THE EFFECTIVENESS OF INTERNAL CONTROL SYSTEM AND FINANCIAL ACCOUNTABILITY AT LOCAL GOVERNMENT LEVEL IN NIGERIA

Internal control system is the process by which an organization governs its activities for effective and efficient operation, reliability of financial accountability and compliance with applicable law and regulation. This study attempts to investigate a deep understanding of effective internal control system for good financial accountability at the local government council level in Nigeria. The study was carried out in some selected local government council area of Oyo State, Nigeria. Data obtained were coded and analysed using frequency table and percentage, moreso, non-parametric statistical test, Chi-square was used to test the formulated hypothesis using STATA 10 data analysis package. The result of the finding shows that internal control system is positively significant for the good financial accountability in the local government area council in Nigeria. The study therefore, recommends that local government authority should increase an effort to ensure proper and highly effective internal controls system is put in place within local government to enhance their financial accountability.