EFFECT OF INTERNAL CONTROL SYSTEM ON THE PERFORMANCE OF TERTIARY INSTITUTIONS IN SOUTH WEST NIGERIA
Abstract:The study examined the effect of internal control systems on the performance of tertiary institutions in the southwest geopolitical zone of Nigeria. The specific objective is to assess if there are controls in place to ensure adherence to established policy and to prevent fraud, and to find out if internal control systems have a significant effect on the performance of tertiary institutions. The population of the study consists of internal staff of the audit department and account unit of the four federal polytechnics in the southwest geopolitical zone of Nigeria. For the purpose of this study, a sampling technique is used to select 80 as the sample size. A well-structured survey questionnaire with five Likert-scale response options was used to gather the data and distributed to the audit and accounting units of each of the four polytechnics. Twenty copies were distributed to each school, but only 67 copies were filled and returned. The data obtained from the questionnaire were analyzed using both descriptive statistics and inferential statistics such as frequency tables, percentages, chi-square analysis, and ANOVA. From the result, it was observed that there are controls in place to ensure adherence to established policy and to prevent fraud in tertiary institutions and that internal control systems have a significant effect on the performance of tertiary institutions.