" 2.5. Internal Control Systems and Quality Improvement  PAGEREF _Toc363671626 \h 26
 HYPERLINK \l "_Toc363671627" 2.5. Internal Control Systems  PAGEREF _Toc363671627 \h 31
 HYPERLINK \l "_Toc363671628" 2.6. Key Drivers for Internal Control –Basel III  PAGEREF _Toc363671628 \h 32
 HYPERLINK \l "_Toc363671629" 2.7. Internal Control and Risk Management  PAGEREF _Toc363671629 \h 35
 HYPERLINK \l "_Toc363671630" 2.8. Elements of Internal Control  PAGEREF _Toc363671630 \h 39
 HYPERLINK \l "_Toc363671631" 2.9. Conclusion  PAGEREF _Toc363671631 \h 41
 HYPERLINK \l "_Toc363671632" Chapter Three: Theoretical Framework  PAGEREF _Toc363671632 \h 42
 HYPERLINK \l "_Toc363671633" The Agency Theory  PAGEREF _Toc363671633 \h 42
 HYPERLINK \l "_Toc363671634" Chapter Four: Methodology  PAGEREF _Toc363671634 \h 44
 HYPERLINK \l "_Toc363671635" 4.1. Research Philosophy  PAGEREF _Toc363671635 \h 44
 HYPERLINK \l "_Toc363671636" 4.1.1. Introduction  PAGEREF _Toc363671636 \h 44
 HYPERLINK \l "_Toc363671637" 4.1.2. Research Paradigms  PAGEREF _Toc363671637 \h 45
 HYPERLINK \l "_Toc363671638" 4.2. Research Approach  PAGEREF _Toc363671638 \h 48
 HYPERLINK \l "_Toc363671639" 4.2.1. Deductive Approach  PAGEREF _Toc363671639 \h 48
 HYPERLINK \l "_Toc363671640" 4.2.2. Inductive Approach  PAGEREF _Toc363671640 \h 49
 HYPERLINK \l "_Toc363671641" 4.2.3. Deductive versus Inductive Research Approach  PAGEREF _Toc363671641 \h 49
 HYPERLINK \l "_Toc363671642" 4.2.4. Research Approach for the Study  PAGEREF _Toc363671642 \h 50
 HYPERLINK \l "_Toc363671643" 4.3. Research Strategy  PAGEREF _Toc363671643 \h 50
 HYPERLINK \l "_Toc363671644" 4.4. Data Collection Methods  PAGEREF _Toc363671644 \h 52
 HYPERLINK \l "_Toc363671645" 4.4.1. Questionnaires  PAGEREF _Toc363671645 \h 53
 HYPERLINK \l "_Toc363671646" 4.4.2. Interviews  PAGEREF _Toc363671646 \h 54
 HYPERLINK \l "_Toc363671647" 4.4.3. Population and Sampling Technique  PAGEREF _Toc363671647 \h 55
 HYPERLINK \l "_Toc363671648" 4.5. Data Analysis  PAGEREF _Toc363671648 \h 58
 HYPERLINK \l "_Toc363671649" 4.6. Limitations of the Current Research  PAGEREF _Toc363671649 \h 59
 HYPERLINK \l "_Toc363671650" 4.7. Validity and Reliability  PAGEREF _Toc363671650 \h 61
 HYPERLINK \l "_Toc363671651" 4.8. Legal and Ethical Considerations  PAGEREF _Toc363671651 \h 63
 HYPERLINK \l "_Toc363671652" 5.0. Findings and Discussions  PAGEREF _Toc363671652 \h 65
 HYPERLINK \l "_Toc363671653" 5.1. Introduction  PAGEREF _Toc363671653 \h 65
 HYPERLINK \l "_Toc363671654" 5.2. Sample Demographics  PAGEREF _Toc363671654 \h 65
 HYPERLINK \l "_Toc363671655" 5.2.1. Gender of the Respondents  PAGEREF _Toc363671655 \h 65
 HYPERLINK \l "_Toc363671656" 5.2.2. Position in the Organization  PAGEREF _Toc363671656 \h 66
 HYPERLINK \l "_Toc363671657" 5.2.3. Number of Years in Service  PAGEREF _Toc363671657 \h 67
 HYPERLINK \l "_Toc363671658" 5.2.4. Age Brackets of the Respondents  PAGEREF _Toc363671658 \h 68
 HYPERLINK \l "_Toc363671659" 5.3. Examination of Functionality of control environment  PAGEREF _Toc363671659 \h 69
 HYPERLINK \l "_Toc363671660" 5.3.1. Organizational Governance  PAGEREF _Toc363671660 \h 70
 HYPERLINK \l "_Toc363671661" 5.3.2. Potential Weaknesses In Organizational and Management Controls and the Utilization of Existing Controls  PAGEREF _Toc363671661 \h 72
 HYPERLINK \l "_Toc363671662" 5.3.3. Existence of Controls to Ensure Proper Management of Accounts Payable, Liabilities, Cash Disbursements  PAGEREF _Toc363671662 \h 73
 HYPERLINK \l "_Toc363671663" 5.3.4. Commitment to Competence  PAGEREF _Toc363671663 \h 76
 HYPERLINK \l "_Toc363671664" 5.3.4. Internal Control of Equipment, Management of Inventories and Investments  PAGEREF _Toc363671664 \h 78
 HYPERLINK \l "_Toc363671665" 5.4. Multiple Regression Analysis  PAGEREF _Toc363671665 \h 80
 HYPERLINK \l "_Toc363671666" 5.5. Results of the Interviews  PAGEREF _Toc363671666 \h 81
 HYPERLINK \l "_Toc363671667" Chapter Six: Conclusion and Recommendations  PAGEREF _Toc363671667 \h 84
 HYPERLINK \l "_Toc363671668" References  PAGEREF _Toc363671668 \h 85
 HYPERLINK \l "_Toc363671669" Appendices  PAGEREF _Toc363671669 \h 90

Abstract
One major issue that has been widely in theoretical and empirical literature is how to deal with the multi-dimensional issues of implementation and improvement of an effective internal control system. The current research sought to examine the level of awareness of internal control among staff of government and firms operating in the Sultanate of Oman and propose how the government and firms operating in the Sultanate of Oman can implement and improve their internal control systems and organizational performances.
The study was conducted using both qualitative and quantitative data approaches involving semi-structured interviews and survey questionnaires. The respondents were sampled from employees working in various firms in the Sultanate of Oman. A population of 140 respondents successfully completed the questionnaires and submitted their responses. Data was analyzed using the Statistical Package for Social Scientists where conclusions were drawn from tables, figures from the Package.
The study found out that the respondents had adequate knowledge on the key elements of internal control and made a connection between the elements and internal control. The interviewees revealed that firms and organizations in which they worked in different levels of management had supervisors and managers demonstrated the knowledge and skills needed to perform jobs adequately. Despite variations in the responses, it is revealed that a significant number of the respondents had the support of senior managers and that leadership is a critical aspect in the development of an internal control culture.
The study recommends the use of training to strengthen the knowledge and competence of employees to improve internal control mechanisms within the organizations. The study makes the conclusion that internal control systems do function, although with hiccups and that there is a significant relationship between internal control systems and financial performance of a firm.
List of Figures and Tables
Table 1: Gender of the Respondents---------------------------------------------------------64
Chart 1: Gender of the Respondents----------------------------------------------------------65
Table 2: Position in the Organization---------------------------------------------------------65
Graph 1: Position in the Organization--------------------------------------------------------66
Table 3: Number of Years in Service---------------------------------------------------------67
Graph 2: Number of Years in Service---------------------------------------------------------67
Table 4: Age Brackets of the Respondents---------------------------------------------------68
Graph 3: Age Brackets of the Respondents---------------------------------------------------68
Table 5 Examination of Functionality of control environment----------------------------69
Table 6 Multiple Regression Analysis--------------------------------------------------------80
Chapter One: Introduction
The contribution of internal control towards the success and stability of organizations has been well-documented (Beneish, Billings & Hodder 2008, p. 668). Internal control is seen in business as a driver for the best performance and the critical defence against business failure. This is because having an effectiv...
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