THE ROLE OF INTERNAL AUDITOR ON THE EFFECTIVENESS OF INTERNAL CONTROL SYSTEM
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Abstract
The study determines and establishes the connection between internal auditing and internal control systems on financial performance in an Institution of higher learning in Nigeria. Internal controls were look at from the perception of Control background, Internal Audit and Control Activities whereas financial performance focused on Liquidity, responsibility and Reporting as the trial of financial performance and internal control. Research was conducted using both quantitative and qualitative approach using Survey, relationship and Case study as Research Designs. Data was collected using Questionnaires and Interview guide as well as appraisal of available documents and records targeting essentially Deans, Associate Deans, Heads of Departments, Management Committee members, and Finance and Accounts staff as respondents from a population of 302 Nigerian. Data was analyzed using the Statistical Package for Social Scientists where conclusions were drawn from tables, figures from the enclose. The study establish that management of the institution is dedicated to the control systems, energetically participates in monitoring and supervision of the activities of the University, all the activities of the Institution’s activities are initiated by the top level management, that the internal audit department is not efficient, is understaffed, doesn’t conduct regular audit activities and does not produce regular audit reports although the few reports produced by the internal audit department address weaknesses in the system. It was however, revealed that all revenues and expenditures are properly classified, and that assets of the University have generally increased. The study established a significant relationship between internal control system and financial performance. The investigation recommends competence profiling in the Internal Audit department which should be based on what the University expects the internal audit to do and what appropriate number staff would be required to do this job. It also recommends that the institution establishes and manages knowledge/information management system to enable all parties within the institution to freely access and utilize the official information. There should be a strategy improve the generation of additional finances for the University. The Study therefore concludes that internal control systems do function although with there is a significant relationship between internal control systems and financial performance in an Institution of higher learning.
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