| dc.description.abstract | Internal control systems play a very critical role in the attainment of organizations goals
and objectives. Introduction and implementation of such internal controls in all areas of
an organization may only be beneficial if it attains the required level of performance or
effectiveness. Inventories still remain the biggest cost element in most organizations and
especially in learning institutions where they influence the success of their programs.
This study sought to assess the extent to which the internal procurement control processes
are effective; establish the effectiveness of internal stores control processes; determine
the effectiveness of the internal stock distribution processes and then determine the level
to which the managerial internal control policies influence the effectiveness of
safeguarding inventories at Rift Valley Institute of Science and Technology (RVIST). A
total of 351 employees from all the nine departments in the institute who are involved in
the procurement, storage, distribution and usage of inventory were taken for the study’s
target population. The sample size of 187 employees was selected using stratified
sampling method as study’s respondents. Structured questionnaires were used as tools for
collecting data and were distributed to the respondents with the approval of the relevant
authorities. All questionnaires were administered personally by the researcher and the
respondents were given one week to fill them. Spearman rank order correlation and
regression analysis were used to establish the relationship between the different
components of the internal control systems and the effectiveness in safeguarding
inventories. From the findings, internal procurement control, stores controls, stock
distribution control and management control policies were effective in safeguarding
inventories at the institute. The study recommends for due consideration of internal
control systems as an integral part of safeguarding and securing inventories | en_US |
