Ganiu Oluwasegun Aina

CHAPTER FOUR 4.0 DATA PRESENTATION AND ANALYSIS This chapter presents the results of data analysis and discussion of findings. Also, the results are discussed in line with the findings of previous studies. This chapter is structured to contain four sections which are presentation and analysis of demographic variable of respondents, analysis of questionnaire items, and discussion of findings. 4.1 Demographic Variable of Respondents The personal variables of respondents are analyzed and presented in this section. Data collected on the personal data through the administration of the questionnaire were presented on table 4.1 to 4.4 followed by analysis of the items using simple percentage analysis. Table 4.1 Distribution of Respondents by Gender Frequency Male Percent Valid Percent Cumulative Percent 50 43.5 43.5 43.5 Female 65 Total 115 Source: Researchers Field Survey 2021 - - 100.0 Valid In table 4.1 above, 43.5% (50) of the total respondents were male while 56.5% (65) were female. The result from the analysis is an indication that more female are included in the survey than male. This implied that the study was not gender bias as both genders participated in the study. Table 4.2 Distribution of Respondents by Age Frequency Valid Percent Percent Cumulative Percent 18-24 years 21 18.3 18.3 18.3 25-30 years 46 40.0 40.0 58.3 25 21.7 21.7 80.0 23 20.0 20.0 100.0 115 100.0 100 Valid 31-40 years 41 years and above Total Source: Researchers Field Survey 2021 In table 4.2 above, shows the distribution of respondent by age. The analysis of the study indicated that 18.3% (21) of the respondents are between 18-24years old, while 40% (46) of the respondents are between 25-30 years old, 21.7% (25) of are between 31-40 years old, and 20% (23) of the respondents are between above 40 years old. This shows that majority of the respondents are in the age grade of 25-30 years. This implied that the respondents in this study in the working population. Table 4.3 Distribution of Respondents by Educational Qualification Frequency Valid Percent Valid Percent Cumulative Percent SSCE 38 33.0 33.0 33.0 NCE/OND/HND BSC. 35 39 30.4 33.9 30.4 33.9 63.5 97.4 3 2.6 2.6 100.0 115 100.0 100 Others Total Source: Researchers Field Survey 2021 In table 4.3 above, shows the distribution of respondent by their educational qualification. The analysis of the study indicated that 38% (33) of the respondents are SSCE holders, while 30.4% (35) of the respondents are NCE/OND/HND are 72% (36) holders, 33.9% (39) of the respondents are BSC. Holders, 2.6% (3) of the respondents have other certificate. The result reveals that majority of the respondents in this study BSC holders. This implied that the respondents in this study are educated. Table 4.4 Distribution of Respondents by Managerial Level Frequency Valid Percent Valid Percent Cumulative Percent Top Level 11 9.6 9.6 9.6 Middle Level 45 39.1 39.1 48.7 Low Level 59 51.3 51.3 100.0 Total 115 100 100 Source: Researchers Field Survey 2021 In table 4.4 above, shows the distribution of respondent by managerial level. The analysis of the study indicated that 9.6% (11) of the respondents are top level manager, while 39.1% (45) of the respondents are middle level manager, 51.3% (59) of the respondents are low level manager. This implied that majority of the respondents in this are low level manager. Table 4.5 Distribution of Respondents by Working Experience Frequency Valid Percent Valid Percent Cumulative Percent Below 10 years 85 73.9 73.9 73.9 11-20 years 28 24.3 24.3 98.3 2 1.7 1.7 100.0 115 100 100 Above 20 years Total Source: Researchers Field Survey 2021 In table 4.5 above, shows the distribution of respondent by their working experience. The analysis of the study indicated that 73.9% (85) of the respondents have below 10 years of working experience, while 24.3% (28) of the respondents have between 11-20 years of working experience, 1.7% (2) of the respondents have above 20 years of working experience. This implied that majority of the respondents in this have below 10 years of working experience. 4.2. Analysis of the Questionnaire Items 4.2.1 Items on Internal Control Table 4.6: Our management considers the level of competence required of a particular duty or work before assigning it to an employee Frequency Valid Percent Valid Percent Cumulative Percent Strongly Disagree 1 .9 .9 .9 Agree 3 2.6 2.6 3.5 Strongly Agree 111 96.5 96.5 100.0 Total 115 100.0 100.0 Source: Researchers Field Survey 2021 From table 4.6 above, it was shown that 96.5% (17) of the total respondents strongly agreed that their management considers the level of competence required of a particular duty or work before assigning it to an employee, while 2.6% (3) agreed and 0.9% (1) strongly disagreed. This result indicated that majority of respondents strongly agreed that their management considers the level of competence required of a particular duty or work before assigning it to an employee. Table 4.7: Our organization has a clear organizational chart showing lines of responsibility Frequency Valid Strongly Disagree 7 Disagree 5 Undecided 12 Agree 39 Strongly Agree 52 Total 115 Source: Researchers Field Survey 2021 Percent Valid Percent- Cumulative Percent- From table 4.7 above, it was shown that 45.2% (52) of the total respondents strongly agreed that their organization has a clear organizational chart showing lines of responsibility, while 33.9% (39) agreed, 10.4% (12) are undecided, 4.3% (5) disagree and 6.1% (7) strongly disagreed. This result indicated that majority of respondents strongly agreed that their organization has a clear organizational chart showing lines of responsibility. 4.2.2: Items on Accountability Table 4.8: We have the ability to measure counter financial imbalances, and to stabilize credit markets and financial system Frequency Valid Strongly Disagree 6 Disagree 10 Undecided 12 Agree 37 Strongly Agree 50 Total 115 Source: Researchers Field Survey 2021 Percent Valid Percent- Cumulative Percent- From table 4.8 above, it was shown that 43.5% (37) of the total respondents strongly agreed that their organization have the ability to measure counter financial imbalances, and to stabilize credit markets and financial system, while 32.2% (37) agreed, 10.4% (12) are undecided, 8.7% (10) disagree and 5.2% (6) strongly disagreed. This result indicated that majority of respondents strongly agreed that their organization have the ability to measure counter financial imbalances, and to stabilize credit markets and financial system. Table 4.9: We have capabilities in our decision-making process to ensure good governance and transparency Frequency Valid Strongly Disagree 7 Disagree 6 Undecided 6 Agree 52 Strongly Agree 44 Total 115 Source: Researchers Field Survey 2021 Percent Valid Percent- Cumulative Percent- From table 4.9 above, it was shown that 38.3% (44) of the total respondents strongly agreed that their organization have capabilities in our decision-making process to ensure good governance and transparency, while 45.2% (52) agreed, 5.2% (6) are undecided, 5.2% (6) disagree and 6.1% (7) strongly disagreed. This result indicated that majority of respondents agreed that organization have capabilities in our decision-making process to ensure good governance and transparency. 4.2.3: Items Management of Financial Institution Table 4.10: Our organization periodically forecasts year-end revenues and expenses to assist in making sound management decisions. Frequency Valid Strongly Disagree 6 Disagree 6 Undecided 6 Agree 42 Strongly Agree 55 Total 115 Source: Researchers Field Survey 2021 Percent Valid Percent- Cumulative Percent- From table 4.10 above, it was shown that 47.8% (55) of the total respondents strongly agreed that their organization periodically forecasts year-end revenues and expenses to assist in making sound management decisions, while 36.5% (42) agreed, 5.2% (6) are undecided, 5.2% (6) disagree and 5.2% (7) strongly disagreed. This result indicated that majority of respondents strongly agreed that their organization periodically forecasts year-end revenues and expenses to assist in making sound management decisions. 4.3 Hypotheses Testing This study formulated two hypotheses. The hypotheses were analyzed using multiple regression at 5% level of significance. 4.3.1 Hypothesis One: Effective internal control does not help in the management of financial institution in Ago-iwoye, Ogun state. Table 4.11 Model Summary Model R R Square a 1 .667 .445 a. Predictors: (Constant), Internal Control Adjusted R Square .440 ANOVAa Model Sum of Squares df Mean Square 1 Regression- Residual- .329 Total- a. Dependent Variable: Management of Financial Institution b. Predictors: (Constant), Internal Control Coefficientsa Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta 1 (Constant) .470 .487 Internal Control 1.041 .109 .667 a. Dependent Variable: Management of Financial Institution Source: SPSS Output Std. Error of the Estimate .57352 F 90.703 t - Sig. .000b Sig. .336 .000 The result on the table 4.11 revealed the significant impact of internal control on management of financial institution in Ago-iwoye, Ogun state. The result shows a coefficient and probability value of β = 0.667, p < 0.05. The coefficient of determination (R2) of 0.445 indicated that, 44.5% of the variation or change in internal control is attributable to management of financial institutions and the remaining 55.5% is due to other factors not captured in the model. The coefficient value showed that, a change in internal control will lead to 0.667 (66.7%) change on management of financial institution. This implies a strong relationship among the variables. Thus, we reject the null hypothesis. As a result, this study concluded that internal control had significant impact on management of financial institution in Ago-iwoye, Ogun state, Nigeria. 4.3.1 Hypothesis Two: Effective Accountability does not help in management of financial institution in Ago-iwoye, Ogun state. Table 4.12 Model Summary Model R R Square a 1 .706 .499 a. Predictors: (Constant), Accountability Adjusted R Square .494 ANOVAa Model Sum of Squares df Mean Square 1 Regression- Residual- .297 Total- a. Dependent Variable: Management of Financial Institution b. Predictors: (Constant), Accountability Coefficientsa Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta 1 (Constant) .068 .387 Accountability .953 .090 .706 a. Dependent Variable: Management of Financial Institution Source: SPSS Output Std. Error of the Estimate .54521 F 112.409 Sig. .000b t Sig. .860 .000 - The result on the table 4.12 revealed the significant impact of accountability on management of financial institution in Ago-iwoye, Ogun state. The result shows a coefficient and probability value of β = 0.706, p < 0.05. The coefficient of determination (R2) of 0.449 indicated that, 44.9% of the variation or change in accountability is attributable to management of financial institutions and the remaining 55.1% is due to other factors not captured in the model. The coefficient value showed that, a change in accountability control will lead to 0.706 (70.6%) change on management of financial institution. This implies a strong relationship among the variables. Thus, we reject the null hypothesis. As a result, this study concluded that accountability had significant impact on management of financial institution in Ago-iwoye, Ogun state, Nigeria. 4.4 Discussion of Findings This study was designed to appraise the effect Internal Control System and Accountability of Nigeria Financial Institution. This study was guided by two hypothesis which are to determine the significant impact of internal control on management of financial institution in Ago-iwoye, Ogun state, while also analyzing the revealed the significant impact of accountability on management of financial institution in Ago-iwoye, Ogun state, Nigeria. The analysis of the first hypothesis indicated that internal control had significant impact on management of financial institution in Ago-iwoye, Ogun state, Nigeria. This support the claim of Morelo (2011), that effective internal controls will help to protect an organization's assets and assist in their proper management. Analysis of the second hypothesis indicated that accountability had significant impact on management of financial institution in Ago-iwoye, Ogun state, Nigeria. This support the claim of Iwumenne (2008), that the sole of any business continuity. A mismanaged economy cannot sustain her subjects. In the micro sense, a mismanaged firm is for failure. The main aim of business is profit maximization.