Impact of Internal Control System on the Performance of Medium and Small Scale Industries in Nigeria

Student: Muyibat Oluwaseun Bakare (Project, 2025)
Department of Accountancy
Osun State Polytechnic, Iree, Osun State

Abstract

The project reviews the relevance of internal control system on the performance of small and medium scale enterprises. The project shows disparity among organizational managers and employees in their propensity to commit fraud, as offered by such variable as gender, religion and religiosity, age and marital status appear to be beneficial in the management of fraud. In the first instance, it provides a guide as to what personality is most suited for appointment into sensitive and tempting position. Descriptive and inferential statistics were used to investigate internal control system on the performance of small and medium scale enterprises. The study reveals that the Board, its Committees and Executive Management should set the right "tone at the top" to ensure support for, and acceptance of, Internal Audit at all levels of the organisation. Internal Audit should be present at, and issue reports to the appropriate governing bodies, including the Board Audit Committee, the Board Risk Committee and any other Board Committees as appropriate. The nature of the reports will depend on the remits of the respective governing bodies.

Keywords
internal board audit project control system performance medium scale enterprises
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