GASPRO International Journal of Eminent Scholars

ABSTRACT

The paper determined the influence of cash control mechanism on the growth of small scale business industries in Uyo city of Akwa Ibom State. The high rate of small scale business failure in Uyo informed this study. Two research questions and two hypotheses were developed for the study. To achieve the purpose of this study literature on segregation of duty and accountability were reviewed. The study adopted a survey research design; the population of the study was two hundred and seventy (270) registered small scale businesses of which one hundred and forty (140) were randomly samples for the study. The researchers developed a structured questionnaire which was validated by two experts from the Department of Business Education, University of Uyo, Akwa Ibom State and same was used for data collection. The reliability test yielded 0.81. Mean and standard deviation was used to answer the research question while t-test statistics was used in testing the hypothesis at 0.05 level of significance. The study found out that the adoption of segregation of duties and accountability mechanism will effectively monitor the performance of employees, enhance high productivity and organizations objectives. Based on these findings, it was recommended among others that external auditors should be employed to audit financial records to detect fraud and misappropriation of finance in other to avoid business failure or winding-up.

KEYWORDS: Cash Control Mechanism, Growth of Small Scale Business Industries and Akwa Ibom State.