Internal Control System and Financial Accountability: A Study of Ekiti State University

Abstract

This study established establish the impact of effective internal controls on financial accountability in Ekiti State University. Specifically, the study examined the impact of control activities, environment and risk assessment on financial accountability in EKSU. Internal control system being the independent variables was captured with control activities, environment and risk assessment while financial accountability as examined holistically. Considering the need to obtain information on internal control system in EKSU, this study adopted descriptive survey design and covered study covered all the 85 staff of the bursary and audit departments in EKSU, out of which 40 staff were the sample size using Taro Yamane.. Data were gathered via the administered closed ended questionnaires to the targeted respondents. To analyze these datasets, multiple linear regression analysis methods was adopted.  From the analysis carried out, the predictors (control activities, environment and risk assessment) have a positive effect on financial accountability of Ekiti state University with the coefficient values of 0.076, 0.245 and 0.033 respectively. Among the predictors only, risk assessment has an insignificant impact on the outcome variables as the p-value 0.546 is greater than 0.05 significance level. It was established from the findings of this study that internal control system has a statistical positive impact on public financial accountability of Ekiti State University (EKSU), Ekiti State.

Keywords: Internal Control System, control activities, environment and risk assessment, financial accountability

DOI: 10.7176/JESD/14-12-04

Publication date:June 30^th 2023