THE IMPACT OF INTERNAL CONTROL SYSTEM ON REVENUE GENERATION IN AN ORGANIZATION AND THE ACCOUNTABILITY: A CASE STUDY OF OFFICE OF ACCOUNTANT GENERAL OF THE FEDERATION (OAGF)
- Post by: Africaitconsultancy
- April 30, 2022
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Accepted: Published: Online:
Abstract
The study examines on the effect of the internal control system on public parastatals in Kogi State, Nigeria. The study used a purposive sampling method, and a total of 100 questionnaires were administered to staffs in the seven selected public parastatals in the state. The questionnaire is a 5-point Likert-scale and the data collected was analyzed using Statistical Package for the Social Sciences (SPSS) version 21. The ANOVA in the regression analysis showed that all the components of the internal control system had combined significant effect on accountability in the public parastatals (F = 44.046, p < 0.05). Also, the results of the study revealed that each of the components of internal control system on accountability which was measured by effective and efficient financial operations, showed that Information flow and control activities with p-values of 0.078 and 0.461 respectively have an insignificant effect (Sig > 0.05) on accountability of public parastatals, while monitoring and evaluation and risk assessment with p-values 0.001 and 0.008 respectively have a significant effect (Sig < 0.05) on the accountability of public parastatals in Kogi state. It was recommended that internal control system should be encouraged to maintain their independent position to ensure more assurances of the effectiveness of the control system and also government should ensure that the internal control system is periodically monitored and evaluated.