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IMPACT OF STOCK-TAKING IN AN ORGANIZATION

ABSTRACT

An independent activity within an organization to review of purchasing and financial policies of the organization are fully implemented as well as malting policies and procedure guideline on stock-taking, account, financial, asset ands liabilities of the department. It has immensely helped in the management of the organization. Despite, there is also improvement in areas like decision making regarding the stock-taking and ensuring the completeness and accuracy of the organization book and other operation as basic for service to management. The operation undertaken by special designed staff. Organization stock-taking in Nigeria is mainly concerned with the meaning of organization stock-taking in Nigeria. From the analysis of the above question and interview; it has been statistically established that, there is a positive relationship between the awareness of the organization stock position at all times and the enhancement of managerial decision. It should be therefore, be identical that the primary responsibility at the impact of stock-taking in an organization with the particular reference to total Nigeria Limited; which deals with the introduction, statement of problems, research question, objectives of the study, significant of the study scope and limitations etc.

CHAPTER ONE

1.0 INTRODUCTION 

The purpose of this is to look at the need to maintain high standard of audit work. The purchasing may be held liable for negligence because the law requires one purchasing to care, diligence and skill as is reasonably necessary in a particular circumstances, where an organization of person suffers loss or damage as a result of the failure of an purchasing to discharge the fiduciary duty imposed on him by law they may be liable for negligence and an action for negligence may be instituted against him in court of law. To ensure that quality of audit work is still high, he should then establish a means at maintaining the jobs on his behalf. In this case of purchasing and stock-taking practitioners, these are faced with many pressures form clients to maintain their fee levels or even reduce them. This may not be unconnected with the present economic condition in the country, which is hard on almost all business organization, in most companies; unlike the case study of this project “on organization” the stock-taking firms are made to perform both the purchasing and stock-taking functions for the same fee” In this study, we will discuss the meaning of audit management reason for audit management, its objectives and stage such as planning of audit, recording and control.

The purchasing operational standard states that, the purchasing should satisfy him as to the quality of work established adequate control procedures. The control procedure will include proper allocation of staff of appropriate ability, proper briefing of staff and review of the work done by others. There are also improvement in areas like decision making regarding the assets and ensuring the completeness and accuracy of the organization’s books. Even though it is not the duty of the purchasing to take check, he should satisfy himself as to the validity of the amount attributed to the assets in the accounts which are the subject of the audit in determine the nature and extent of the audits steps necessary for its purposes, it was found that the purchasing examined the system of organization control in order to access its effectiveness relative to the ascertainment and evaluation of stock.

1.1 BACKGROUND TO THIS STUDY 

Stock taking has been traced to the Ancient Egyptian Civilization as demonstrated in their Ancient wall paintings. The utilities of the early purchasing were also recovered in the writing of ancient Roman Empire. Stock taking came in to existence since men bargain to enter into contractual relationship with one another. This is because there was always the desire to establish the accuracy and reliability if the records and results of such relationships to the satisfaction of all the parties to a contracted relationship would engage a neutral person to check the records of their transaction and real his findings to their learning. This methods is associated social club etc, various effort have these effort were too simple thereby excluding some essential information while others ended up being confusing.

1.2 STATEMENT OF PROBLEMS 

Another problem encountered in this central on the absence of the organization purchasing. Purchasing in the office due to some circumstances that led outside office due numerous tours their expectation are lectures, cut off. The extensively with issues relating to the history and nature of stock taking, lectures two will discuss mater relating his expected roles in an enterprise where he act as an purchasing. Since our major concern in these lectures is the statutory purchasing matters relating to him are adequately covered by the companies and Allied matters Decree (CAMA) in 1990 is as follows:

First appointment the first director of a New organization can make the first appointment before the first Annual General Meeting (AGM) of the organization where the first Directors made the appointment, the shareholder are at liberty to either ratify the appointment or reject it as the power to appoint the purchasing to resides with the shareholders. But where the shareholder intends to reject a purchasing appointed by the directors, they must given fourteen days noticed to the directors. Subsequent appointment by this, the purchasing of any organization are appointed are the Annual General Meeting (AGM) to hold offices from the conclusion of the next meeting of the organization.

A retiring purchasing shall be re-appointed to continue in officer without passing any resolution except: He is disqualified from re-appointment of the Annual General Meeting (AGM) A resolution appointing another purchasing or dropping the retiring purchasing has been properly passed. The organization has received notice of his unwillingness to continue in office.

1.3 RESEARCH QUESTION 

It is necessary to establish some research question that will serve as a guide to the study. This question would later be transferred to research hypothesis.
The research questions are:

1. To what extent does stock taking affect the administration of the organization.

2. To what extent does stock taking affect the profitability of the organization.

3. To what extent do stock personnel activities affect the growth of the organization.

4. To what extent does stock personnel activities affects the growth of the organization.

5. To what extent does stock management affect the profit making of the organization.

1.4 OBJECTIVES OF THE STUDY 

Purchasing to the case study of this project “Total Oil Nigerian Limited headed in Rivers State”. The continuous growth of private companies in Rivers State of Nigeria and the strategic position. These companies occupy in the Nigerian economy laid the basic foundation for this research work. Opinions expressed by management authorities shown that, the adequate uses of the manpower of an organization are a major contributor to the success of such organization. This work therefore investigates the different leadership styles adopted by the purchasing of the private companies to edict the optimal performance of their work force.

To ensure that the organizational goals and objectives of private companies are attained, purchasing of the various capacities are appointed by they directors of the companies and these purchasing stand in central positions in relation to others members of staff or other employees of the companies. The manages of the companies, who are leader of their work crew, are usually vested with the authority, are their functions and duties which they executive through the organization structure. Leader or objectives of this study refers to appointed purchasing and supervisor, who have been given authority and power to administer with work crew and those. Objectives is to achieve the overall organization in achieving the organization goals, the purchasing of the companies must harness the crew work.

The various leadership style adopted by purchasing in private companies and effect of these style on subordinates performance. The purpose of this study is to examine the various leadership styles adopted by the purchasing in private limited companies and the input of such styles on subordinates. This study therefore is intended to survey the various leadership styles employed by the purchasing of selected private limited companies in Rivers State and which of these leadership style prove most effective.

1.5 SIGNIFICANCE OF THE STUDY

The importance of this study is of two field, in the first place, since total oil Nigeria limited is a commercial organization there is a need to know its, organization stock-taking system and how it has helped the efficient of the purchasing records.  Secondary; this study will also add to the advancement of enfoldment in the fields of organization stock-taking in the research of significance, at least the followings areas. The study will also indicate to sue the audit steps relating to stock-taking observation of the purchasing, which will cover three stages such as: Before stock-taking  During stock taking and  After stock-taking  The study will be immense academic to students and researcher in purchasing, especially in the area of stock –taking because the guiding will be provide the, with empirical evidence on the issue and a good basic for hypothesis for future studies in this area.

1.6 SCOPE OF THE STUDY 

Since this study had reviewed the organization stock-taking in companies the investigation carried out by the research covered only total oil Nigeria limited, which was used as a case study. The major problem of social research is that of conviction of the officials take as specimen. However, one needs a lot of explanation and persuasion to get the cooperation of such respondents. So, having death with the project and assessed the extend of the work involved in the study, was confronted with such problem ranging from lack of; The result of this study many be of use of the following group of people;

1. The result will be of help to unama paper mill to enable the organization know the importance stock-taking and how its enhances the profit of the organization.

2. It will help to better way of conducting stock-taking and has contributed the profit making of the organization.

3. Finally, it is hope that the result obtain from this study shall be of immense benefit to the government, and to the literate public who may stumble on this work and this would discover how stock-taking enhance profit making in an organization.

1.7 LIMITATION OF THE STUDY

One of the major constraints of this study was lack of finance to go around collecting data from the respondents in addition, some worker in the organization were afraid to give accurate information for fear of victimization again, it was not possible to go through all the documents concerned because some documents were classified as “secret document” and therefore were meant for any other person’s consumption. The researcher was disappointed to note the ere very fee books from which to draw reference.

1.8 DEFINITION OF TERMS 

To ensure a proper understanding of what the terms is all about, some unfamiliar words to those who are not in the same field are defined as they are appear in the project. This is also beneficial to those groups of people who might make this study. Useful by way of making use of them in future.

ORGANIZATIONAL PURCHASING 

By definition, it is an independent appraisal activities within an organization for the review of purchasing, financial and other operation as a basic for service to management. The person who does the above job is know as organization purchasing.

AN AUDIT  It is independent examination off, and expression of an opinion on the financial statement of an enterprise by an appointed purchasing is pursuance of that appointment and in compliance with any relevant statutory obligation.

ORGANIZATIONAL CONTROL 

It is the whole system controls, financial and other wise establishment by management in order to carry on the business of the enterprise in and orderly and efficiently manner. Ensure adherence to management policy safeguard the assets and secure as far as possible the completeness and accuracy of the records.

STOCK-TAKING It is the process which a country checking of the price and physical quantities of good or item in the store by selected officials of the organization.

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