Browsing by Author "Adofo, Godwin Larbi"

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    Assessing the effectiveness of Internal Control System in First Allied Savings and Loans Limited
    (AUGUST, 2015) Adofo, Godwin Larbi
    This study was to assess the effectiveness of Internal Control Systems at First Allied Savings and Loans Limited (FASL). In order to achieve the set objectives for this study, the COSO framework for assessing the effectiveness of Internal Control Systems was adopted. The study specifically looked at the types of controls adopted at FASL, the effectiveness of the control environment and control procedures of First Allied Savings and Loans Limited, and whether internal control systems are able to achieve its intended objectives. Closed ended questionnaire were developed for data collection from the staff of First Allied Savings and Loans Limited. Upon collecting the necessary data, it was analyzed using Microsoft Excel Office program. The study revealed that the types of control systems adopted at the company are directive, preventive, compensating and detective controls but the dominant type of control employed in FASL is the preventive control. Again the empirical evidence from the study indicated that, majority of the respondents agree to the assertion that there is an effective control environment and procedures functioning at First Allied Savings and Loans Limited. Finally, all the five objectives of internal controls were examined and it was observed that internal control systems in FASL are able to achieve these five objectives. In areas where weaknesses were found, it was recommended that management of FASL should lead by example and also, ensuring that the policy manuals reviewed is updated to reflect on the current practices in the company.