INTERNAL CONTROL SYSTEM IN PUBLIC AND PRIVATE SECTOR IN NIGERIA: ISSUES AND PROSPECTS

Abstract

There have been claims from every organization about doing their best towards national development. This paper adopted secondary data to examine the internal control system in public and private sector in Nigeria. The paper reveals that above claims is mere rhetoric, in spite of the changes in the organizations. Consequently, Nigeria public and private organizations have collapsed due to distortion and weak internal control mechanism, unethical conducts and sharp practices that brew corruption at all levels, poor compliance to cooperate governance by organizations vis-a-vis general neglect leads to their current situation. In the light of above, this paper recommend on the need to adopt quality assurance principle, develop total quality management so that we can have good administration that would guide good governance and better society for the betterment of human race. Also, the role, responsibilities and procedures to be adapted by the management for the overall smooth running of an organization should be focused on ensuring the safety of the assets and soundness of their operations. Similarly, Management should ensure that there are adequate organizational controls and that each staff knows his duties and equally ensures effective rotation of duties. The issue of induction courses, In-service - trainings, workshops, etc should be looked into so as to empower staff with necessary skills to carry out their duties. The internal control system should be remolded and strengthened to position staff to effectively carry out their schedules.