Determinants of Internal Control Effectiveness among Selected Small and Medium Enterprises in Lagos Metropolis

Abstract

The reason for this research was to establish the determinants of internal control effectiveness and performance among small and medium enterprises in Lagos metropolis. Internal control was measured using the five elements of internal control as instituted by the committee of sponsoring organizations of Treadway commission framework of internal controls.  These elements are control environment, risk assessment, information and communication, control activities and monitoring. 150 questionnaires designed in modified Likert of 5 scales were distributed, and 142 responded. The data was analyzed using the mean scores and standard deviation. The study findings revealed that SMEs in Lagos metropolis involve strong internal control. This study recommended that. SMEs owners should continue to maintain strong internal control system.