ABSTRACT

This study examined “Corporate Governance in the Nigerian University system; managements’ perception of the role of Internal Audit”. Data were gathered through the administration of structured questionnaire to a sample of 222 Management Staff (Principal Officers), Accountants and Internal Auditors of selected universities in the South East geo-political zone of Nigeria due to proximity and cultural affinity derived from work force. The data were analyzed using ANOVA, Multiple and Simple regressions. The result shows that management of Nigerian universities perceives internal audit function and efficiency either positively or adversely. The extent of their positive perception enhances management control activities while an adverse management perception has a negative effect on management control activities in Nigerian universities. The role of Internal Audit in Nigerian University governance is very vital; hence the centrality of Internal Audit in University governance particularly in the financial governance and performance of Nigerian Universities. The rating of management support to internal audit functions is moderate in Nigerian universities. Management support to internal audit functions has a remarkable effect on the performance of internal audit in the university system. Furthermore, some internal audit efficiency factors like, independence, integrity, objectivity of audit staff, value added audit activities, interpersonal relationship among management, auditor and other stakeholders, professional status and quality of audit staff, influence the level of management support of internal audit in Nigerian universities. The research recommends that the Federal Government through Auditor General of the Federation and the National Universities Commission should constantly create awareness to management of Universities on the function and need for internal audit in the system of control in Nigerian Universities. In addition, internal auditors should be allowed to have access to assets, books, records and other relevant documents or information which they deemed necessary for the purpose of their audit assignment. Management should also improve on their level of support to Internal Audit functions and also give due attention to their reports and recommendations.