GASPRO International Journal of Eminent Scholars

ABSTRACT

This study was on the role of internal control system in preventing fraud and misappropriation of funds in the public sector using Akwa Ibom State Polytechnic as Case study. To accomplish the research objectives, the study adopted the survey research design while the taro Yamane formula was used to select ninety-two (92) respondents as sample size. Instrument for the study was a self-developed Questionnaire and the forms wee personally administered. Research questions and hypotheses were formulated to guide the study and the data were analyzed using simple percentage, likert scale method. Findings from the study revealed that Control environment prevent fraud and misappropriation of funds in the public sector. That Risk assessments prevent fraud and misappropriation of funds in the public sector. That Control activities help in preventing of fraud and misappropriation of fund in the public sector. That Information and communication help in preventing fraud and misappropriation of funds in the public sectors. The research work has provided useful recommendations such as: Institutions should ensure that internal auditing approaches are introduced to manage financial resources in schools for proper maintenance of school properties, adequate provision of infrastructural facilities and proper management of school funds, also Management should follow a strict and objective process of selecting accounting principles and personnel

KEYWORDS: Internal Control System, Fraud, Misappropriation, Funds, Public Sector and Akwa Ibom