INTERNAL CONTROL SYSTEM AS A TOOL FOR EFFICIENCY IN THE MANAGEMENT OF SMALL AND MEDIUM SCALE ENTERPRISES IN ILORIN
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- NGN 5000
ABSTRACT
The main objective of this study is to ascertain the efficiency of internal control system as a tool for the management of SMEs using Ilorin, Kwara State as case study.
Survey research design was employed for the study and with the aid of convenient sampling technique 80 participant was selected from 10 registered SMEs in Kwara was selected for the study. 80 well structured questionnaire was issued to the respondent of 70 were retrieved and validated for the study. The data obtained were analyzed using frequency counts and simple percentage. Hypothesis test was conducted using Pearson correlation and Chi-Square statistical tool (SPSS v.23). Findings from the study revealed that there is a positive significant relationship between efficient internal control system and the overall performance of SMEs. The result of the study revealed that high cost of operating internal control system is a major reason most SMEs don’t adopt internal control system hence they miss out of it effeciency in their organization. Moreso study concluded that internal control system is an efficient tool in the management of SMEs. The study therefore recommends that SMEs should maintain and leverage the positive impact of the control environment and control activities to boost their operating performance. Moreso,SMEs should commit more to integrity, ethical value, competence, accountability, as well as the development of preventive and detective control activities through the engagement of technology, and standardization of policies and procedures for transaction approval, verification and reconciliation which would have a signifcant effect on their business performance.
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