ABSTRACT
Internal control systems are primarily established to enhance the reliability of
financial performance directly or indirectly by increasing accountability
among information providers in an organisation. As the credit unions in Ghana
has existed over the past twenty years but their activities have not witnessed
significant growth as compared to banks and financial services within the
country. It therefore calls for a systematic approach to analyse the internal
control system within credit unions and how it has affected their financial
performance over the years.This study sought to determine the effect of
internal control system on the financial performance of Credit Unions in the
Sekondi-Takoradi Metropolis. There were sixteen credit unions in the
Metropolis. All sixteen were used for this study. Quantitative analysis was
employed for this study. Some of the findings from the study revealed that
Credit unions in Sekondi-Takoradi Metropolis have structured control
environment which included the presence of policies that guided work process
and roles and responsibilities that highlights each employee’s role and
responsibility. It was therefore recommended that the management of credit
unions should exert collective efforts in identifying the ideal mix of effective
and efficient internal control systems that match their business needs and
invest in them, and future researchers should consider replicating this study in
the all financial institutions in Sekondi-Takoradi order to establish the role of
internal audit in financial institutions.
EBOWESSUMAN, F (2021). Effects Of Internal Control Systems On The Financial Performance Of Credit Unions In The Sekondi-Takoradi Metropolis.. Afribary. Retrieved from https://afribary.com/works/effects-of-internal-control-systems-on-the-financial-performance-of-credit-unions-in-the-sekondi-takoradi-metropolis
EBOWESSUMAN, FELIX "Effects Of Internal Control Systems On The Financial Performance Of Credit Unions In The Sekondi-Takoradi Metropolis." Afribary. Afribary, 05 Apr. 2021, https://afribary.com/works/effects-of-internal-control-systems-on-the-financial-performance-of-credit-unions-in-the-sekondi-takoradi-metropolis. Accessed 08 Sep. 2024.
EBOWESSUMAN, FELIX . "Effects Of Internal Control Systems On The Financial Performance Of Credit Unions In The Sekondi-Takoradi Metropolis.". Afribary, Afribary, 05 Apr. 2021. Web. 08 Sep. 2024. < https://afribary.com/works/effects-of-internal-control-systems-on-the-financial-performance-of-credit-unions-in-the-sekondi-takoradi-metropolis >.
EBOWESSUMAN, FELIX . "Effects Of Internal Control Systems On The Financial Performance Of Credit Unions In The Sekondi-Takoradi Metropolis." Afribary (2021). Accessed September 08, 2024. https://afribary.com/works/effects-of-internal-control-systems-on-the-financial-performance-of-credit-unions-in-the-sekondi-takoradi-metropolis