Abstract:
This study aimed at assessing the operational efficiency of Internal Audit in
University of Education, Winneba (UEW) with a spotlight on the legal apparatus
governing the operations of Internal Auditors. A descriptive survey method was used
to carry out this work. The data were collected using structured interviews and the
administration of questionnaires to a sample size of 123 respondents who were
stakeholders of UEW. Statistical Package for Social Sciences (SPSS) version 21
software was used to analyze the data. The analysis revealed that; the Internal
Auditors of the University of Education, Winneba (UEW) were very much aware of
the Public Financial Management Act, 2016 (Act 921) and its Regulations (LI 2387),
Internal Audit Agency Act, 2003 (658), Internal Audit Manual for MMDA’s, the
2020 UEW Statutes and the Financial and Stores Regulation and that, the Internal
Audit Agency Act 2003 is out of date. Secondly, UEW does not have a Risk
Management Register to guide its operations and finally, there was inadequate
budgetary allocation and professional staffing to enhance the cooperation between the
Internal Audit and the governing agencies such as University Management, Audit
Committee (AC), Internal Audit Agency (IAA) and Ghana Tertiary Education
Commission (GTEC). It was therefore concluded that there were laws governing the
operations of Internal Auditing, Risk Management Register needs to be developed
whiles budgetary allocation, meeting schedules, and coordination between the Internal
Audit and its governing agencies be improved. It was recommended that the Internal
Audit Agency Act 2003 should be updated whiles the Public Financial Management
Act 2016 should be reviewed to include the power or mandate to surcharge offenders
for financial misappropriation and fraud by heads of Internal Audit. Also, the Internal
Audit Office in the University should take a lead role in developing, and
implementing the mitigation strategies stated in the Risk Management Register.
Finally, enhanced budgetary allocation from the consolidated fund and the
institution’s own Internally Generated Fund could cushion the Internal Audit and its
governing agencies while exploring other avenues such as study leave, conferences,
and training to strengthen the professional capacity of Staff. The study suggested that
future research could focus on other sampling methods apart from the purposive
sampling method used in this study and other theories such as Agency theory,
Lending Credibility theory, etc. could be explored to assess the operational efficiency
of Internal Auditors in various universities.
Description:
A dissertation in the Department of Accounting,
School of Business Education, submitted to the School of
Graduate Studies in partial fulfilment
of the requirements for the award of
Master of Business Administration
(Accounting)
in the University of Education, Winneba
NOVEMBER, 2022