An assessment of financial control practices in ankaful psychiatric nursing training college

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This study investigates the financial control practices in ankaful psychiatric nursing training college. Essentially, the study focuses on establishing the specific financial controls existing in the apntc, the challenges to their effective operation, and the strategies or ways to enhance its effective operation. In achieving a robust result, the study employed the use of descriptive research design with a quantitative approach and a case study strategy. The study solicited for information through the use of questionnaire by using the purposive sampling technique from 32 respondents. The study found that there exist financial controls in the institution with 5 key financial controls in the institution including budget control, debt management, expenditure/resource control, financial audit and accounting information systems. The study also found that the dominant challenges affecting the effective operation of financial controls include: inadequate training on financial control system, inadequate supervision, and irregular monitoring of activities. The study also found that the key strategies relevant to enhancing the effective operation of the financial controls comprise regular training of staff on financial control mechanism, strict enforcement of existing control policies by management, and regular monitoring to improve compliance. The study therefore concludes that apntc has put in place effective financial control practices to take care of their financial activities and transactions in apntc but there are some significant challenges confronting them which require adequate stringent measure to improve on the level of effectiveness.
A thesis submitted to the department of accounting and finance, college of humanities and social sciences, Kwame Nkrumah university of science and technology, Kumasi in partial fulfillment of the requirement for the degree of msc accounting and finance