Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria

Owolabi Sunday Ajao; Amosun Olayemi Oluwadamilola

doi:doi:10.11648/j.jfa.20200805.12

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Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria

Owolabi Sunday Ajao, Amosun Olayemi Oluwadamilola

Published in Journal of Finance and Accounting (Volume 8, Issue 5)

Received: 19 July 2020 Accepted: 17 August 2020 Published: 17 September 2020

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Abstract

In recent years many organizations have realized the importance of the role of directors, audit committee, internal auditors and external auditors in preparing and presenting quality financial reports to all stakeholders. In Nigeria, the performance and the quality of financial reports of companies in the insurance industry is dependent on the efficiency and effectiveness of the internal control system. This paper studied the impact of internal control systems and the quality of financial reporting in insurance industry in Nigeria. The research employed a survey research design. The study administered 100 questionnaires randomly to respondents, 98 questionnaires were returned and analysed. The data collected were analysed using descriptive and inferential statistics. The research hypothesis were analysed using regression analysis using Statistical Product and Service Solutions (SPSS 26). The results of the findings revealed that control environment, risk assessment, control activities, information and communication and monitoring has a statistical significant positive effect on quality of financial reporting of insurance industry in Nigeria. The study concluded that effective and efficient internal control system can affect the quality of financial reports of insurance industry in Nigeria.

Published in	Journal of Finance and Accounting (Volume 8, Issue 5)
DOI	10.11648/j.jfa.20200805.12
Page(s)	212-220
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Internal Control System, Quality of Financial Reporting, Insurance Industry

References

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APA Style

Owolabi Sunday Ajao, Amosun Olayemi Oluwadamilola. (2020). Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria. Journal of Finance and Accounting, 8(5), 212-220. https://doi.org/10.11648/j.jfa.20200805.12

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ACS Style

Owolabi Sunday Ajao; Amosun Olayemi Oluwadamilola. Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria. J. Finance Account. 2020, 8(5), 212-220. doi: 10.11648/j.jfa.20200805.12

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AMA Style

Owolabi Sunday Ajao, Amosun Olayemi Oluwadamilola. Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria. J Finance Account. 2020;8(5):212-220. doi: 10.11648/j.jfa.20200805.12

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@article{10.11648/j.jfa.20200805.12,
  author = {Owolabi Sunday Ajao and Amosun Olayemi Oluwadamilola},
  title = {Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria},
  journal = {Journal of Finance and Accounting},
  volume = {8},
  number = {5},
  pages = {212-220},
  doi = {10.11648/j.jfa.20200805.12},
  url = {https://doi.org/10.11648/j.jfa.20200805.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20200805.12},
  abstract = {In recent years many organizations have realized the importance of the role of directors, audit committee, internal auditors and external auditors in preparing and presenting quality financial reports to all stakeholders. In Nigeria, the performance and the quality of financial reports of companies in the insurance industry is dependent on the efficiency and effectiveness of the internal control system. This paper studied the impact of internal control systems and the quality of financial reporting in insurance industry in Nigeria. The research employed a survey research design. The study administered 100 questionnaires randomly to respondents, 98 questionnaires were returned and analysed. The data collected were analysed using descriptive and inferential statistics. The research hypothesis were analysed using regression analysis using Statistical Product and Service Solutions (SPSS 26). The results of the findings revealed that control environment, risk assessment, control activities, information and communication and monitoring has a statistical significant positive effect on quality of financial reporting of insurance industry in Nigeria. The study concluded that effective and efficient internal control system can affect the quality of financial reports of insurance industry in Nigeria.},
 year = {2020}
}

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TY  - JOUR
T1  - Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria
AU  - Owolabi Sunday Ajao
AU  - Amosun Olayemi Oluwadamilola
Y1  - 2020/09/17
PY  - 2020
N1  - https://doi.org/10.11648/j.jfa.20200805.12
DO  - 10.11648/j.jfa.20200805.12
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 212
EP  - 220
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20200805.12
AB  - In recent years many organizations have realized the importance of the role of directors, audit committee, internal auditors and external auditors in preparing and presenting quality financial reports to all stakeholders. In Nigeria, the performance and the quality of financial reports of companies in the insurance industry is dependent on the efficiency and effectiveness of the internal control system. This paper studied the impact of internal control systems and the quality of financial reporting in insurance industry in Nigeria. The research employed a survey research design. The study administered 100 questionnaires randomly to respondents, 98 questionnaires were returned and analysed. The data collected were analysed using descriptive and inferential statistics. The research hypothesis were analysed using regression analysis using Statistical Product and Service Solutions (SPSS 26). The results of the findings revealed that control environment, risk assessment, control activities, information and communication and monitoring has a statistical significant positive effect on quality of financial reporting of insurance industry in Nigeria. The study concluded that effective and efficient internal control system can affect the quality of financial reports of insurance industry in Nigeria.
VL  - 8
IS  - 5
ER  -

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Author Information

Owolabi Sunday Ajao

Department of Accounting, Babcock University, Ilisan-Remo, Nigeria
Amosun Olayemi Oluwadamilola

Department of Accounting and Finance, Chrisland University, Abeokuta, Nigeria

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APA Style

Owolabi Sunday Ajao, Amosun Olayemi Oluwadamilola. (2020). Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria. Journal of Finance and Accounting, 8(5), 212-220. https://doi.org/10.11648/j.jfa.20200805.12

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ACS Style

Owolabi Sunday Ajao; Amosun Olayemi Oluwadamilola. Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria. J. Finance Account. 2020, 8(5), 212-220. doi: 10.11648/j.jfa.20200805.12

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AMA Style

Owolabi Sunday Ajao, Amosun Olayemi Oluwadamilola. Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria. J Finance Account. 2020;8(5):212-220. doi: 10.11648/j.jfa.20200805.12

Copy | Download

@article{10.11648/j.jfa.20200805.12,
  author = {Owolabi Sunday Ajao and Amosun Olayemi Oluwadamilola},
  title = {Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria},
  journal = {Journal of Finance and Accounting},
  volume = {8},
  number = {5},
  pages = {212-220},
  doi = {10.11648/j.jfa.20200805.12},
  url = {https://doi.org/10.11648/j.jfa.20200805.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20200805.12},
  abstract = {In recent years many organizations have realized the importance of the role of directors, audit committee, internal auditors and external auditors in preparing and presenting quality financial reports to all stakeholders. In Nigeria, the performance and the quality of financial reports of companies in the insurance industry is dependent on the efficiency and effectiveness of the internal control system. This paper studied the impact of internal control systems and the quality of financial reporting in insurance industry in Nigeria. The research employed a survey research design. The study administered 100 questionnaires randomly to respondents, 98 questionnaires were returned and analysed. The data collected were analysed using descriptive and inferential statistics. The research hypothesis were analysed using regression analysis using Statistical Product and Service Solutions (SPSS 26). The results of the findings revealed that control environment, risk assessment, control activities, information and communication and monitoring has a statistical significant positive effect on quality of financial reporting of insurance industry in Nigeria. The study concluded that effective and efficient internal control system can affect the quality of financial reports of insurance industry in Nigeria.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - Internal Control Systems and Quality of Financial Reporting in Insurance Industry in Nigeria
AU  - Owolabi Sunday Ajao
AU  - Amosun Olayemi Oluwadamilola
Y1  - 2020/09/17
PY  - 2020
N1  - https://doi.org/10.11648/j.jfa.20200805.12
DO  - 10.11648/j.jfa.20200805.12
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 212
EP  - 220
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20200805.12
AB  - In recent years many organizations have realized the importance of the role of directors, audit committee, internal auditors and external auditors in preparing and presenting quality financial reports to all stakeholders. In Nigeria, the performance and the quality of financial reports of companies in the insurance industry is dependent on the efficiency and effectiveness of the internal control system. This paper studied the impact of internal control systems and the quality of financial reporting in insurance industry in Nigeria. The research employed a survey research design. The study administered 100 questionnaires randomly to respondents, 98 questionnaires were returned and analysed. The data collected were analysed using descriptive and inferential statistics. The research hypothesis were analysed using regression analysis using Statistical Product and Service Solutions (SPSS 26). The results of the findings revealed that control environment, risk assessment, control activities, information and communication and monitoring has a statistical significant positive effect on quality of financial reporting of insurance industry in Nigeria. The study concluded that effective and efficient internal control system can affect the quality of financial reports of insurance industry in Nigeria.
VL  - 8
IS  - 5
ER  -

Copy | Download