Evaluation of internal audit effectiveness in private universities in Ghana

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Internal audit is a vital part of an organization’s governance system, which is designed to ensure that internal controls are in place, accounting records are accurate, financial reporting is reliable, and assets are protected. This concept is not exclusive to just public organizations but also extends to private universities in Ghana, which are crucial to the development of the country's economy and society. In recent years, private universities in Ghana have gained prominence and have become a critical part of the higher education sector. The study aimed to evaluate the effectiveness of internal auditing procedures in private universities in Ghana. The study found that there were adequate internal auditing procedures in place, but the enforcement of penalties for violating these procedures could be improved. The study also found that it is essential to assess and improve these procedures to ensure that the internal control systems are functioning effectively and that the financial reporting and accounting processes are reliable. The study highlighted the need for impartial and competent internal auditors, proper monitoring mechanisms, and ongoing training and motivation for internal audit staff. This will ensure that private universities in Ghana are able to provide quality education and contribute to the development of the country's economy and society. The study concluded that the focus should not be on finding foolproof internal auditing methods, but on hiring competent internal auditors and providing them with ongoing training. The study recommended that internal auditors should be impartial and unbiased, leaders should establish proper monitoring mechanisms, and internal audit staff should be trained and motivated. The study suggested areas for future studies such as 6 the use of qualitative research methods and the assessment of internal audit efficiency using resource-based theory
A Thesis submitted to the Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the Award of Master of Science Degree in Accounting and Finance