Examination of accounting procedures and practices adopted by Ghana Water Company Limited

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JULY, 2015
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The issue of accountability and transparency remains resolutely important to governmental organizations as it is to the private sector. The study entailed the details and intensive analysis of a single case study design. Primary data were collected through the use of in depth interviews. Secondary data were also sourced through publications, and company’s annual reports. The researcher selected the 14 officers of the accounts and internal audit department of Ghana Water Company Limited to represent the sample size of the study. Qualitative research analysis was employed in this study. Explanations and meanings were constructed from the data collected using descriptive, inferential statistics and rationalizations as well as graphical representations in the form of Bar Charts were used to help in exploring more into data collected on Accounting Procedures and Practices at Ghana Water Company Limited. From the data gathered, it were found out that the source documents kept by the Ghana Water Company for their accounting procedures and practices includes: procurement requisition form, invoices, local purchasing order (LPO) payment voucher (PV), cheque voucher and receipts. The internal audit department pre-audits all transactions before they are finally transferred into the books of accounts as compliance to the best standards. However, careful and thoughtful design which could have been in place to avoid or at least minimize bottleneck was not available. The knowledge base of the personnel in the standards and its implementation is abysmal and needs to be brought up to speed. This notwithstanding the accounting procedures and practices by the company is appropriate enough to mitigate fraudulent financial reporting. It is therefore recommended that more workshops and seminars should be organized for GWCL staff by accounting bodies in line with best stand accounting procedure and practices
A proposal submitted to the Kwame Nkrumah University of Science and Technology (Knust) in partial fulfillment of the requirements for the award of Master of Business Administration in Accounting