Internal Control and Firm’s Survival of Listed Deposit Money Banks in Nigeria

This study investigated the impact of internal control and firm’s survival of Deposit Money Banks in Nigeria from 2015-2024. Literatures in related areas were review anchored the study on stakeholder theory and cross-sectional survey research design. The target population consisted of all deposit money banks in Nigeria while the accessible population was consisted of 105 bank staff were used for data analysis. The study used primary data obtained from a well-structured questionnaire after validity and reliability tests of the items. The data collected from the questionnaire responses were analysed using univariate and multivariate analysis. The multiple regression analysis suggested a significant relationship between control environment and firm survival capacity of deposit money banks in Nigeria; A significant relationship between risk assessment and firm survival capacity of deposit money banks in Nigeria; a significant relationship between control activities and firm survival capacity of deposit money banks in Nigeria; a significant relationship between information and communication and firm survival capacity of deposit money banks in Nigeria; and a significant relationship between monitoring and firm survival capacity of deposit money banks in Nigeria. On the basis of the results, the study concluded that internal control system promotes firm survival of deposit money banks in Nigeria. Hence, the study recommended amongst others that internal control activities, adequate segregation of duties checks errors and fraudulent tendencies and thus; enhances checks and balances. Take corrective measures against deviation to alter weak internal control measures. The firm must measure the effectiveness of its internal control system against operational efficiency and also, with set goals or objectives. The firm must ensure soundness of control systems to determine its operating efficiency.