An evaluation of internal control systems of second cycle institutions in Ghana
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Date
2023
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KNUST
Abstract
The main objective of this research is to study and evaluate the internal control systems in Second Cycle Institutions within the volta region. The study adopts qualitative data analysis. The researcher administers Questionnaires to staff and management of second cycle institutions. The researcher receives 83 questionnaires back from the respondents out of 100 were collected for analysis. Face to face interviews helps to get an in-depth understanding of the challenges of internal control in such organization. Aside the interview, the research relies on some secondary data and this data is analysed thematically. Based on the findings the study makes on the analysis, it concludes that internal controls are in place in second cycle institutions and such controls are consistent with international standards. However, the study identifies some challenges with the internal controls including lack of empathy on the part of supervisors and management staff, Manual Processes/Human Error, Lack of Accurate Data, Too Many Controls, Inconsistent Controls, Collusion/Fraud, Management Override of Internal Controls, Static Controls, Lack of Stakeholder Engagement with Reporting. The study recommends that Senior High Schools should continue to strengthen the internal controls of the schools in order to continue to prevent improper financial management and stealing of school assets. It also recommends for management to endeavour to motivate its employees by educating them well on the functioning of internal control procedures and also considering granting them incentive packages that will help boost their ego and make them give out their best at all times.
Description
A thesis submitted to the department of accounting of the Kwame Nkrumah university of science and technology, Kumasi in partial fulfilment of the requirement for the award of the degree of master of science in accounting and finance