Abstract:
The purpose of the study was to assess the role of financial reporting and auditing in
enhancing corporate governance in University of Education, Winneba. Descriptive
research design was used. Questionnaire was the instrument used to gather data for
the study. The data from the questionnaire were analyzed using simple descriptive
frequency count and percentages. Regarding the role of financial reporting in
enhancing corporate governance at University of Education, it was found that in
UEW, financial reporting standards are effective and help in the reduction of
operational and administrative costs. Financial reporting standards in UEW promote
transparency and accountability. Financial reporting standards by finance officers,
heads of departments and administrators safeguards against servicers and contractors
that provide inferior workmanship. Furthermore financial reporting standards play a
tremendous role in upsurging budgetary saving; hence have the power to increase
profitability. It also emerged from the study that financial reporting standards promote
trust and commitment between UEW and its suppliers. Finally, the study revealed that
UEW adopts financial reporting standards that ensure that materials products and
services continue to be available. Concerning the role of auditing in enhancing
corporate governance at University of Education. The findings suggests that auditing
in UEW is independent and complies with professional standards and helps evaluate
the effectiveness of internal controls. Also in UEW auditing acts as a watchdog for
financial operations and financial reporting practices and serves as a yardstick to
ensure well-identified, estimated, and realistic budgets. The findings further prove
that effective internal audit function can play a significant role within the corporate
governance framework of UEW. Finally, it emerged from the study that internal
auditors keep a close relationship with management and advise management on how
to improve operations. The study recommended that finance officers, heads of
department, senior administrators and management should always support the
financial reporting and auditing processes because it is central in enhancing
transparency and accountability with the university. Positive relationships should be
built by finance officers, heads of department, senior administrators and management.
This will help them to ensure good financial management and effective auditing to
enable the institution achieve its aims, goals and objectives.
Description:
A dissertation in the Department of Accounting,
School of Business, submitted to the School of Graduate
Studies in partial fulfilment
of the requirements for the award of the degree of
Master of Business Administration
(Accounting)
in the University of Education, Winne