CHAPTER ONE
1.1 INTRODUCTION TO THE STUDY
The main effectiveness in the management of any organization is growth and survival of the business in a competitive world market, which is also aids the maximizing the wealth of owners.
In order to maintain these standards, the management must place system or technique. The system or techniques instituted by the management to enhance the laid down guidelines and policies set up by the management in order to attain the corporate goals of the organization is termed internal control system, which is an embodiment of internal audit, can be defined as, “the whole system of control both financial and otherwise established by management in order to carrying the business of the company in an orderly and efficient manner, ensure adherence to, management polices safeguard the assets and secure as far as possible the completeness accuracy and validity of books and records of an company.
However, internal control involves various methods and procedure adopted in an organization with a view to safeguarding its assets to promote greater efficiency in operation to carry out effectively the general policies as laid down by the management and to ensure that the accounting and statistical data produced are reliable and accurate.
The essence of the quality of internal in modern day auditing can be compared to that of the foundation work of a house.
The house rest secure and it foundation and modern auditing depends in the same way upon internal control.
A sound internal system is vital to the management and auditors alike, because experience has shown that any deficiency in it leads eventuality to chaos within the organization.
Today, the concept of internal has assumed greater dimension:
It is the nerve system of very business which controls all the operations and polices of business, financial and otherwise.
The control is strictly supervised by the internal audit department through its staff and generally for effectiveness. Internal auditor is given a measure of independence to enables them carry out their work satisfactory and also to enables them report directly to the chief executive of the organization.
The entire internal controls of international Brewery Plc Ilesha are usually divided into divisions and they have joint objectives fraud in the company.
•    Preventing fraud in the company
•    To provide reliable efficiency
•    Safeguarding the assets and records of the company
•    To encourage adherence to prescribed policies and directives of the company.
However, the problems and prospects of internal control system international Brewery Plc, Ilesha is the focus of this research with some responsibility entrusted in to the hands of internal audit personnel in the Brewery Industry.
1.2    STATEMENTS OF THE PROBLEM
The complicated system of checks and counter check that tends to hamper efficiency and timelines of all system in the brewery industry has been attributed to the old and out dated regulations.
An incompetence of some personnel or hiring of unqualified hands in the performance of audit and records duties. This pertly explains why some brewery industries are not making profit (poor turnover). All these and others are factors that forced many organizations to liquidate.
1.3 OBJECTIVES OF THE STUDY
The main objectives of this study can be summarized as follows:
•    To examine the soundness of internal control system in international brewery plc, Ilesa.
•    To determines the factors responsible for ineffective internal control system in manufacturing companies.
•    To undertake an in depth study of the mode or nature of pilferage and frauds that are perpetrated in manufacturing companies with special reference to international Brewery Plc Ilesa.