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|Title: ||Internal control and its contributions to Organizational Efficiency and Effectiveness: A case study of Ecobank Ghana Limited.|
|Authors: ||NDAMENENU KORANTENG, DOUGLAS|
|Issue Date: ||6-Jun-2011|
|Abstract: ||Current business trends have made it imperative for almost all large organizations to maintain an internal control system. The Ghanaian banking industry has evolved from a highly regulated sector into a largely market driven one. The regulatory and institutional framework has improved considerably yet still Banks in Ghana are facing some challenges as the world deals with one of the deepest financial crisis in the history of the planet. Although not heavily hit by the global financial crisis because we do not have that spare liquidity to enable us take part in those complicated instruments in credit delivery. Nonetheless, the effects of the global financial meltdown are gradually being felt by developing countries of which Ghana is not an exception.
The study exploited information by the help of primary data from interview schedules. However, the purposive type of sampling was used in sampling. In all five respondents were sampled from the thirty (30) respondents under review. The data gathered was analyzed and interpreted by the help of percentages and frequency tables.
The findings of the study revealed that there are measures put in place by the Ecobank Ghana to enhance compliance. The measurement put in place is management oversight responsibility for internal control whereby control policies and procedures are being adhered to.
It came to light that, the internal audit unit was responsible for monitoring internal control policy compliance whiles management assesses risk but the internal audit unit is not part of branch operations, they only visit the branches on monthly bases.
The recommendations drawn from the study was that the Ecobank Ghana Limited should set internal audit units at their various branches across the country, so that there shall always be internal audit personnel to ensure compliance to the internal controls that exist in the organization. In view of this, the internal audit personnel’s should also be rotated at regular intervals to avoid any form of malpractices.|
|Description: ||A Thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of Commonwealth Executive Masters in Business Administration, June, 2011|
|Appears in Collections:||Distance Learning|
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