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EFFECT OF INTERNAL CONTROL SYSTEM IN NIGERIA PUBLIC SECTORS: A CASE STUDY OF NIGERIA NATIONAL PETROLEUM CORPORATION
Abstract
Internal controls are useful for every business but are critical for organization with employees, especially employees who handle valuable assets. Retails business in which customer have direct access to small product can also benefit enormously from internal control procedure while internal control are crucial from helping you detect dishonesty, so setting up a system of internal control can keep such problem from getting out of hand. When you have internal control in place, you are protecting your assets as well as the accuracy of the accounting record in proper place of accountability. Both primary and secondary source of data were used in this study. For sourcing of primary data, questionnaires was constructed in line with the research hypothesis. For hypothesis testing chi-square statistics was employed for testing distribution of variables expressed in frequencies. It was found that there is significant relationship between Capital and Earnings Quality, since the intellectual capital is negatively related to the absolute value of Discretionary Accruals so intellectual capital positively affects earnings quality. Author therefore Licensed under Creative Common recommends that there should be a right attitudinal change to management and market share of a bank, intellectual capital and earning quality not automatic outdated process of the bank but to redesign new ones, externally focus on customers and the generation of greater value for customers.
Keywords: Internal Control, Accountability, Fraud Prevention, Public Sector, Financial Irregularities, Internal Audit, Safe guard assets