Internal Control Process and Organizational Performance of Selected Deposit Money Banks in Nigeria
Journal Title: Journal of Economics, Finance and Management Studies - Year 2022, Vol 5, Issue 11
Abstract
This study investigated the relationship between internal control process and organizational financial and non-financial performance of selected deposit money banks in Nigeria. with specific objectives of determining the effect of risk assessment and monitoring activities the performance of DMBs in Nigeria. Primary data was collected using questionnaires administered to top level employees and other employees of 11 banks using a purposive random sample of 150 respondents out of which 97 responses were collected. The data were analyzed using descriptive statistics, correlation analysis, exploratory factor analysis and regression with aid of Statistical Package for Social Sciences (SPSS) version 26. The result of the analysis shows that risk assessment risk assessment practice has a positive impact on the performance of deposit money banks in Nigeria (B= 0.390, t= 4.019, p < 0.01) and that monitoring activities have a positive impact on the performance of deposit money banks in Nigeria (B= 0.415, t= 4.019, p < 0.01) Each has a positive and significant impact on financial, non financial and overall organizational performance DMBs in Nigeria. Based on the findings, it is concluded that internal control mechanism is a significant predictor of organization financial and non-financial performance and that effective internal control systems must incorporate the effects of risk assessment and control activities to enhance organizational performance of DMBs. The study therefore recommended that internal control systems especially risk assessment and monitoring activities are significant areas and management of DMBs in Nigeria should give great attention to them in order to improve organizational performance.
Authors and Affiliations
Dr. Joshua Adewale ADEJUWON, Iyabode Kurfilat HASSAN
Keywords
Related Articles
- EP ID EP726544
- DOI 10.47191/jefms/v5-i11-23
- Views 59
- Downloads 0
Currency Risk Exposure and Its Effect on the Performance of Import-Dependent Industries in Lusaka’s Manufacturing Sector from 2019 to 2023.
Currency risk which is also known as exchange rate risk, is a significant factor affecting businesses engaged in international trade. In Lusaka’s manufacturing sector, many industries are heavily reliant on import of raw...
Tourism Digitalization Development Strategy in the Tourism Village of Tanjung Ratu Karang Panjang Rebo Indah (DEWI TARI) Bangka District
This study aims to formulate a tourism digitalization development strategy in Tanjung Ratu Karang Panjang Rebo Indah Tourism Village (DEWI TARI), Bangka Regency. Digitalization in the tourism sector is an important facto...
The Influence of Educational Level and Work Experience on the Quality of Financial Reporting of Village-Owned Enterprises
This research aims to find out whether the level of education and work experience influences the quality of BUMDes financial reports in Siulak District. This research aims to find out whether the level of education and w...
Debt Restructuring and Financial Performance SOEs in Indonesia
This study aims to examine the effect of debt restructuring on the financial performance of state-owned companies in Indonesia. Debt restructuring is carried out to provide support in the form of leeway for companies tha...
Phenomenological Study: The Role of Bali Hindu Women in Household Accounting Practices
The phenomenology in this research will delve deeper into understanding how Balinese Hindu women experience and interpret the practice of household accounting in the context of their daily lives. For Balinese Hindu women...