Assessment of Internal Control Practices in Tertiary Institutions: Evidence from University of Education, Winneba (UEW), Kumasi

ABSTRACT

The main purpose of this study was to evaluate the effectiveness of internal control systems in tertiary institutions in Ghana. The specific objectives included: to review the types and effectiveness of the internal control systems in University of Education, Winneba (Kumasi Campus) (UEW-K); to examine the measures put in place to enhance the effectiveness of internal controls in UEW-K; and to recommend appropriate ways that will improve the effectiveness of internal control activities. The study population was staff of University of Education Winneba-Kumasi. A sample size of sixty (60) respondents was used for the study. The simple random sampling technique was adopted. Data was collected through questionnaire. The data collected were analyzed using frequency tables. Some of the findings made included: It was revealed from the study that, the control environment at UEW-K was very effective as majority of the respondents agreed to that assertion with a few not being sure of the effectiveness of Control environment. In reviewing the risk assessment component of the internal control system it was found that, it was also effective. Again the empirical evidence from the study indicated that, majority of the respondents agreed to the assertion that there is an effective control activity functioning at UEW-K. With regard to assessing the information and communication system of internal control, there was evident from the studies that, many of the respondents were satisfied with that construct and therefore perceived it to be effective. The last element of internal control considered by the study was monitoring and this happened to be the most effective in the company with nearly all respondents showing that, they perceive monitoring to be effective. It was recommended that the various components of internal controls should be strengthened to make them more effective.