Abstract:
The purpose of this study was to assess the effectiveness of internal control systems in
some selected Co-operative Credit Unions in Ghana. A descriptive research design
was used for the study whereas quantitative research approach was employed.
Stratified random sampling was used to sample one hundred and thirty two (132)
respondents from a possible population of one hundred and eighty two (182) after
which a structured questionnaire was used to collect a primary data. Descriptive
analysis was used by applying the Statistical Package for the Social Sciences (SPSS)
to analyze the primary data collected. The findings of the study indicated that the
company’s Board members are solely mandated to initiate policies on internal
controls and ensure that they are fully implemented by the company’s management.
The findings of the study also revealed that, majority of the respondent accepted that
the credit union manager was responsible for authorizing payment on behalf of the
union. Nevertheless, just a few respondents believed that the Board is responsible for
authorizing payment on behalf of the union, while others said it is the responsibility of
both the Manager and the Board. In furtherance, the findings revealed that
management supports internal audit’s personnel by making sure that internal audit is
large enough to efficiently carry out its duties. The study recommended that the
management of the credit union should provide the internal audit department with a
procurement policy as well as constituting procurement committees to tackle issues
concerning procurement with more diligence among others. It is further recommended
that management should ensure that adequate training on internal controls is given to
the workers and management, effective monitoring and evaluations should be
organized intermittently and out operational policies and manuals should be given to
members in order to ensure effective implementation of internal controls.
Description:
A dissertation in the Department of Accounting,
School of Business, submitted to the School of
Graduate Studies, in partial fulfillment
of the requirements for the award of the degree of
Master of Business Administration
(Accounting)
in the University of education, winneba
OCTOBER, 2021
