Assessment of Internal Audit Tools: A Study of Some Government Health Institutions in Ghana
DOI:
https://doi.org/10.54536/ajebi.v2i2.1323Keywords:
Internal Auditing, Public Institution, Effective ManagementAbstract
The growing number of allegations on financial statement fraud, lack of accountability, misappropriation and mismanagement of public resources in public institution has created an increase attention for the need of internal auditors. Descriptive research design was used for this study precisely a case study. Simple random sampling technique was used to select two government hospitals located in Manhyia and Mankranso both in Ashanti Region. Out of three hundred and forty (340) population from the combined hospitals, a purposive sampling technique was used in selecting a sample size of twenty-six (26) which was made up of twelve (12) accountants, ten (10) managements and four (4) internal auditors in Manhyia and Mankranso was utilized. A self – structured questionnaire, a four-point modified Likert a scale was the instrument used for data collection. All the 26 respondents correctly completed and returned their questionnaire formed the sample size for the study, while mean, standard deviation and percentage was employed in data analysis. The study found, among other things, that in spite of availability of internal auditors, management override internal controls very often, findings indicated that the internal audit were understaff and are inadequately resourced. The study also pinpointed that internal auditors are recognized in public institution and adds value to the institution overall performance.
Downloads
References
Adeniyi A. A (2004). Auditing and Investigations, Wyse Associates Limited, Ikeja Nigeria, 204.
Ahmad, N., Othman, R. & Jusoff, K. (2009). The effectiveness of internal audit in Malaysian Public Sector. Journal of Modern Accounting and Auditing, 5(9), 84 – 790.
Anderson, R. C., Mansi, S. A., Reeb, D. M. (2004). Board characteristics, accounting report integrity and the cost of debt.
Beasley, M. S (1996). An Empirical Relation between Board of Directors Composition and Financial Statement Fraud. The American Review. 443-465
Belay, Z. (2007). A Study on effective implementation of internal audit function to promote good governance in the public sector. Presented to The achievements, challenges, and prospects of the Civil Service Reform Programme Implementation in Ethiopia College Research, Publication and Consultancy Coordination Office.
Belloli, A. (2006). The impact of changing Corporate Gov11ernance norms on economic crime.
COSO, (1985). Committee of Sponsoring Organization of the Treadway Commission. (National Commission on Fraudulent Financial Reporting)
Enofe, A.O., Mgbame, C. J., Osa –Erhabor, V. E. & Ehioroba, A. J. (2013). The Role of Internal Audit in Effective Management in Public Sector. Research Journal of Finance and Accounting, 4(6), 162 – 168.
Institute of Internal Auditors (1999). Definition of Internal Auditing, The Institute of Internal Auditors, Altamonte Springs, FL
Johnson, I.E. (1996). Solving Public Sector Management Accounting Problems: Star Press Logos, 15.
Myers, P.M, and Ziegenfuss, D.E. (2006). Audit Committee Pre-Enron efforts to increase the Effectiveness of Corporate Governance Corporate Governance. The international journal of business in society., 6, 49-63.
Ozuomba C, Nwadialor E and Ifureze S.M (2010). Effective internal audit as a tool for improving governance and accountability in public sector.
Pickett (2004). developing internal Audit competence R.K. Mautz and Hussein. A. Sharat (2002). the philosophy of auditing Utouh, I.S (2006) ‘The role internal audit in public sector’ NBAA workshop paper on internal audit function its role and relevance 2006 Dar es Salaam.
Rezaee, Z, Olibe, K & Minmier, G (2003). Improving Corporate Governance: The Role of Audit Committee Disclosures, Managerial Auditing Journal, 18(6/7), 530 – 537
Rudasingwa, J. (2006). The role of the internal Audit function in enhancing risk management in the Rwandan Social Security Fund
Van Gansberghe, C. N. (2005). Internal auditing in the public sector: a consultative forum in Nairobi, Kenya, shores up best practices for government audit professionals in developing nations’, Internal Auditor, 62(4), 69-73.
Vani, S. (2010). Internal Audit in the Public Sector: Underdeveloped and Underused. Retreived from http://blog-pfm.imf.org/pfmblog/2010/08
Vos P. M (1987). Auditing Practice Macdonald & Evens Press Ltd. London pp
Zeleke, B. (2007). A Study on effective implementation of internal audit function to promote good governance in the public sector. Presented to “The achievements, challenges, and prospects of the Civil Service Reform Programme Implementation in Ethiopia College Research Publication and Consultancy Coordination Office.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Ernest Owusu, Baffour Owusu-Boateng
This work is licensed under a Creative Commons Attribution 4.0 International License.
