Control Environment and Internal Control System Effectiveness of Listed Deposit Money Banks in Nigeria

AWEN, B. Iorsue, NYOR, Terzungwe, YAHAYA, A. Onipe


This study examines the effect of control environment on internal control system effectiveness of listed deposit money banks in Nigeria. Primary data were collected using the 5-point Likert scale structured questionnaire adopted from the Committee of Sponsoring Organizations of the Treadway Commission(COSO, 1992) on internal control system effectiveness. A total of five hundred and forty (540)sets of questionnaire were sent out and four hundred and thirty-five (435) received representing about eighty-one(81%) percent response rate: also resulting in four hundred and thirty-five observations. The data were diagnosed for normality, heteroskedasticity and reliability (internal consistency) tests. Data were analyzed using descriptive statistics (mean, standard deviation, minimum and maximum) and inferential statistics (correlation and simple regression analysis). Results show that control environment has a positive and significant effect on internal control system effectiveness of listed deposit money banks in Nigeria. The study, therefore concludes that control environment (measured by integrity of senior management) has a significant and positive effect on ICSE of listed deposit money banks in Nigeria. Based on this conclusion, the study recommends that managers of listed deposit money banks should continue to strengthen integrity in the workplace, and maintain a positive disposition towards the control environment of their banks.

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