Internal Auditing As An Effective Tool For Improving Public Sector Performance

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ABSTRACT

The study used a qualitative approach to assess the effectiveness of internal auditing at the ministry of Education and its agencies. The researchers’ specific objectives were linked to the internal control system, governance structures and risk assessment procedures used within the ministry of education and some selected agencies. Performance of the sewere measured using the principle of the 3Es. With the aid of an interview guide,asemistructuredinterviewwasconductedofwhichwehadtwelverespondentsoutofapopulationofsixteen.Theorganisationhadimplementedquiteanumberofinternalcontrolsystemswhichisusedinthedaytodayoperationsoftheorganisationandagoodnumberoftheemployeesadheretoitinaccordancewiththepoliciesoftheorganisation.However,someemployeesdidnotunderstandtheeffectoftheiractionsandinactionsontheactivitiesofotheremployeeswhichpreventsthem fromcomplyingwithinternalcontrols.Thestudyalsorevealedsomerolesinternalauditingplaysinensuring organisationalperformance.The study furtherprovides insightofthegovernancestructuresandriskassessmentproceduresinplace.TheMinistryfacedseveralchallenges,someofwhichare;lackofresources,non-implementationofauditreports,andnobudgetline.ItwasrecommendedthatmorepersonnelberecruitedintheAuditUnitduetothelargesizeoftheorganisationandthescopeoftheirwork.Employeesshouldbeeducatedonhowtheirresponsibilities,actionsandinactionsinterrelatewiththeactionsofothers.ThegovernmentmustalsoprovidetheneededassistantsandresourcestoensuretheefficiencyandeffectivenessoftheIAfunctionintheMinistry


Table of Contents

DECLARATION iii

DEDICATION iv

ACKNOWLEDGEMENT v

LIST OF ACRONYMS vi

CHAPTER ONE 1

INTRODUCTION 11.

1Background of the Study 1

1.2Problem Statement 3

1.3Research Objectives 4

1.4Research Questions 4

1.5Significance of the Study 5

1.6Scope and Limitation of the Study 5

1.6.1Limitation 6


CHAPTER TWO 7 LITERATURE REVIEW 7

2.1Introduction 7

2.2Theoretical Framework 8

2.2.1Overview of Audit 8

2.2.2Overview of  Internal Audit in Ghana 9

2.2.3Public Sector Organizations in Ghana 13

2.2.4The Role of Internal Audit in the Public Sector 18

2.2.5Performance 20

2.2.6The Role of IAinthePublicSector 24

2.3TheoreticalReview 342.4EmpiricalReview 39


CHAPTER THREE 45

METHODOLOGY 45

3.1Introduction 45

3.2Research Design 45

3.3Population 45

3.4SampleSize 45

3.5SamplingTechnique 46

3.6DataCollection 46

3.6.1Instrumentation 46

3.7DataAnalysis 46

3.8ProfileofMinistryofEducation 47

ixFunctions 47Vision 47


CHAPTER FOUR 50

DATA ANALYSIS AND FINDINGS 50

4.1 Introduction 50

4.2 Background of respondents 50

4.3 content analysis 53  

Professional Competency and Experience 54

Compliance to Regulations 54

Authorization, Verification and Inspection. 55

Segregation of Duties 56

Documentation 57

Safeguarding of Assets 57

Governance 58

risk assessment 59


CHAPTER FIVE 60

SUMMARY,CONCLUSION AND RECOMMENDATION 60

5.1 Summary 60

5.2 Conclusion 61

5.3 Challenges 65

5.4 Recommendations 66

REFERENCES 68

APPENDIX A 76

APPENDIX B………………………………………………………………...…………………77

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APA

Samuel, K (2019). Internal Auditing As An Effective Tool For Improving Public Sector Performance. Afribary.com: Retrieved November 30, 2020, from https://afribary.com/works/internal-auditing-as-an-effective-tool-for-improving-public-sector-performance

MLA 8th

Korankye, Samuel. "Internal Auditing As An Effective Tool For Improving Public Sector Performance" Afribary.com. Afribary.com, 12 Sep. 2019, https://afribary.com/works/internal-auditing-as-an-effective-tool-for-improving-public-sector-performance . Accessed 30 Nov. 2020.

MLA7

Korankye, Samuel. "Internal Auditing As An Effective Tool For Improving Public Sector Performance". Afribary.com, Afribary.com, 12 Sep. 2019. Web. 30 Nov. 2020. < https://afribary.com/works/internal-auditing-as-an-effective-tool-for-improving-public-sector-performance >.

Chicago

Korankye, Samuel. "Internal Auditing As An Effective Tool For Improving Public Sector Performance" Afribary.com (2019). Accessed November 30, 2020. https://afribary.com/works/internal-auditing-as-an-effective-tool-for-improving-public-sector-performance