ABSTRACT

Internal control system is the process which an organisation governs its activities for effective and efficient operation, reliability of financial accountability and compliance with applicable law and regulation. The study focuses on the internal control system and financial accountability in the Local Government System in Akwa Ibom State. The main objective of the study was to examine the effect of internal control components on financial accountability in the Local Government system in Akwa Ibom State. The study was necessitated by the weakness in the internal control system in the Local Governments, which is capable of producing adverse result. The study focused primarily on four components of internal control: control environment, risk assessment, control activities and monitoring. The survey design was adopted the population comprised 150 staff of five selected departments in Itu Local Government Council. A sample size of 109 respondents was selected using stratified random sampling technique. Out of the total of 109 copies of questionnaire administered, 106 copies were retrieved. The instrument used in data collected was “internal control Evaluation Questionnaire” (ICEQ). Data obtained were analysed using frequency, percentages, linear regression. The hypotheses were tested at the 0.05 level of significance and findings revealed that there was a significant impact of internal control system on financial accountability. The result also revealed that among the four component of internal control considered, internal control activities, risk assessment, monitoring all had significant impact on financial accountability while result obtained for internal control environment was negative and has no significant impact on financial accountability. The study therefore recommended that authorities should take urgent action on internal control environment to avoid any instance of financial misappropriation. It was concluded that internal control has significant impact on financial accountability in Itu Local Government Council in Akwa Ibom State.

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