Assessment of financial control system in Nifa Senior High School in North Akuapem Municipality in the Eastern Region Of Ghana

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Report has shown that there have been persistent financial malfeasances in most second circle schools in Ghana in recent times due to absent of proper financial control system and non compliance with financial rules and regulations. Organizations use financial tools like, cash flows, income statements, budget and other financial instruments to undertake financial controls in the form of using policies and procedures established by institutions for managing, documenting and reporting on financial activities. The research was conducted to investigate the financial control system in Nifa Senior High School in Akuapem North Municipality. Actually, it assesses the sources of funds, challenges, effectiveness of financial controls and strategies to improve the control system. Information was gathered, using questionnaires to collect data, from a sample of 1 Headmaster, 3 Assistant Headmasters, 8 Bursar and Account Clerks, 35 Teaching Staff and 40 Student leaders. Four set of questionnaires were designed to determine financial control system in the School, Data obtained from the research instrument was then statistically analyzed and presented in tables, graphs and percentages. The researcher used descriptive statistics to study in detail the financial control system in Nifa Senior High School since the study is exploratory in nature. The study revealed two sources of funds for the schools, from government budgetary allocations and internally generated funds. The school funds are mostly spent on administrative activities and other important items. The students pay their school fees through bank draft and postal order while a few students are allowed to pay cash. The staff of account section should be urged to attend conferences, seminars and workshops regularly to upgrade their knowledge and skills. It is recommended that the school should establish its own audit committee to check the spending rate of the school in order to make sure that the school spends within the budgeted estimates.
A thesis submitted to the Department of Economics Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirement for the degree of Master of Science Economics,