An analysis of selected internal controls at Edible Oil Refining Company Limited and its subsidiaries

Abstract

Adequate internal control systems provide top management with reliable indications of the company's financial situation. Internal controls provide efficient, orderly and practical systems by which management can conduct and control every aspect of their business operations. The objective of this dissertation is to examine in detail the most essential internal control systems utilised at one of Malta's major manufacturing enterprise, the Edible Oil Refining Company Limited and its subsidiaries. This dissertation aims to establish the strenghts and weaknesses of internal controls in current use at the above mentioned concern. Special attention is given to the following areas: Purchases, Stock Control, Stores, Sales, Wages, Fixed Assets and Computer Controls. Certain aspects of the internal controls reviewed which I feel could be better employed have been mentioned throughout this study.