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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/8601

Title: ASSESSMENT OF FINANCIAL CONTROL PRACTICES IN POLYTECHNICS IN GHANA: A CASE STUDY AT SUNYANI POLYTECHNIC
Authors: FRIMPONG, PATRICK TWUMASI
Issue Date: 8-Apr-2016
Abstract: Financial control systems exist to help organizations meet their goals and objectives,promote efficiency, reduce the risk of loss, and help ensure financial statement reliability and compliance with laws and regulations. This study assesses the internal financial controls in polytechnics of Ghana. The study adopts the case study design using Sunyani Polytechnic in the Brong Ahafo Region as the population. A sample size of 50 staff of the institution was drawn for the study using the simple random as well as purposive sampling technique. Both primary and secondary data are used with the aid of survey questionnaires,interview and documentary review. Data was analyzed descriptively with software; Microsoft Excel and SPSS. The study found that, the existing controls are inadequate;hence, a lot is required to ensure sound financial management in the sector. Some financial legislation is complied with, whiles others are virtually ignored, particularly in the area of procurement. This study identified that Sunyani Polytechnic and for that matter, polytechnics in Ghana are challenged with providing timely financial reports especially budgets which affect sub-budget sectional heads commitment and ownership in implementation. Non-compliance of financial controls has the consequences of not helping the organization to attain its strategic objective targets and milestones. It is recommended that financial controls are strengthened and enforced with authority and commitment; the internal audit function should also be reviewed by decentralizing to ensure that all activities are vetted before and not after the activities are undertaken.
Description: A Thesis submitted to the Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Master of Business Administration (Finance Option)
URI: http://hdl.handle.net/123456789/8601
Appears in Collections:College of Arts and Social Sciences

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