Evaluation of Internal Controls In PAPSO Ghana Limited
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Date
2011-06-09
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Abstract
The main objective of the study was to examine the internal control procedures in Papso Ghana Limited, to assess the effectiveness of internal controls in Papso Ghana Limited and to assess the independence of internal control functions in Papso Ghana limited. Purposive sampling technique was used for the research. The same questionnaires were administered to the directors, management and other workers of the company andinterviews were recorded and transcribed as part of responses and used in the analysis. Relevant literatures to the study were also considered. The main findings of the study indicated that Papso Ghana Limited has effective internal control system and the internal auditor contribute immensely to it, but he is not independent. However, the internal auditor is confronted with problems such as limited logistics, inadequate number of staff, inadequate budgetary allocation, and the traditional perception that internal auditors are witch – hunters. The study concludes that no organization can operate effectively and efficiently without an effective internal control system. Moreover, the role of an internal auditor is paramount in the design and operation of effective controls. It is, therefore, recommended that organizations establish and ensure the operation of effective internal control system, institute an audit committee, resource their internal audit departments, recruit competent personnel as internal auditors, and educate their personnel to disabuse their minds of the traditional perception that internal auditors are witch – hunters.
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A Thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of Commonwealth Executive Masters in Business Administration