THE ROLE OF INTERNAL CONTROLS IN ENSURING FINANCIAL REPORTING ACCURACY
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ABSTRACT:
This study investigates the role of internal controls in ensuring financial reporting accuracy in Lagos State, Nigeria. The objectives are to: (1) assess the effectiveness of internal controls in preventing financial misstatements, (2) evaluate the impact of internal controls on financial statement reliability, and (3) analyze the challenges in implementing robust internal controls. A survey design was employed to collect data from financial managers and auditors. The sample size, calculated using Taro Yamane's formula, ensures statistical validity. Dangote Cement Plc was chosen as the case study due to its comprehensive internal control systems. The reliability coefficient score of the survey was 0.88. Findings indicate that robust internal controls are crucial for ensuring financial reporting accuracy and preventing misstatements. It is recommended that companies in Lagos State invest in strengthening their internal control frameworks to enhance financial reporting reliability.
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