Impact Assessment of Internal Control System on Revenue Generation of Internal Revenue Service (IRS), Akwa Ibom State

Abstract

The study examined the impact of internal control system on revenue
generation of internal revenue service of Akwa Ibom State. Cross-sectional
review method employed revealed that with an efficiency in strategizing
stringent internal control system the organization of internal revenue
service can facilitates effective revenue collection and collation, promotes
proficiency in documentation and reporting; strengthen job zeal and
commitment of workforce, and encourages participation of taxpaying
public in the payment and monitoring of tax administration. On the light
of this promotional impact of internal control system, it is recommended
that for concrete corporate growth and efficiency of the Akwa Ibom State
Internal Revenue Service in term of revenue generation to be sustainable,
there should be a re-strategization process/programme to outshoot
mechanisms for effective control of guidelines and policies. The
management of the Internal Revenue Service should incorporate stringent
monitoring and evaluation system that can enshrine smooth flow of
information and communication among the components units of the
organization to ensure adequacy in financial reporting and
documentation.