Original Research Article | OPEN ACCESS
Internal Control Structures and Financial Performance: Evidence from Listed Companies in Nigeria's South-West Region

Abiodun Anthony Eniola1 Abiola Mukaila Tonade2 Oluwafemi Samson Adeniji3

1Landmark University, Omu-Aran; 2Department of Accounting, Crescent University, Abeokuta; 3Department of Accounting, Dominican University, Samonda, Ibadan.

For correspondence:-  Abiodun Eniola   Email:

Received: May 12, 2021        Accepted: June 25, 2021        Published: June 30, 2021

Citation: Eniola AA.Tonade AM.Adeniji OS. Internal Control Structures and Financial Performance: Evidence from Listed Companies in Nigeria's South-West Region. Account Tax Rev 2021; 5(2):79-103 doi:

© 2021 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..


The primary goal of this research was to examine the internal control mechanisms and financial results of listed companies in Nigeria's southwest area. The research framework was developed primarily based on a thorough review of the literature and compliance with stakeholder theory. The research used multi-level random sampling and multiple regression models to determine if internal audit control, control processes, risk management control, the control environment, and monitoring practises impacted financial performance. The findings indicated a favourable association between internal audit control, risk management, monitoring practises and operational performance, pointing to the objectives. Mmonitoring practices and control environments have a significant negative impact on asset returns. This analysis would be helpful to corporate managers because it demonstrates the elements that are overlooked in internal control systems and strategies to improve the performance of the internal control system. Policymakers and other stakeholders will have access to the critical role of internal management in the company's performance. The study affected the inculcation of empirical and inductive logic and ethical attitudes and thought growth in all organisational employees.

Keywords: internal control, risk management control, control environment, monitoring activities.

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