IMPACT OF INTERNAL CONTROL ON THE FINANCIAL PERFORMANCE OF PUBLIC SECTOR (A CASE STUDY OF KWARA STATE POLYTECHNIC, ILORIN)
Abstract
This study investigates the impact of internal control systems on the financial performance of Kwara State Polytechnic, Ilorin. Using a descriptive survey design, data were collected from 150 staff members through structured questionnaires, with 143 valid responses analyzed via SPSS. The study examines key components of internal control, including control environment, risk assessment, control activities, information and communication, and monitoring, and their influence on financial outcomes such as revenue, operating costs, and asset management. The findings reveal that effective internal controls significantly enhance financial performance, reduce fraud, and promote accountability within the institution. Regression analysis confirms that internal control measures account for a substantial proportion of variations in financial performance. The study concludes that strengthening internal control mechanisms is essential for improving financial stability and operational efficiency in public sector organizations. Recommendations include enhancing control environment, improving risk management practices, and fostering transparency and communication within the organization.
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