Effectiveness of internal audit as instrument of improvinghmasjedi10
This document summarizes a study on the effectiveness of internal auditing in improving public sector management in Kano State, Nigeria. The study aimed to determine if internal audit departments are adequately staffed and can effectively check fraud. It also examined reasons for persistent fraud despite existing audit departments. The researchers hypothesized that public sectors lack significant internal audit units and auditing cannot check fraud due to understaffing. The study found that internal audit can check fraud when adequately resourced and public sectors have established audit departments. However, understaffing, lack of training, and poor compensation limit their effectiveness in preventing fraud.
An empirical study of internal control system impact on co operative banks em...IJARIIT
Internal controls are defined as the plans of an organization, including management's attitude, methods, procedures,
and measures that provide reasonable assurance that the objectives are being achieved. The study set out to investigate the role
of internal control system in the performance of co-operative banks in India. Specifically, the study sought to establish the effect
of control environment on the performance of co-operative banks. To achieve the objective of the study an empirical study has
been applied. For the collection of data, a questionnaire has been designed and circulated among 217 respondents. The study
found a significant relationship between control environment, control activities, monitoring, and performance of co-operative
banks. The study recommended that control environment, control activities, and monitoring should be enhanced in order to
further improve the performance of co-operative banks.
Internal audit effectiveness an approach proposition to develop the theoretic...Alexander Decker
This document discusses developing a theoretical framework for measuring internal audit effectiveness. It proposes using agency theory, institutional theory, and communication theory as the basis for the framework. Agency theory can explain the relationship between internal auditors and organizational members. Institutional theory relates internal audit effectiveness to compliance with professional standards. Communication theory highlights the importance of effective communication between internal auditors and other parties. The document also reviews prior literature on measuring internal audit effectiveness and identifying factors that influence it.
Effectiveness of internal auditor in controlling fraud and other financial ir...Alexander Decker
This study examined the effectiveness of internal auditors in controlling fraud and other financial irregularities in private universities in Southwest Nigeria. It evaluated the relevance of internal audit reports in exposing financial fraud and examined the effectiveness of auditing in detecting fraud. Regression analysis showed that internal auditors were effective in controlling fraud. Additionally, internal audit reports were found to be relevant in exposing various means of financial fraud. The study concluded that internal auditors can effectively expose fraud in private universities if allowed to perform their duties, and that auditing is an appropriate way to detect fraud and irregularities. It recommended that private universities implement strong internal controls and effective internal audit functions headed by qualified accountants.
The COSO framework provides guidance for establishing effective internal controls. It is comprised of 5 components: control environment, risk assessment, control activities, information and communication, and monitoring. The control environment sets the tone at the top and influences employee conduct. Risk assessment involves identifying risks to financial reporting. Control activities are policies and procedures that help ensure management directives are followed. Information and communication systems identify, capture, and communicate pertinent information. Monitoring assesses internal control effectiveness over time.
POSITION OF INTERNAL AUDIT IN THE CORPORATE FRAMEWORKHaresh Lalwani
This presentation is my endeavor to bring to notice the new position that internal audit enjoys today in the corporate framework, expectations of the industry and emerging opportunities for the professionals.
The document discusses the COSO internal control framework. It provides background on COSO, describing it as a joint initiative to provide guidance on internal controls. The framework was first published in 1992 and provides principles and attributes for internal controls relating to control environment, risk assessment, control activities, information/communication, and monitoring. It discusses changes in the updated framework to make it more relevant to today's business environment. Key changes include clarifying the role of objective setting, reflecting the increased relevance of technology, and enhancing governance concepts.
This paper investigates the relationship between internal control weaknesses and the likelihood of receiving Accounting and Auditing Enforcement Releases (AAERs), which are issued by the SEC against companies for misconduct related to U.S. GAAP. The author analyzes AAERs issued in 2009 and matches companies that received AAERs to similar control companies that did not. The results show a significant positive relationship between internal control weaknesses and the issuance of AAERs in 2009, indicating that companies with weaker internal controls are more likely to engage in earnings management. However, the overall model is reported to be insignificant, limiting the strength of the findings. The study aims to provide insights for companies, stakeholders, auditors and regulators on
Effectiveness of internal audit as instrument of improvinghmasjedi10
This document summarizes a study on the effectiveness of internal auditing in improving public sector management in Kano State, Nigeria. The study aimed to determine if internal audit departments are adequately staffed and can effectively check fraud. It also examined reasons for persistent fraud despite existing audit departments. The researchers hypothesized that public sectors lack significant internal audit units and auditing cannot check fraud due to understaffing. The study found that internal audit can check fraud when adequately resourced and public sectors have established audit departments. However, understaffing, lack of training, and poor compensation limit their effectiveness in preventing fraud.
An empirical study of internal control system impact on co operative banks em...IJARIIT
Internal controls are defined as the plans of an organization, including management's attitude, methods, procedures,
and measures that provide reasonable assurance that the objectives are being achieved. The study set out to investigate the role
of internal control system in the performance of co-operative banks in India. Specifically, the study sought to establish the effect
of control environment on the performance of co-operative banks. To achieve the objective of the study an empirical study has
been applied. For the collection of data, a questionnaire has been designed and circulated among 217 respondents. The study
found a significant relationship between control environment, control activities, monitoring, and performance of co-operative
banks. The study recommended that control environment, control activities, and monitoring should be enhanced in order to
further improve the performance of co-operative banks.
Internal audit effectiveness an approach proposition to develop the theoretic...Alexander Decker
This document discusses developing a theoretical framework for measuring internal audit effectiveness. It proposes using agency theory, institutional theory, and communication theory as the basis for the framework. Agency theory can explain the relationship between internal auditors and organizational members. Institutional theory relates internal audit effectiveness to compliance with professional standards. Communication theory highlights the importance of effective communication between internal auditors and other parties. The document also reviews prior literature on measuring internal audit effectiveness and identifying factors that influence it.
Effectiveness of internal auditor in controlling fraud and other financial ir...Alexander Decker
This study examined the effectiveness of internal auditors in controlling fraud and other financial irregularities in private universities in Southwest Nigeria. It evaluated the relevance of internal audit reports in exposing financial fraud and examined the effectiveness of auditing in detecting fraud. Regression analysis showed that internal auditors were effective in controlling fraud. Additionally, internal audit reports were found to be relevant in exposing various means of financial fraud. The study concluded that internal auditors can effectively expose fraud in private universities if allowed to perform their duties, and that auditing is an appropriate way to detect fraud and irregularities. It recommended that private universities implement strong internal controls and effective internal audit functions headed by qualified accountants.
The COSO framework provides guidance for establishing effective internal controls. It is comprised of 5 components: control environment, risk assessment, control activities, information and communication, and monitoring. The control environment sets the tone at the top and influences employee conduct. Risk assessment involves identifying risks to financial reporting. Control activities are policies and procedures that help ensure management directives are followed. Information and communication systems identify, capture, and communicate pertinent information. Monitoring assesses internal control effectiveness over time.
POSITION OF INTERNAL AUDIT IN THE CORPORATE FRAMEWORKHaresh Lalwani
This presentation is my endeavor to bring to notice the new position that internal audit enjoys today in the corporate framework, expectations of the industry and emerging opportunities for the professionals.
The document discusses the COSO internal control framework. It provides background on COSO, describing it as a joint initiative to provide guidance on internal controls. The framework was first published in 1992 and provides principles and attributes for internal controls relating to control environment, risk assessment, control activities, information/communication, and monitoring. It discusses changes in the updated framework to make it more relevant to today's business environment. Key changes include clarifying the role of objective setting, reflecting the increased relevance of technology, and enhancing governance concepts.
This paper investigates the relationship between internal control weaknesses and the likelihood of receiving Accounting and Auditing Enforcement Releases (AAERs), which are issued by the SEC against companies for misconduct related to U.S. GAAP. The author analyzes AAERs issued in 2009 and matches companies that received AAERs to similar control companies that did not. The results show a significant positive relationship between internal control weaknesses and the issuance of AAERs in 2009, indicating that companies with weaker internal controls are more likely to engage in earnings management. However, the overall model is reported to be insignificant, limiting the strength of the findings. The study aims to provide insights for companies, stakeholders, auditors and regulators on
The document discusses COSO 2013 and what auditors need to know about COSO 2013 implementations. It provides background on COSO and why the framework was updated in 2013. It also discusses problems in the marketplace related to internal controls and financial reporting, such as deficiencies found in many audits. The implications are that auditors need to properly evaluate client's risk assessments, internal controls, financial reporting practices, and monitoring activities to issue an unqualified opinion.
The document discusses COSO (Committee of Sponsoring Organizations of the Treadway Commission), an internal control framework that auditors use to assess clients' internal controls. It describes the five components of COSO - control environment, risk assessment, control activities, information and communication, and monitoring. The document also discusses how COSO fits into the audit process and provides an overview of COSO 2, which incorporates enterprise risk management.
Effect of Audit Quality on the Financial Performance of Deposit Money Banks i...ijtsrd
This study investigated the effect of audit quality on the financial performance of deposit money banks in Nigeria. The Ex-post Facto research design was adopted. The Judgmental sampling was adopted to selected 14 from the 22 listed Deposit Money Banks on the Nigerian Stock Exchange. The data collected from annual reports and accounts of deposit money banks were analyzed using the simple regression and correlation analyses. Findings f revealed that Audit Committee Size ACSIZ has a positive but insignificant effect on the financial performance of deposit money banks in Nigeria. Audit Committee Independence ACIND and Audit Committee Meetings ACM both have a negative and insignificant effect on the financial performance of quoted deposit money banks in Nigeria while Auditors Size BIG4A has a positive and statistically significant effect on the financial performance of quoted banks in Nigeria. Based on this, the study recommended among others that the management of the deposit money banks in Nigeria should employ the services of one of the big audit firms and where this is not possible, go for an audit firm whose character and integrity is beyond question. Muotolu, Peace Chikwemma | E. O. Nwadialor "Effect of Audit Quality on the Financial Performance of Deposit Money Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21557.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/21557/effect-of-audit-quality-on-the-financial-performance-of-deposit-money-banks-in-nigeria/muotolu-peace-chikwemma
This document provides templates and scenarios to help management assess the effectiveness of a system of internal control based on the COSO Internal Control-Integrated Framework. The templates can be used to evaluate whether the five components of internal control and relevant principles are present and functioning, and whether the components are operating together in an integrated manner. The scenarios illustrate how the templates can support an assessment. The templates focus on evaluating components and principles, not underlying control activities. They present a summary of the assessment and are not intended to satisfy regulatory requirements. Management can modify the templates to reflect their entity's facts, objectives, and assessment processes.
This document summarizes a webinar about COSO's proposed revisions to its Internal Control - Integrated Framework and the implications for information technology. The webinar featured presentations from Ken Vander Wal of ISACA, David Landsittel of COSO, and Cara Beston of PricewaterhouseCoopers. They discussed COSO's project to update the framework to reflect changes in the business environment and technology. The proposed updates include codifying principles, expanding the financial reporting objective, and increasing the focus on operations and compliance. Technology is now embedded in business and affects all aspects of internal control. The updated framework considers how technology impacts risks and controls across the five components. Attendees were encouraged to review and
The document discusses the COSO internal control framework's principles of monitoring internal controls. It states that monitoring ensures controls continue operating effectively through ongoing or separate evaluations. Planning and organizational support form the foundation for monitoring, including tone from management and the board's understanding of monitoring's importance. Monitoring procedures evaluate important controls over meaningful risks, and assessing results prioritizes and communicates deficiencies for corrective action. Effective monitoring uses a systematic process of identifying risks and determining optimal monitoring approaches.
This document is a thesis submitted by Basim Abdullah in partial fulfillment of the requirements for a Master of Science in Accounting and Finance from the University of Surrey in September 2016. The thesis examines how corporate governance mechanisms can impact and improve accounting quality within firms. It analyzes a sample of 92 FTSE-350 firms from 2000 to 2011 to test the relationship between accounting quality and factors like independent directors, board structure, executive compensation, and ownership structure. The results found that strong corporate governance is positively related to accounting quality and lower agency costs.
Corporate Governance and Earnings Quality of Listed Banks in Rivers Stateinventionjournals
This study investigated the relationship between corporate governance and earnings quality of listed banks in Rivers State. It examined the relationship between Board size and accrual quality; Audit committee independence and value relevance; and directors’ independence and accrual quality of listed banks in Rivers State. It adopted the quantitative approach in investigating the assumed relationships. Using regression analysis and Pearson product moment correlation coefficient, the result indicated a positive relationship between corporate governance and earnings quality. It revealed positive association between board size, independent directors and accrual quality. No relationship was established between independent audit committee and accrual quality. It is recommended that the existing board size should be maintained to sustain bank performance. In addition, quality and independent directors should be hired for earnings and accrual management. Finally, further study is recommended for other sectors using different research to correct the limitation of the research method and tools
The underlying premise of enterprise risk management is that every entity exists to provide determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value.
Factors influencing the effectiveness of internal audit on organizational per...IJAEMSJORNAL
The purpose of this study is to investigate the factors influencing internal auditing and its relationship with organizational performance. Multiple regressions were utilized to evaluate the scale of the influence of the four independent variables identified in the conceptual framework on organizational performance. The sample of this research was taken by random sampling method. The data were obtained by questionnaire. All variables were measured by using 5 point Likert scale. The result showed that the There are a significant relationship between competence of Internal Audit department, size of Internal Audit department, management support for internal audit Independence of internal audit and organizational performance. The limitation of this study is very small number of populations; therefore the findings will be difficult to be generalized to examine factors influencing the internal audit effectiveness. Future research should consider larger number of the population also including more internal auditing factors to measure the organizational performance.
This document summarizes COSO's guidance on monitoring internal control systems. It discusses how effective monitoring is an integral part of internal control and helps ensure controls continue operating effectively over time. The guidance clarifies the monitoring component and builds on principles from previous COSO frameworks. It describes three elements of effective monitoring: establishing a foundation, designing monitoring procedures, and assessing and reporting results. A variety of monitoring procedures are discussed that organizations can select from to strengthen their internal control systems.
The document provides an overview of updates to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control - Integrated Framework. Key points include:
- COSO updated the original 1992 framework to reflect changes in business and operating environments as well as expand the framework's application.
- The updated 2013 framework consists of 17 principles grouped within the 5 components of internal control.
- While the core definition and components did not change, the update articulates the principles to facilitate effective internal control and assessment.
- Illustrative tools and examples were also provided to help organizations assess the effectiveness of their internal control system based on the updated requirements.
Reinventing Internal Audit Final April 2015Tim Leech
The document discusses how recent governance developments are requiring the internal auditing profession to revisit some of its long-held paradigms and practices. It outlines several paradigms that internal auditing has traditionally followed, such as point-in-time audits and direct-report engagements. It then discusses key global developments like the creation of the Financial Stability Board that are shifting expectations for boards, management, and internal auditing. The FSB guidance calls for internal audit to assess the reliability of an organization's entire risk appetite framework and risk reporting. This represents a fundamental change from traditional internal audit practices and paradigms.
This document discusses internal controls and control frameworks. It provides an overview of key internal control concepts, including the importance of computer controls and security. It then summarizes three major control frameworks: COBIT, COSO, and COSO's Enterprise Risk Management (ERM) framework. For each framework, it highlights major elements and compares their approaches to internal controls.
Presentation by Vincent Tophoff, IFAC Senior Technical Manager, and J. Stephen McNally, Campbell Soup, on the pitfalls in current risk management and internal control practices and the new Internal Control-Integrated Framework from COSO (the Committee of Sponsoring Organizations of the Treadway Commission).
The audit concluded that Finance Canada has developed an adequate Corporate Risk Profile and established an Integrated Risk Management function in line with guidelines. Some elements of the communication strategy from the Corporate Risk Profile have not been fully implemented. The Department has identified key risks but could improve awareness of risk management practices among staff through better communication.
Are You Ready? Implementing COSO's Updated Internal Controls FrameworkBlackLine
In this webinar, Bob Hirth, COSO Chair, will provide a brief overview of the new COSO Framework, followed by an interactive discussion around the December 15 deadline set by COSO and what this means for companies that have – and have not yet – implemented the updated framework.
In addition, participants will hear what is required under the new COSO Framework, and how those requirements relate to SEC rules for determining if the system of internal controls over financial reporting is “effective,” specifically for purposes of Sarbanes-Oxley reporting.
In this session we will discuss:
- Best practices and lessons learned working with clients as they transition to the new COSO Framework along with industry adoption rates
- How adoption of COSO 2013 provides an opportunity for companies to review and potentially improve internal controls
- How financial management software can streamline the mapping, documenting, and testing activities relating to COSO 2013
A comparative assessment of internal control system in public and private uni...Alexander Decker
This document summarizes a research study that compared the internal control systems of public and private universities in Southwestern Nigeria. The study found that internal control systems are similar in both public and private universities, but the fusion of duties is more pronounced in private universities. It also found that internal control systems can be overridden by management in both public and private universities. The effectiveness of internal control systems was examined, finding that they are effective in reducing costs and strengthening goals in private universities, but do not facilitate timely academic calendars. In public universities, internal control systems show limited effectiveness as a cost reduction measure and monitoring tool via internal audit.
Evaluation of the effect of monitoring and control activities on fraud detect...Alexander Decker
This document examines the effects of monitoring and control activities on fraud detection in selected Nigerian commercial banks. It analyzes the relationship between monitoring activities and fraud detection, as well as the relationship between control activities and fraud detection. Data was collected through questionnaires from employees at ten selected Nigerian banks. Regression and ANOVA analyses found significant relationships between effective monitoring and fraud detection, and between control activities and fraud detection. The document discusses the concepts of monitoring, control activities, and their role in fraud prevention. It also outlines some effects of bank fraud and methods for identifying, detecting, and preventing fraud.
The document discusses COSO 2013 and what auditors need to know about COSO 2013 implementations. It provides background on COSO and why the framework was updated in 2013. It also discusses problems in the marketplace related to internal controls and financial reporting, such as deficiencies found in many audits. The implications are that auditors need to properly evaluate client's risk assessments, internal controls, financial reporting practices, and monitoring activities to issue an unqualified opinion.
The document discusses COSO (Committee of Sponsoring Organizations of the Treadway Commission), an internal control framework that auditors use to assess clients' internal controls. It describes the five components of COSO - control environment, risk assessment, control activities, information and communication, and monitoring. The document also discusses how COSO fits into the audit process and provides an overview of COSO 2, which incorporates enterprise risk management.
Effect of Audit Quality on the Financial Performance of Deposit Money Banks i...ijtsrd
This study investigated the effect of audit quality on the financial performance of deposit money banks in Nigeria. The Ex-post Facto research design was adopted. The Judgmental sampling was adopted to selected 14 from the 22 listed Deposit Money Banks on the Nigerian Stock Exchange. The data collected from annual reports and accounts of deposit money banks were analyzed using the simple regression and correlation analyses. Findings f revealed that Audit Committee Size ACSIZ has a positive but insignificant effect on the financial performance of deposit money banks in Nigeria. Audit Committee Independence ACIND and Audit Committee Meetings ACM both have a negative and insignificant effect on the financial performance of quoted deposit money banks in Nigeria while Auditors Size BIG4A has a positive and statistically significant effect on the financial performance of quoted banks in Nigeria. Based on this, the study recommended among others that the management of the deposit money banks in Nigeria should employ the services of one of the big audit firms and where this is not possible, go for an audit firm whose character and integrity is beyond question. Muotolu, Peace Chikwemma | E. O. Nwadialor "Effect of Audit Quality on the Financial Performance of Deposit Money Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21557.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/21557/effect-of-audit-quality-on-the-financial-performance-of-deposit-money-banks-in-nigeria/muotolu-peace-chikwemma
This document provides templates and scenarios to help management assess the effectiveness of a system of internal control based on the COSO Internal Control-Integrated Framework. The templates can be used to evaluate whether the five components of internal control and relevant principles are present and functioning, and whether the components are operating together in an integrated manner. The scenarios illustrate how the templates can support an assessment. The templates focus on evaluating components and principles, not underlying control activities. They present a summary of the assessment and are not intended to satisfy regulatory requirements. Management can modify the templates to reflect their entity's facts, objectives, and assessment processes.
This document summarizes a webinar about COSO's proposed revisions to its Internal Control - Integrated Framework and the implications for information technology. The webinar featured presentations from Ken Vander Wal of ISACA, David Landsittel of COSO, and Cara Beston of PricewaterhouseCoopers. They discussed COSO's project to update the framework to reflect changes in the business environment and technology. The proposed updates include codifying principles, expanding the financial reporting objective, and increasing the focus on operations and compliance. Technology is now embedded in business and affects all aspects of internal control. The updated framework considers how technology impacts risks and controls across the five components. Attendees were encouraged to review and
The document discusses the COSO internal control framework's principles of monitoring internal controls. It states that monitoring ensures controls continue operating effectively through ongoing or separate evaluations. Planning and organizational support form the foundation for monitoring, including tone from management and the board's understanding of monitoring's importance. Monitoring procedures evaluate important controls over meaningful risks, and assessing results prioritizes and communicates deficiencies for corrective action. Effective monitoring uses a systematic process of identifying risks and determining optimal monitoring approaches.
This document is a thesis submitted by Basim Abdullah in partial fulfillment of the requirements for a Master of Science in Accounting and Finance from the University of Surrey in September 2016. The thesis examines how corporate governance mechanisms can impact and improve accounting quality within firms. It analyzes a sample of 92 FTSE-350 firms from 2000 to 2011 to test the relationship between accounting quality and factors like independent directors, board structure, executive compensation, and ownership structure. The results found that strong corporate governance is positively related to accounting quality and lower agency costs.
Corporate Governance and Earnings Quality of Listed Banks in Rivers Stateinventionjournals
This study investigated the relationship between corporate governance and earnings quality of listed banks in Rivers State. It examined the relationship between Board size and accrual quality; Audit committee independence and value relevance; and directors’ independence and accrual quality of listed banks in Rivers State. It adopted the quantitative approach in investigating the assumed relationships. Using regression analysis and Pearson product moment correlation coefficient, the result indicated a positive relationship between corporate governance and earnings quality. It revealed positive association between board size, independent directors and accrual quality. No relationship was established between independent audit committee and accrual quality. It is recommended that the existing board size should be maintained to sustain bank performance. In addition, quality and independent directors should be hired for earnings and accrual management. Finally, further study is recommended for other sectors using different research to correct the limitation of the research method and tools
The underlying premise of enterprise risk management is that every entity exists to provide determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value.
Factors influencing the effectiveness of internal audit on organizational per...IJAEMSJORNAL
The purpose of this study is to investigate the factors influencing internal auditing and its relationship with organizational performance. Multiple regressions were utilized to evaluate the scale of the influence of the four independent variables identified in the conceptual framework on organizational performance. The sample of this research was taken by random sampling method. The data were obtained by questionnaire. All variables were measured by using 5 point Likert scale. The result showed that the There are a significant relationship between competence of Internal Audit department, size of Internal Audit department, management support for internal audit Independence of internal audit and organizational performance. The limitation of this study is very small number of populations; therefore the findings will be difficult to be generalized to examine factors influencing the internal audit effectiveness. Future research should consider larger number of the population also including more internal auditing factors to measure the organizational performance.
This document summarizes COSO's guidance on monitoring internal control systems. It discusses how effective monitoring is an integral part of internal control and helps ensure controls continue operating effectively over time. The guidance clarifies the monitoring component and builds on principles from previous COSO frameworks. It describes three elements of effective monitoring: establishing a foundation, designing monitoring procedures, and assessing and reporting results. A variety of monitoring procedures are discussed that organizations can select from to strengthen their internal control systems.
The document provides an overview of updates to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control - Integrated Framework. Key points include:
- COSO updated the original 1992 framework to reflect changes in business and operating environments as well as expand the framework's application.
- The updated 2013 framework consists of 17 principles grouped within the 5 components of internal control.
- While the core definition and components did not change, the update articulates the principles to facilitate effective internal control and assessment.
- Illustrative tools and examples were also provided to help organizations assess the effectiveness of their internal control system based on the updated requirements.
Reinventing Internal Audit Final April 2015Tim Leech
The document discusses how recent governance developments are requiring the internal auditing profession to revisit some of its long-held paradigms and practices. It outlines several paradigms that internal auditing has traditionally followed, such as point-in-time audits and direct-report engagements. It then discusses key global developments like the creation of the Financial Stability Board that are shifting expectations for boards, management, and internal auditing. The FSB guidance calls for internal audit to assess the reliability of an organization's entire risk appetite framework and risk reporting. This represents a fundamental change from traditional internal audit practices and paradigms.
This document discusses internal controls and control frameworks. It provides an overview of key internal control concepts, including the importance of computer controls and security. It then summarizes three major control frameworks: COBIT, COSO, and COSO's Enterprise Risk Management (ERM) framework. For each framework, it highlights major elements and compares their approaches to internal controls.
Presentation by Vincent Tophoff, IFAC Senior Technical Manager, and J. Stephen McNally, Campbell Soup, on the pitfalls in current risk management and internal control practices and the new Internal Control-Integrated Framework from COSO (the Committee of Sponsoring Organizations of the Treadway Commission).
The audit concluded that Finance Canada has developed an adequate Corporate Risk Profile and established an Integrated Risk Management function in line with guidelines. Some elements of the communication strategy from the Corporate Risk Profile have not been fully implemented. The Department has identified key risks but could improve awareness of risk management practices among staff through better communication.
Are You Ready? Implementing COSO's Updated Internal Controls FrameworkBlackLine
In this webinar, Bob Hirth, COSO Chair, will provide a brief overview of the new COSO Framework, followed by an interactive discussion around the December 15 deadline set by COSO and what this means for companies that have – and have not yet – implemented the updated framework.
In addition, participants will hear what is required under the new COSO Framework, and how those requirements relate to SEC rules for determining if the system of internal controls over financial reporting is “effective,” specifically for purposes of Sarbanes-Oxley reporting.
In this session we will discuss:
- Best practices and lessons learned working with clients as they transition to the new COSO Framework along with industry adoption rates
- How adoption of COSO 2013 provides an opportunity for companies to review and potentially improve internal controls
- How financial management software can streamline the mapping, documenting, and testing activities relating to COSO 2013
A comparative assessment of internal control system in public and private uni...Alexander Decker
This document summarizes a research study that compared the internal control systems of public and private universities in Southwestern Nigeria. The study found that internal control systems are similar in both public and private universities, but the fusion of duties is more pronounced in private universities. It also found that internal control systems can be overridden by management in both public and private universities. The effectiveness of internal control systems was examined, finding that they are effective in reducing costs and strengthening goals in private universities, but do not facilitate timely academic calendars. In public universities, internal control systems show limited effectiveness as a cost reduction measure and monitoring tool via internal audit.
Evaluation of the effect of monitoring and control activities on fraud detect...Alexander Decker
This document examines the effects of monitoring and control activities on fraud detection in selected Nigerian commercial banks. It analyzes the relationship between monitoring activities and fraud detection, as well as the relationship between control activities and fraud detection. Data was collected through questionnaires from employees at ten selected Nigerian banks. Regression and ANOVA analyses found significant relationships between effective monitoring and fraud detection, and between control activities and fraud detection. The document discusses the concepts of monitoring, control activities, and their role in fraud prevention. It also outlines some effects of bank fraud and methods for identifying, detecting, and preventing fraud.
Non-Governmental Organization Internal Control as a Compliance Mechanism for ...inventionjournals
The purpose of the study was to establish non-governmental internal controls as a compliance mechanism to financial regulations, taking the case of Amref Health Africa in Kenya. The study was guided by the following objectives: to determine the relationship between monitoring and compliance to financial regulation, establish the relationship between financial reporting and compliance to financial regulation, and asses the relationship between auditing and compliance to financial regulation within Amref Health Africa in Kenya. The study was conducted using cross sectional descriptive research design. Purposive sampling method was used where the target population of 90 members of Amref Health Africa in Kenya drawn mainly from the board of directors, line managers, finance and accounts, monitoring and evaluation, and information and communication, from where 79 respondents participated in the study. A semi structured questionnaire was the main instrument of data collection and the Statistical Package for Social Science (SPSS) was used for analysis. Chi Square was used to test for the relationship, while Phi and Cramer’s value was used to test for the strength of association. The findings showed that there is a positive relationship between internal controls and monitoring, financial reporting and auditing to compliance with financial regulations. The study recommends that the management innovates better ways of embracing continuous quality improvement for internal control activities and regular systems audits to ensure loopholes in the system are sealed
Effects of Internal Control on the Financial Performance of Processing Firms ...paperpublications3
Abstract: Internal control is a system structured within the corporation whose goal is to raise efficiency and effectiveness of activities. The main objective of the study was to establish effects of internal control systems on the financial performance of Menengai Oil Company, Kenya. The specific objectives of the study were to determine the effect of control environment on the financial performance of Menengai Company, determine the influence of risk assessment on the financial performance of Menengai Company and to establish the influence of information systems on financial performance of Menengai Company. The study adopted a survey research design. A census of 189 respondents was used in the study. The data collected were first be tabulated, then analyzed by use of descriptive statistics and inferential statistics. The results were presented in charts, tables and graphs. ANOVA tests confirmed that control environment, risk assessment and information have a significant influence on the financial performance of Menengai Company. This study will shed light on the various internal control activities which can be put in place by the management of Menengai Company.
Keywords: Internal Control, Control environment, Risk Assessment, Information Systems, Menengai Oil Company.
Title: Effects of Internal Control on the Financial Performance of Processing Firms in Kenya: A Case of Menengai Company
Author: Janet Cheptoo Bett, Dr. Florence Sigara Memba
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
The document discusses designing effective financial controls. It outlines that effective controls require a commitment to control objectives, risk assessment, control activities, communication, and monitoring. It describes the five components of the COSO internal control framework - control environment, risk assessment, control activities, communication and information, and monitoring. Key focus areas for effective controls are outlined as control activities to manage risk, reliable information available to stakeholders, communication mechanisms, and monitoring for compliance.
IOSR Journal of Business and Management (IOSR-JBM) is an open access international journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Internal Audit Independence and Share Performance of Firms Listed In the Nair...paperpublications3
This study examined the relationship between internal audit independence and share performance of firms listed on the Nairobi Stock Exchange. The study found a positive correlation between internal audit independence and share performance. Specifically, the study found that internal audit independence is integral to effective corporate governance and that independent internal audits are well positioned to identify accounting, control, and governance issues that could impact share performance. The study concluded that listed companies should adopt governance practices that ensure audit independence in order to improve returns and attract more investors.
The document discusses internal control, including its meaning, elements, and evaluation. It defines internal control as a process that provides assurance around an organization's objectives related to operations, financial reporting, and compliance. The key elements of internal control are the control environment, risk assessment, control activities, information and communication, and monitoring. An internal control review evaluates how effective the internal control system is at addressing risks.
Effect of Corporate Governance on Profitability of Quoted Manufacturing Compa...YogeshIJTSRD
The study determined the extent corporate governance affect profitability of quoted manufacturing companies in Nigeria using board size, board independence, directors’ shares and profit margin of quoted manufacturing companies in Nigeria. Only secondary data was used for the successful execution of this research work. Three hypotheses were formulated for this study while data extracted through the financial statement was tested with the Regression statistical tool using the E view 9. The outcome of the analyses carried out showed that board size has negative but significant effect on net profit margin of manufacturing companies quoted on the Nigeria Stock Exchange. It is therefore recommended that board size should be relative to the firm’s business need, scope and complexity. Since no two firms are exactly alike in all ramifications, it is important that an appropriate size be understood to be a function of each firm’s circumstances. Setting arbitrary board size benchmarks will therefore be counterproductive. Okoye, Pius V. C. | Ugwu, Scholastica C. "Effect of Corporate Governance on Profitability of Quoted Manufacturing Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd44953.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/44953/effect-of-corporate-governance-on-profitability-of-quoted-manufacturing-companies-in-nigeria/okoye-pius-v-c
The effect of risk based audit approach on the implementation of internal co...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
An IT audit examines an organization's IT infrastructure and systems to evaluate their security, integrity, efficiency, and effectiveness in achieving business objectives. The goal is to determine if information systems are protecting assets, maintaining data integrity, and operating as intended. Key areas assessed include controls, change management, security, and business continuity planning. IT audits follow a process involving planning, fieldwork, reporting, and follow-up to analyze evidence and issue recommendations for improving the IT system.
Compliance audit and corporate financial performance banks in rivers stateAlexander Decker
This document discusses compliance auditing and its relationship to corporate financial performance in banks in Rivers State. It examines how auditing procedures and rules can impact return on investment and profitability. The study uses a quasi-experimental research design and analyzes data from bank managers using spearman's rank order correlation. The results indicate that auditing procedures have a strong, significant relationship with return on investment and profitability. Auditing rules also have a strong, positive relationship with return on investment and profitability. The conclusion is that compliance auditing enhances corporate governance and financial performance by ensuring organizations follow applicable rules and procedures.
Effect of Corporate Governance Committees and Financial Performance of Health...ijtsrd
This study examined empirically corporate governance committees and financial performance of healthcare companies. The independent variables are remuneration committees and nomination committees and independent variable was proxied with return on equity. The study used Ex Post Facto research design. Regression analysis was employed to test the hypotheses. The result showed that remuneration committee has a negative effect on return on assets, and this effect was not statistically significant at 5 level of significance. While nomination committee has a positive effect on return on assets, and this effect was statistically significant at 5 level of significance. It was suggested that the remuneration committee ensure that the appointed board members have an appropriate balance of skills to successfully discharge their duties. Unamma, Amaka Nkiru | Nwachukwu Raphael "Effect of Corporate Governance Committees and Financial Performance of Healthcare Companies in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-4, August 2023, URL: https://www.ijtsrd.com/papers/ijtsrd59782.pdf Paper Url:https://www.ijtsrd.com/management/accounting-and-finance/59782/effect-of-corporate-governance-committees-and-financial-performance-of-healthcare-companies-in-nigeria/unamma-amaka-nkiru
This document summarizes a study on internal controls of local governments. It discusses that internal controls are important for local governments to achieve objectives like accurate financial reporting and compliance with regulations. The study defines internal controls as processes put in place by management to reasonably ensure objectives are met in areas like operations, financial reporting reliability, and compliance. It also discusses management's responsibility for internal controls and financial statements like the balance sheet, income statement, and cash flow statement. The study concludes that while the local government under review has an effective internal control system, there are challenges in fully implementing controls across all locations.
The Implication of Corporate Governance on Financial Institution’s Performanc...Waqas Tariq
Application of business ethics is sine qua non to the concept of corporate governance. Corporate governance on it own has a very significant relationship with corporate performance. This is the thrust of this paper. The Central Bank of Nigeria (CBN) bulletin of (2006) had asserted that disagreement between the board and management of financial institutions usually gives rise to board squabbles and ineffective board oversight functions. This is why the objective of this article is to determine the extent to which corporate governance practices impacts on financial institutions performance. To validate this assertion, a sample of thirty three financial institution listed on the Nigerian stock Exchange from 2004 to 2008 was used for this study. Multiple regressions Analysis and ordinary least square (OLS) method of estimation were applied. The results showed that there is a positive correlation between corporate governance practices and firms” performance. The other two performance proxies that is, Return on Equity and two corporate governance practices namely; the firms’ board size and audit committee also showed positive relationship. However, there was a negative relationship between the net profit margin, the firms’ board size and audit committee. The study could not establish a relationship between the two performance variables, namely; Return on Equity and Net profit Margin, and the executive officers’ status. In conclusion, the findings in this study are consistent with the findings of studies conducted in other countries that business ethics and good governance practices are the bed rock of optimum. It is recommended that corporate governance mechanisms be objectively structured to enhance optimal performance of corporate institutions in Nigeria.
Corporate Governance and Firm Performance: The Role of Transparency & Disclos...Muhammad Arslan
Purpose: This purpose of this paper is to empirically examine the relationship between transparency and disclosure and firm performance. Highlighting the importance of corporate governance in banking sector, the paper has focused in depth over its role, level and its impact on performance in banking industry of Pakistan. Design/methodology/approach: The paper access this purpose by constructing transparency and disclosure index for the past five year 2007-2011, using proxies for three sub-categories which are board and management structure disclosure, ownership structure disclosure and financial transparency disclosure. The paper also investigated structural changes of T&D Index and its effect on bank financial performance over the sample of 30 banks operating in Pakistan. Findings: Empirical analysis results by using ordinary least square regression model, reveals that financial performance is positively related to the transparency and disclosure and their sub levels except ownership structure disclosure which has negative relation with both ROA and ROE. Furthermore the average T&D level in Pakistani banking sector is above average. Practical implications: The current research paper aims for important policy implementation to reduce information asymmetry and improve corporate governance and firm performance in banking sector of Pakistan.
This document summarizes a research paper that examines the relationship between transparency and disclosure and firm performance in the banking sector of Pakistan. It constructs a transparency and disclosure index for 30 Pakistani banks from 2007-2011 based on proxies for board structure, ownership structure, and financial transparency. An empirical analysis using regression models finds that financial performance is positively related to the transparency index and its sub-indexes for board structure and financial transparency, but negatively related to the ownership structure sub-index. On average, the transparency and disclosure level in Pakistani banks is above average. The research aims to improve corporate governance and reduce information asymmetry in the banking sector through policy recommendations.
The document discusses the requirements of the Sarbanes-Oxley Act of 2002 for establishing internal control systems at companies whose stocks trade on US markets. It outlines the key components an internal control system must have according to COSO guidelines, including control environment, risk assessment, control activities, information and communication, and monitoring. It also discusses automating internal control systems using integrated business process management software to help companies efficiently comply with Sarbanes-Oxley requirements.
Audits are performed to evaluate information validity, reliability, and internal controls. The goal is to express an opinion on the subject based on test work. IT audits specifically examine technology infrastructure, applications, development processes, and governance to evaluate security, integrity, effectiveness, and risk management. Key areas include systems, facilities, development lifecycle, management, architecture, and client/server environments. Findings are reported to assess controls and risks with recommendations for improvement.
Similar to The impact of internal control activities on financial performance of (20)
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
3. Scalability and expandability challenges involve adapting to the increasing volume of media content and being able to support new media formats and outlets over time.
This document surveys trust architectures that leverage provenance in wireless sensor networks. It begins with background on provenance, which refers to the documented history or derivation of data. Provenance can be used to assess trust by providing metadata about how data was processed. The document then discusses challenges for using provenance to establish trust in wireless sensor networks, which have constraints on energy and computation. Finally, it provides background on trust, which is the subjective probability that a node will behave dependably. Trust architectures need to be lightweight to account for the constraints of wireless sensor networks.
This document discusses private equity investments in Kenya. It provides background on private equity and discusses trends in various regions. The objectives of the study discussed are to establish the extent of private equity adoption in Kenya, identify common forms of private equity utilized, and determine typical exit strategies. Private equity can involve venture capital, leveraged buyouts, or mezzanine financing. Exits allow recycling of capital into new opportunities. The document provides context on private equity globally and in developing markets like Africa to frame the goals of the study.
This document discusses a study that analyzes the financial health of the Indian logistics industry from 2005-2012 using Altman's Z-score model. The study finds that the average Z-score for selected logistics firms was in the healthy to very healthy range during the study period. The average Z-score increased from 2006 to 2010 when the Indian economy was hit by the global recession, indicating the overall performance of the Indian logistics industry was good. The document reviews previous literature on measuring financial performance and distress using ratios and Z-scores, and outlines the objectives and methodology used in the current study.
The impact of internal control activities on financial performance of
1. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
The Impact of Internal Control Activities on Financial Performance of
Tertiary Institutions in Nigeria
Ndifon Ejoh¹* Patrick Ejom²
1. Department of Accountancy, Cross River University of Technology, Calabar, Cross River State, Nigeria
2. Cross River State College of education, Akamkpa, Cross River State, Nigeria
*E-mail of corresponding author: Email: ndifon.ejoh@yahoo.com and ndifonejoh@gmail.com
133
Abstract
The purpose of this study is to establish the relationship between internal control activities and financial
performance in Tertiary Institutions in Nigeria. The study area is Cross River State College of Education,
Akamkpa. Data was collected using questionnaires and interview guide as well as review of documents and
articles. The method of analysis employed was survey design while the stratified sampling procedure was
adopted in administering the questionnaires. The data were analyzed using simple percentages, tables,
correlation coefficient and z-scores. The study revealed that all activities of the College are initiated by the top
management. Regarding control activities, the study found that there is clear separation of role in the institutions’
finance and account department and that superior officer in the College supervised regularly work done by their
subordinate. Also, the study found that the institution financial statements are audited annually by external
auditors. However, there is a possibility for a single staff to have access to all valuable financial information
without the consent of other staff. On the budgetary control, the study revealed that the institution adhere strictly
to the provisions of annual departmental budget and that control are in place to exclude incurring expenditure in
excess of allocated fund. Also, there is poor security network in the College. The study result further shows that
there is no significant relationship between internal control activities and financial performance of Cross River
State College of Education. The investigation recommends proper checks and balances in all financial
transactions. There should be effective and efficient security network to reduce frequent theft, threat to life and
property. The study also recommends that management of the institution should organize regular training for
staff on control mechanism.
Keywords: Internal control, control activities, financial performance, financial and non financial procedure.
1 Introduction
Internal controls refer to the measures instituted by an organization so as to ensure attainment of the entity’s
objectives, goals and missions. They are a set of policies and procedures adopted by an entity in ensuring that an
organization’s transactions are processed in the appropriate manner to avoid waste, theft and misuse of
organization resources. Internal Controls are processes designed and effected by those charged with governance,
management, and other personnel to provide reasonable assurance about the achievement of an entity’s
objectives with regard to reliability of the financial reporting, effectiveness and efficiency of operations and
compliance with applicable laws and regulations (Mwindi, 2008). It is worth noting that internal controls only
provide reasonable but not absolute assurance to an entity’s management and board of directors that the
organization’s objectives will be achieved. “The likelihood of achievement is affected by limitations inherent in
all systems of internal control” (Hayes et al., 2005).
In Cross River State College of Education, Akamkpa, financial performance is one aspect that has not been given
the attention it deserves. College staff has in a number of cases been given College resources and have failed to
account for the resources entrusted to them or have not made the necessary accountabilities on time. During the
1980s, several high-profile audit failures led to creation of the Committee of Sponsoring Organizations of the
Treadway Commission (COSO), organized for the purpose of redefining internal control and the criteria for
determining the effectiveness of an internal control system They studied the causal factors that can lead to
2. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
fraudulent financial reporting and developed recommendations for public companies, independent auditors,
educational institutions, the Securities Exchange Commission (SEC), and other regulators (COSO 1985). The
product of their work is known as the COSO Internal Control—Integrated Framework (Simmons 1997).The
framework also points out that controls are most effective when they are “built into” the entity’s infrastructure
(COSO 1992,) and further states that “built in controls support quality and empowerment initiatives, avoid
unnecessary costs and enable quick response to changing conditions” (COSO 1992).
At the turn of the century, another group of corporate scandals resulted in enactment of the Sarbanes-Oxley Act
of 2002 (SOX) which, among other things, requires a formal report on the effectiveness of internal controls. The
COSO framework plays a key role in compliance because Section 404 of the Act requires companies to include
in their annual report, a separate management report on the company’s internal control over financial reporting
and an attestation report issued by a registered public accounting firm.
John J. Morris. (2011) separates internal controls into those that are general (entity-wide) controls from those
that are specific (account-level) controls. He believes that if management was overriding control features in
order to manage earnings, then one would expect to find more Internal Control Weaknesses related to general
controls, even if the specific (account-level) controls are effective. This type of behaviour should be uncovered
during the audit process since this is an area of concern specifically identified in Auditing Standard No. 5,
Paragraph 24, which states that “entity-level controls include controls over management override.” On the other
hand, a stronger argument could be made that if general controls are in place and working, then one would
expect to find less Internal Control Weaknesses related to general controls.
In their publication Whittington and Pany (2001), attempt to explain the meaning, significance of Internal
Controls, and the Components of a Company’s internal controls. They also attempt to explain the relevancy of
internal controls in large scale business organizations. In their book while borrowing the definition of the
Committee of Sponsoring Organizations (COSO); Internal Control- Integrated Framework, Whittington &
Pany.2001 define internal control as “a process effected by the entity’s board of directors, management and other
personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following
categories; reliability of financial reporting, effectiveness and efficiency of operations, and compliance with
applicable laws and regulations.” They emphasize that internal controls is a process and not an end in or of itself.
They note that internal controls provide reasonable but not absolute assurance about the attainment of an entity’s
objectives.
134
1.1 Research Hypothesis
Ho: There is no significant relationship between internal control activities and financial performance of Tertiary
institutions in Nigeria.
1.2 Organization of the study
The rest of the paper is organized in four sections. The theoretical framework as well as review of relevant
literature regarding internal audit function is contained in section 2. Section 3 identifies the research
methodology and model specification. Section 4 represents data presentation, analysis and discussion of finding
while conclusion and recommendations are stated in section 5.
2. Theoretical Framework and Literature Review
2.1 Theoretical Framework
Organizational Control Activities
Whittington and Pany (2001) also mention Control activities as another component of Internal controls. They
note that control activities are policies and procedures that help ensure that management directives are carried
out. Controls activities in an organization basically comprise; performance reviews (comparing actual
performance with budgets, forecasts and prior period performance), information processing (necessary to check
3. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
accuracy, completeness and authorization of transactions), physical controls (necessary to provide security over
both records and other assets), and segregation of duties (where no one person should handle all aspects of a
transaction from the beginning to the end). The last component of internal control according to Ray and Pany is
monitoring. This is aimed at ensuring that the internal controls continue to operate as intended. This can be
achieved through ongoing monitoring or separate evaluations. Separate evaluations are non routine monitoring
activities such as period audits by the internal auditors.
2.1.1 Financial performance
Mawanda (2008), performance refers to the ability to operate efficiently, profitability, survive grow and react to
the environmental opportunities and threats. They assert that, performance is measured by how efficient the
enterprise is in use of resources in achieving its objectives. It is the measure of attainment achieved by an
individual, team, organization or process. Hitt, et al (1996) believes that many firms' low performance is the
result of poorly performing assets (businesses). Low performance from poorly performing assets is often related
to strategic errors made in the acquisition process in earlier years. For example, some firms acquire businesses
with unrealistic expectations of achieving synergy between the acquired assets and their current sets of assets. A
common reason for such errors is managerial hubris or overvaluation of managerial capability in the acquisition
process.
2.1.2 Measures of financial performance
Appropriate performance measures are those which enable organizations to direct their actions towards
achieving their strategic objectives. Performance is measured by either subjective or objective criteria;
arguments for subjective measures include difficulties with collecting qualitative performance data from small
firms and with reliability of such data arising from differences in accounting methods used by firms. Kent (1994)
found out that, objective performance measures include indicators such as profit growth, revenue growth, return
on capital employed.
Financial consultants Stern Stewart & Co. created Market Value Added (MVA), a measure of the excess value a
company has provided to its shareholders over the total amount of their investments. This ranking is based on
eight more traditional aspects of financial performance including: total return for one and three years, sales
growth for one and three years, profit growth for one and three years, net margin, and return on equity.
Verschoor (1999) however, mentions other financial measures to include value of long-term investment,
financial soundness, and use of corporate assets. He also talks of non financial performances measures to
include; innovation, ability to attract, develop, and keep talented people, quality of management, quality of
products or services, and community and environmental responsibility.
Hitt, et al., (1996) mention accounting- based performance using three indicators: return on assets (ROA), return
on equity (ROE), and return on sales (ROS). Each measure was calculated by dividing net income by total assets,
total common equity, and total net sales, respectively.
135
2.1.3 Liquidity
Hitt, et al (1996) mention current ratio (current assets/current liabilities) as a standard measure of liquidity in
organizations. Baysinger, (1989) also emphasized the importance of current ratio as a measure of an
organization’s liquidity. Other measures of Liquidity according to ACCA are; Acid test ratio (i.e. Current Assets
less Inventory/Current Liabilities).
2.1.4 Accountability
According to Hayes, et al., 2005, Managers need regular financial reports so as to make informed decisions.
Reporting (particularly financial reports) is one way through which managers make accountability for the
resources entrusted to them. Emasu (2010) asserts that Accountability can be political, social or financial
accountability.
4. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
2.1.5 Reporting
Whittington & Pany (2001), talk about the comprehensiveness of internal controls in addressing the achievement
of objectives in the areas of financial reporting, operations and compliance with laws and regulations. They
further note that “Internal control also includes the program for preparing, verifying and distributing to the
various levels of management those current reports and analyses that enable executives to maintain control over
the variety of activities and functions that are performed in a large organization”
They mention internal control devices to include; use of budgetary techniques, production standards, inspection
laboratories, employee training and time & motion studies among others. According Bakibinga 2001, corporate
law requires a divorce between ownership and management of an entity. Owners normally entrust their resources
in the hands of managers.
Managers are required to use the resources entrusted to them in the furtherance of the entity’s objectives.
Managers normally report to the owners on the results of their stewardship for the resources entrusted to them
through a medium called financial statements. It is these financial statements that reveal the financial
performance of an entity. John J. Morris (2011) believes that Enterprise Resource Planning systems provide a
mechanism to deliver fast, accurate financial reporting with built-in controls that are designed to ensure the
accuracy and reliability of the financial information being reported to shareholders.
2.2 Control Techniques/ Foundation in Cross River State College of Education
Internal controls are method and measures adopted by the College to promote thoughtful and efficient use of
state resources and public funds. It provides that complete and accurate records are kept of transactions involving
students and that College assets are secured. Put differently, a well-designed system of controls safeguards
College assets and ensures accuracy and reliability in the use of such assets and in the performance of
employees’ respective job.
In addition to the College system of internal control, the Government Accountability, Audit and Internal Control
Act of 1987 formalizes Cross River State commitment to efficient and effective business practices, quality
services, and ethics in the operation of state government.
The government Financial Regulation (FR), Fiscal Responsibility Act (FRA), Public Procurement Act (PPA) and
financial circulars issued from time to time forms the basis for the College internal control technique, and in line
with the civil service rules. It requires that all states Ministries, Departments and Agencies (MDAS) institute a
formal internal control programme. There are six (6) requirements of the Internal Control Act. These include;
136
• Maintain written internal control guidelines
• Maintain an internal system for continuous review of operations.
• Maintain a concise statement of policy and standards available to all employees
• Designate and internal control officer
• Educate and train all employees on internal control
• Evaluate the need for an internal audit function
According to Cross River State College of Education, Akamkpa (2010) handbook, the foundations of internal
control system in the college are the policies and procedures applicable to its daily operations. Below is a sample
of basic foundations that affects all employees;
• Personnel handbook
5. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
137
• College rules & regulation
• Public service guide
• Due process & Price intelligence procedures
• Policy hand book
• Hiring practice
• Transaction process
Other example of internal control system that regulates activities and performance in the college include but are
not limited to;
• External laws (National commission for colleges of education) Regulations, policies and procedures
• Policies of the College Governing Council
• College handbook and catalog
• Academic curricula and course outline
• Student registration and admission procedure
• Financial & personnel procedure
• College strategic plan/Medium term framework
• Bargaining contract
• Financial & Operational Audit
• Employees performance, Appraisal & Evaluation programme
• Accreditation
• Time and attendance reporting/crossing of line
• Network security, software control
• Public safety, environmental safety, code compliance practice
• Academic board and management committee governance process.
• Service contract revocable permit
• Building door lock systems and key control
• Student and staff identification card, etc.
2.3 Literature Review
According to Mawanda (2008), Board of Directors (Governing Council) ought to supervise the management of
an entity (institution), but it has always turned out that Governing Council merely implement recommendations
of the management committee of an institution.
6. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
Recent case studies on internal auditing in Belgium illustrate the importance of the control environment when
studying internal auditing practices.
According to Saren & De Belde in Mawanda (2008), when an organization pursues integrity and clear ethical
values reflected in a formal code of conduct/ethics, the internal audit function will take a greater importance.
Internal control systems not only contribute to managerial effectiveness but are also important duties of
corporate board of directors. Accounting literature likewise emphasizes the importance of an organization’s
integrity and ethical values in maintaining an effective control.
A focus on integrity and ethical values was the principal contribution of internal control – integrated framework
published by COSO on fraudulent financial reporting. To trigger independence and integrity of Auditors and
Accountants, the Accountancy profession globally has a document called the code of Ethics issued by the
International Federation of Accountants (IFAC). In the case of Nigeria, there is a code of conducts issued by the
Institute of Chartered Accountants of Nigeria (ICAN). This code contains some ethical standards which
members are expected to comply (Kalu 2011).
138
3. Research Methodology
The cross sectional survey design approach was justified on the account of its economy, rapid data collection and
ability to understand a population from a part. The researcher designed, developed and administered close ended
questionnaires to top management staff, academic and non – academic staff of Cross River State College of
Education, Akamkpa. This was used for the purpose of obtaining data to test the hypothesis. Emphasis was laid
on capturing members of management committee, heads of department, finance and finance related offices. The
stratified sampling procedure was adopted in administering the questionnaires to guide the study. The sampling
technique used for the study is the judgment (purposive) sampling. Purposive sampling is where the researcher
consciously decides who to include in the sample. Data was collected using both primary and secondary data
collection technique. Primary data was gathered basically through structured questionnaires and interviews with
“key informant members”. Secondary data was gathered through College publications, text books, journal, etc.
The data collected were synthesized and analyzed to give meaning to the specific objective of the study. The data
were tabulated and presented using such statistical tools like percentages, tables and correlation coefficient. The
entire hypotheses formulated were tested using the z-score. Correlation was used as a way of assessing the
relationship between internal audit function and financial performance. Narrative analysis was used to explain
the qualitative results of the survey.
4 Data Presentation, Analysis And Discussion Of Findings
4.1 Data Presentation
The data collected for the study are presented using tables:
Table 4.1: Questionnaire Distributed and Received
S/No Group of Staff QD QR PQR(%) QNR PQNR(%)
1 Deans of School 5 4 80 1 20
2 Heads of Dept. 23 22 96 1 4
3 Bursary Staff 16 16 100 - -
4 Internal Audit Staff 6 6 100 - -
5 Other Academic Staff 10 10 100 - -
6 Other Non-academic 17 17 100 - -
TOTAL 77 75 2
Source: Field work
Where:
7. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
QD = Questionnaire distributed
QR = Questionnaire received
PQR = Percentage of questionnaire received
QNR = Questionnaire not received
PQNR = Percentage of questionnaire not received
Table 4.1 shows that the total number of questionnaire distributed to the selected staff is 77 with 75 of them
representing 97 percent completed and returned. Only 2 or 3 percent of the questionnaire were not returned.
Therefore, completed and returned questionnaire have been used for the analysis and evaluation of the reasons
for the effect of internal controls system on Financial Performance of Tertiary Institution, with Cross River State
College of Education, Akamkpa as case study.
4.2 Analysis of Data Collation of Responses on whether review of organizational control activities has any
significant effect on financial performance.
Q.NO QUESTIONS/STATEMENT RESPONDENTS %
1.
139
2.
3.
4.
5.
There is adequate segregation of duties in the institution’s finance
and accounts departments.
a) Strongly agree
b) Agree
c) Strongly disagree
d) Disagree
Superior officers in the accounts and audit department of the
College supervise regularly the work done by their subordinate.
a) Strongly agree
b) Agree
c) Strongly disagree
d) Disagree
Management review financial transactions regularly.
a) Strongly agree
b) Agree
c) Strongly disagree
d) Disagree
Staff are train to implement the accounting and financial
management systems.
a) Strongly agree
b) Agree
c) Strongly disagree
d) Disagree
The institution’s financial statements are audited regularly by
32
31
4
8
31
34
4
6
36
24
12
3
20
15
18
22
43
41
5
11
41
45
5
9
48
32
16
4
27
20
24
29
8. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
140
6.
7.
8.
9.
10.
external.
a) Strongly agree
b) Agree
c) Strongly disagree
d) Disagree
There is a possibility for a single staff to have access to all valuable
financial information without the consent of other staff.
a) Strongly agree
b) Agree
c) Strongly disagree
d) Disagree
Departments/units of the college adhere strictly to provisions of
budget.
a)Strongly agree
b)Agree
c)Strongly disagree
d)Disagree
Controls are in place to exclude incurring expenditure in excess of
allocated fund.
a)Strongly agree
b)Agree
c)Strongly disagree
d)Disagree
Security system do identifies and safeguard institutional assets.
(a.)Strongly agree
(b.)Agree
(c.)Strongly disagree
(d.)Disagree
Follow-up actions are taken to remedy previously identified
weakness in internal controls system.
(a) Strongly agree
(b) Agree
(c) Strongly disagree
(d) Disagree
55
18
-
2
8
7
32
28
29
21
10
15
16
38
7
14
9
22
24
20
16
23
21
15
73
24
-
3
11
9
43
37
39
28
13
20
21
51
9
19
12
29
32
27
21
-
28
20
Source: Field Survey Data, 2013.
Table 4.2 has been presented and analyzed to show whether organizational internal control activities has any
significant effect on financial performance of the college. The analysis has been done with the title control
activities.
Control Activities:
Out of 75 respondents, 63 representing 84% were of the opinion that there is adequate segregation of duties in
the finance and accounts department while 12 respondents representing 16% expressed contrary view. On
9. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
whether superior officers supervises work done by their subordinate, 65 representing 86% answered in the
affirmative, while 10 or 14% disagreed.
Also, 60 or 80% of the respondent agreed that the college management conduct a review of financial transactions
regularly, whereas, 15 or 20% disagreed.
On whether staffs are train to implement accounting and financial management systems, 35 representing 47% of
the respondents affirmed that the college did, while 40 or 53% of them disagreed. 97% or 73 respondents
confirmed that the college financial statements are regularly audited by external auditors, while 3% or 2
respondents disagreed.
Also, 29 or 39% strongly agreed that departments/unit adhere strictly to provision of the budget, 21 or 28% also
agreed, 10 or 13% strongly disagreed while 15 or 20% also disagreed.
Also there are positive responses as per whether controls are in place to excluded incurring expenditure in excess
of allocated funds. This is shown by their responses, 54 or 72% agreed while 21 or 28% disagreed.
141
4.3 Test of Hypothesis
Ho: There is no significant relationship between internal control activities and financial performance of Cross
River State College of Education.
Decision Rule:
Reject Ho: if z > za or if z < -za
Accept HO: if z < za or if z > -za
Where; z = test statistic (value)
Za = critical (table) value.
Level of significance used is 5%
The critical value is z = 0.05 = 1.96
The statistical test z = Ø - Øo
S Ø
Table 4.3 Computation of the test value for z for Hypothesis
Let X represents strongly agree and agree and
Let Y represents strongly disagree and disagree
X Y X2 Y2 XY
63 12 3969 144 756
65 10 4225 100 650
60 15 3600 225 900
35 40 1225 1600 1400
73 2 5329 4 146
15 60 225 3600 900
50 25 2500 625 1250
54 21 2,916 441 1134
31 44 961 1936 1364
39 36 1521 1296 1404
ΣX = 485 ΣY = 265 ΣX2 = 26,471 ΣY2 = 9,971 ΣXY = 9,904
Substituting these values in the formula
r = N (ΣXY) - (ΣX) (ΣY)
√NΣX2 - (ΣX)2 . NΣY2 - (ΣY)2
r = 10 (9904) – (485) (265)
√(10 x 26,471 – (485)2 . (10 x 9971 – (265)2)
10. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
142
r = 99040 – 128,525
√(264,710 – 235,225) . (99,710 – 70,225)
r = -29,485
√29,485 x 29,485
r = -29,485
28,485
r = -1.0000
Comparing the critical value with the test statistics = -1.0000 > - 1.96
Decision: since the negative value of the z statistic is higher than the critical or table value and falls outside the
acceptable region.
Therefore, the alternative hypothesis HA is rejected. The null hypothesis Ho is then accepted that there is no
significant relationship between internal control activities and financial performance of Tertiary institutions in
Nigeria.
4.3 Discussion of Findings
Internal Control Activities and Financial Performance: -
Management of every organization has the line responsibility for designing, implementing and monitoring their
internal controls system. The study revealed that there is regular review of financial transaction by management,
strict adherence to budget provisions, and adequate segregation of duties, but that staff are not adequately train to
implement the accounting and financial system. This renders the current internal control structure at Cross River
State College of Education ineffective.
It was also observed that both practice and detective security control system is lacking in the College as revealed
in the responses from respondents contained in table 4.2 and also attested by the hypothesis which accepted the
null hypothesis that, there is no significant relationship between internal control activities and financial
performance of tertiary institutions in Nigeria.
5 Conclusion and Recommendations
Based on the findings of the study, it is concluded that the College financial statements are audited annually by
external auditors. The study also concludes that all activities of the College are initiated by the top management
and that there is clear separation of role in the institutions’ finance and account department and that superior
officer in the College supervised regularly work done by their subordinate. On the budgetary control, the study
concluded that the institution adhere strictly to the provisions of annual departmental budget and that control are
in place to exclude incurring expenditure in excess of allocated fund.
Since it was evident in the study, that the there is poor security network in the College, the study recommends
that management of the institution should put effective and efficient security network in place to reduce frequent
theft, threat to life and property. The study also recommends proper checks and balances in all financial
transactions. Also the study recommends that management of the institution should organize regular training for
staff on control mechanism.
References
ACCA (2009/2010). Advance Audit and Assurance. Kaplan Publishing.
Bakibinga, D.J. (2001). Company Law in Uganda. fountain Publishers. Kampala, Uganda.
Committee of Sponsoring Organization (COSO) (1992).Internal Control Integrated Framework: Executive
Summary. www.coso.org.
COSO Definition of Internal Control (1985) on-line: http://www.coso.org
Cross River State College of Education (2010). College handbook
11. Journal of Economics and Sustainable Development www.iiste.org
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.5, No.16, 2014
Cross River State College of Education (2012). Rules and Regulations for employees.
Emasu, S. (2007) public financial management – Concepts & Practices
Hayes, R. et al. (2005) Principles of Auditing. Pearson Education Ltd.
Hitt, M. A; Hoskisson, R. E, et al (1996) The Market for Corporate Control and Firm Innovation.
Kalu, U. (2011). ICAN Financial Reporting and Ethics Manual. Kalmax Associates. Lagos.
Kent, M. & Williams, J. D. (1994), ‘The use of audit committees for monitoring’, Journal of Accounting
and Public Policy
Mawanda, S. P. (2008). Effects of Internal Control System on Financial Performance in Uganda’s Institution of
Higher Learning. Dissertation for award of MBA in Uganda Martyrs University.
Morris, J. J. (2011). The Impact of Enterprise Resource Planning (ERP) Systems on the Effectiveness of
Internal Controls over Financial Reporting.
Mwindi, David (2008) Auditing
Pandey, M. I. (1996). Financial Management. 7th Edition. Vikas Publishing House Pvt Ltd. New Delhi, India
Sarens, G. & Beelde, I. D. (2006). The relationship between Internal audit and senior management: An
analysis of expectations and perceptions: International Journal of Auditing.
Subomi, O. (2010). Principles of Auditing and other Assurance Services Nature Print. Lagos
Verschoor, C. C. (1999). Corporate Performance: Link to strong ethical commitment.
Whittington, O. R; Panny, K. (2001). Principles of Auditing and other Assurance Services. Irwin / McGraw –
Hill. New York.
143
12. The IISTE is a pioneer in the Open-Access hosting service and academic event
management. The aim of the firm is Accelerating Global Knowledge Sharing.
More information about the firm can be found on the homepage:
http://www.iiste.org
CALL FOR JOURNAL PAPERS
There are more than 30 peer-reviewed academic journals hosted under the hosting
platform.
Prospective authors of journals can find the submission instruction on the
following page: http://www.iiste.org/journals/ All the journals articles are available
online to the readers all over the world without financial, legal, or technical barriers
other than those inseparable from gaining access to the internet itself. Paper version
of the journals is also available upon request of readers and authors.
MORE RESOURCES
Book publication information: http://www.iiste.org/book/
IISTE Knowledge Sharing Partners
EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open
Archives Harvester, Bielefeld Academic Search Engine, Elektronische
Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial
Library , NewJour, Google Scholar