The relationship between internal control system and business survival in the COVID-19 pandemic era

Abdulganiyy Kayode Alashe, Festus Adesegun Adefolurin and Abass Oyeshola Bello
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Abdulganiyy Kayode Alashe: Department of Accountancy, School of Management and Business Studies, Lagos State Polytechnic, Ikorodu, Lagos State, Nigeria
Festus Adesegun Adefolurin: Department of Accountancy, School of Management and Business Studies, Lagos State Polytechnic, Ikorodu, Lagos State, Nigeria
Abass Oyeshola Bello: Department of Accountancy, School of Management and Business Studies, Lagos State Polytechnic, Ikorodu, Lagos State, Nigeria

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 1, 129-135

Abstract: The necessity for survival has grown increasingly prominent as an overriding goal of every corporate organization in this COVID-19 pandemic period. The purpose of this paper was to investigate the relationship between internal control systems and business survival in the face of the current pandemic. A descriptive survey research design was used for the investigation. Primary data were obtained from a sample of 382 SMEs’ owners chosen at random from a population of 8,395 registered SMEs in Lagos State using a simple random sampling technique. The data gathering instrument was a five-item Likert scale questionnaire. Two hundred and thirty copies of the scale were returned and used in the study, representing a 60.20 percent survey response rate. Pearson correlation was used to test the hypotheses. The study’s findings revealed a positive relationship between internal control systems and business survival in the pandemic era. It was determined that internal control systems were a successful instrument for organizational control and commercial survival during the pandemic era. Accordingly, the study recommended that business owners should ensure that a vibrant internal control system is put in place to aid management in effective control of the organization especially in pandemic era to ensure business survival.

Date: 2022
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