This study investigates the impact of internal audit systems on key financial variables at the College of Education Oju, Nigeria, specifically focusing on accountability and prudence, compliance with financial regulations, and revenue and expenditure control. The study employs a descriptive survey design, using a total population of 54, with 51 valid responses. A structured questionnaire was used as the primary data collection instrument, and the data were analyzed using linear regression analysis. The study found a significant positive relationship between internal audit and accountability and prudence, compliance with financial regulations, and revenue and expenditure control. Moreover, the effects were ranked as follows: accountability and prudence ranked first, demonstrating the strongest impact, followed by compliance with financial regulations, and lastly, revenue and expenditure control, which showed the weakest effect. These results highlight the crucial role of internal audits in enhancing financial governance, ensuring regulatory compliance, and improving resource management. Based on these findings, the study recommends implementing audit software for real-time tracking, collaborating with external oversight bodies and regular training of auditors, these actions are expected to enhance financial transparency, reduce mismanagement, and improve the overall financial performance of the institution.

Internal audit, accountability and prudence, compliance with financial regulations, revenue and expenditure control, college of education Oju.

https://doi.org/10.58396/gsef020101 

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