Internal Control Of Financial Performance Of Public Institution In Rivers State

The study investigated and sought to establish the relationship between internal control systems and financial performance in public institution in Rivers state. Internal controls were looked at from the perspective of Control Environment, Internal Audit and Control Activities whereas Financial performance focused on Liquidity, Accountability and Reporting as the measures of Financial performance. The Researcher set out to establish the causes of persistent poor financial performance from the perspective of internal controls. The research was conducted using both quantitative and qualitative approaches using Survey, Correlation and Case study as Research Designs. Data was collected using Questionnaires and Interview guide as well as review of available documents and records targeting basically Deans, Associate Deans, Heads of Departments, Management Committee members and Finance and Accounts staff as respondents from a population of 270 . Data was analyzed using the Statistical Package for Social Scientists (SPSS) where conclusions were drawn from tables, figures from the Package. 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 internal audit to do and what appropriate number staff would be required to do this job. It also recommends that the government should establish 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 to improve the generation of additional finances for the institution. The Study therefore concludes that internal control systems do function although with hiccups and that there is a significant relationship between internal control systems and financial performance in public.

 

INTRODUCTION

1.0 Introduction

1.1 Background to the study

1.2 Problem statement

1.3 Purpose or General Objective 

1.4 Objectives or Specific Objectives

1.5 Research Questions/hypothesis

1.6 Research Hypothesis:

1.8 Justification

1.9 Significance of the study

1.10 Conceptual Framework

1.11 Limitations

LITERATURE REVIEW

2.1 Introduction

2.2 Theoretical Framework

2.3 Actual Review of related Literature

2.3.1 Internal Controls systems and financial performance

2.3.1.1 Control Environment

2.3.1.2 Internal Audit and Financial performance.

2.3.1.3 Control Activities

2.3.2 Financial performance

2.3.2.1 Liquidity

2.3.2.2 Accountability

2.3.2.3 Reporting

METHODOLOGY

3.0 Introduction

3.1 Research design

3.3 Study Population

3.4 Area of the study

3.5 Sample size and Sampling Selection techniques

3.6 Data source & methods of data collection

3.7 Data Management and analysis

3.8 Reliability and Validity

3.9 Ethical consideration

3.10 Limitations

 

DATA PRESENTATION AND DISCUSSION OF FINDINGS

4.0 Introduction

4.1 Quantitative data presentation and discussions

4.1.1 Gender characteristics of respondents

4.1.2 Education characteristics of respondents

4.1.3 Description of the Positions of respondents in the 

4.1.4 Description of age groups of respondents

4.1.5 Longevity of service

4.2 Examining the functionality of Internal Control systems

4.2.1.4 Provision of feedback to junior officers

4.2.1.5 Measures taken to correct Errors in Accounting and Financial management system

4.2.1.6 Management Integrity

4.2.1.7 Ethical values in management decisions

4.2.1.8 Objectivity and independent of the audit committee

4.2.1.9 Independence of Governing council and its committee

4.2.2 Descriptive statistics on Internal Audit.

4.5.5 Fund availability

SUMMARY FINDINGS, CONCLUSION AND RECOMMENDATION

5.1 Summary findings

5.2 Conclusions

5.3 Recommendations

BIBLIOGRAPHY

APPENDICES

Appendix One: Questionnaire: