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Internal Control System And Financial Management In An Organizations. A Case Study Of Hotel Continental Iganga. (Issue 12)

This study is aimed at assessing the impacts of internal control systems on financial management in an organization.
Regression model and person’s linear correlation coefficients will be used in the analysis. The findings reveal the
following: controlling environment significantly affects financial management in hotel continental Iganga, risk
assessment has a significant effect on financial management in hotel continental Iganga, operational control
activities have a significant relationship in control system and financial management in Hotel Continental Iganga.
This research employed descriptive survey research design to describe financial management in Hotel Continental
Iganga, additionally, findings indicates that an improvement in internal control system improves financial
management in an organization and ineffective internal control system leads to poor financial management, the
findings indicates a significant impact between monitoring & evaluation system and financial management in an
organization, the research shows that effective controlling environment increases financial management in Hotel
Continental Iganga, an improvement in risk assessment highly increases financial management in an organization,
an improvement in operational control activities increases financial management in an organization, improvement in
internal control system improves financial management in an organization and infective internal control system
leads to poor financial management, and lastly, improving the monitoring &evaluation system increases financial
management in an organization. The researcher recommended that; Hotel Continental Iganga, to make sure that both
management and employees are assigned appropriate levels of authority and responsibility to facilitate effective
internal control, Hotel Continental Iganga should put in place an effective information system to capture and process
data in a meaningful way, the organization should make sure that human resource policies and practices are
designed and implemented to facilitate effective internal control, the organization and to make sure that all
financial information are recorded accurately and presented clearly. In this case therefore, this research work has
brought a new knowledge if taken into account, the organization will move out from issues basing on internal
control system basing on the weaknesses found in the operations that may result a negative effect on financial
management in terms of managing scarce resources, financial control, accountability, transparency and internal
controls in developing countries.

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