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This study focuses on the effect of internal control system on financial performance of firms in Nigeria. The methodology of the study is based on survey research approach. The statistical data used for the study were obtained by distribution of fifty (50) questionnaires among selected employees, of the consumer goods firms considered in this research work. These respondent were selected using simple ramdom sampling method, the data obtained from the questionnaire were analyzed using multiple regression statistical tools in SPSS (Statistical packages for social sciences.). The result of the analysis shows that internal control system and risk management has significant positive effect on financial performance of organization, and this was because the P- value obtained (0.000) and (0.010) respectively. The study concludes that effective internal control system and risk management will significantly improve financial performance of firms by helping the organization towards effective and efficient utilization of resource (both financial and non-financial) at their disposal. Based on this result, the study recommends that management of Nigerian companies should develop policies aimed at improving internal control systems.

Copyright © 2023 Dr. Tunde Olutokunbo Obafemi. This is an open access article distributed under the Creative Commons Attribution License.