Impact of Internal Control Challenges on Financial Performance of Local Government Councils of Nasarawa State (Published)
This research work examined the impact of internal control challenges on the financial performance of local government councils in Nasarawa State, Nigeria. The study employed a mixed-methods approach, combining qualitative and quantitative research methods. Qualitative data are gathered through interviews and focus group discussions with relevant stakeholders, including council officials, financial managers, auditors, and community representatives. Quantitative data are collected through surveys and analysis of financial reports and performance indicators. A structured close ended questionnaire was administered to 211 staff that forms the sample size. The study used the correlation coefficient to establish the relationship between internal control challenges and financial performance, while the multiple regression analysis was used to test all the hypotheses of the study at 0.05 level of significance. Result of the correlation indicates significant relation between internal Control and financial performance whereas the regression analysis found that internal control challenges have significant positive impact on financial performance of Local Government Councils in Nasarawa State. It concluded therefore that effective accountability and stable financial practices in Local Government Councils can only be achieved through a properly instituted internal control system with free or minimal challenges. It recommended that: functions and responsibilities within the local government councils are clearly defined and separated.
Keywords: Financial Performance, Internal control, Local Government, councils
Internal Control System and Fraud Prevention of Quoted Financial Services Firms in Nigeria: A Smart PLS-SEM Approach (Published)
Fraud prevention involves the integration of all efforts that may be used to reduce or limit the opportunities to commit fraud in an organization. It is tool for protecting the collapse of business activities and it is widely use in the corporate world to manage business challenges. The internal control system is use manage risk and to prevent fraud and errors in order to prevent business losses and liquidation of business. On this basis, the study seeks to examine the effect of internal control system on fraud prevention of financial services firms in Nigeria. The population is 284 respondents from the listed financial services firms in Nigeria. A cluster sampling technique was adopted for the study. The data was sources through the primary sources and a structure questionnaire were administered to the respondents through the use of five-point Liker scale system, and the SMART-PLS-3-SEM was used to analyze the fitness of the data and test the research hypothesis. A constructive reliability and validity, the discriminant validity measure and cross loadings were used to test the fitness of the model. Path coefficient, predictive relevance of exogenous. Findings from the study revealed that control environment and monitoring were found to have a positive and significant effect on fraud prevention, while the information and communication has a negative and significant effect on fraud prevention. Risk assessment show an insignificant positive effect on fraud prevention while control activities is negative and insignificant effect on fraud prevention of the listed financial services firms in Nigeria. In conclusion, the study found that internal control system has a significant influence on fraud prevention. It is recommended among others that the management of financial services firms should maintain the used in control environment, monitoring system because they play a greater in effect on fraud prevention. Also, regulator agency such as CBN, EFCC and ICPC should develop an internal control framework and policy that will guide the financial services firm in Nigeria.
Keywords: Financial Services, Fraud Prevention, Internal control, Nigeria
Evaluation of Internal Control System on the Performance of Cooperative Societies in Selected Tertiary Institutions in Ondo State, Nigeria (Published)
The study assessed the internal control systems on performance of cooperative societies in some selected tertiary institutions in Ondo States, Nigeria. A stratified sampling technique was adopted for the study. The data were collected from members of registered cooperative societies in the selected tertiary institutions in the study area using structured questionnaire. The statistical tools used include de, Likert ratings, regression analysis and paired sample t-test. Results revealed that the selected cooperative societies often use all the key internal control measures which influence their performance, which include authorization measure (p = 0.027), arithmetic and accounting measures (p = 0.000), as well as budgetary measures (p = 0.001. The study recommended that cooperative societies in the tertiary institutions should strengthen their internal controls to ensure good performance
Keywords: Cooperative, Institutions, Internal control, Loans, Performance, Tertiary
Internal Control and Financial Performance of Hospitality Organisations in Rivers State (Published)
In the recent past, a number of organisations across the world failed irrespective of internal controls. This has raised concerns about the relevance and influence of internal control, especially as it affects the financial performance of an organisation. The main objective of this study was to determine the effect of internal control on financial performance of hospitality organisations (HOs) in Rivers State. The survey research design was adopted for this study. The population of the study was made up of all HOs operating in Rivers State. Convenience sampling technique was adopted in selecting twenty HOs that constitute the sample of this study. Data collection was done primarily using structured questionnaire and secondarily through journals, textbooks and the internet. The questionnaire was validated by senior academic and professional colleagues. The reliability index of the instrument was 0.765 obtained using the Cronbach Alpha technique. Data analysis was carried out using descriptive statistics of percentages, means and standard deviations. Linear regression and correlation analysis were used in testing the hypotheses postulated. The investigation found that internal controls to a significant extent influence financial performance of HOs and that a positive relationship exist between internal control and financial performance of HOs in Rivers State. The study concluded that the control environment affects total revenue as such influences the financial performance of HOs, its non-existence or inadequacy may spell doom for an orgainsation. One of the recommendations made was that management of HOs should regularly upgrade their information and communication framework to enable them cope with the frequent changes in the global environment and as such improve their financial performance.
Keywords: Control Environment, Financial Performance, Information and Communication, Internal control, Risk Assessment
The Impact of Using Computers at the Balqa Applied University (BAU) on the Effectiveness of Internal Control (Review Completed - Accepted)
This study aimed to verify the use of computers in accounting departments and its impact on increasing the effectiveness of internal control in Balqa Applied University(BAU).To achieve this goal, a questionnaire was designed consisting of two parts; the characteristics of the study sample and twenty two paragraphs that represent the questions of collecting data and distribute them on a sample of (38) employees working in accounting departments and internal control from the study population, which consists of colleges in the University deployed in Jordan. The researcher used a statistical package (SPSS) to analyze the collected data and the descriptive statistics and test (T-Test) for the purpose of describing variables and stress on the moral indicators. The study found that the use of computers in accounting affects the effectiveness of internal control and on the reliability and appropriateness of accounting information used in internal control.
Keywords: Balqa Applied University, Effectiveness, Internal control