The role of financial reporting and auditing in enhancing corporate governance evidence from the University of Education, winneba

Abstract

The purpose of the study was to assess the role of financial reporting and auditing in enhancing corporate governance in University of Education, Winneba. Descriptive research design was used. Questionnaire was the instrument used to gather data for the study. The data from the questionnaire were analyzed using simple descriptive frequency count and percentages. Regarding the role of financial reporting in enhancing corporate governance at University of Education, it was found that in UEW, financial reporting standards are effective and help in the reduction of operational and administrative costs. Financial reporting standards in UEW promote transparency and accountability. Financial reporting standards by finance officers, heads of departments and administrators safeguards against servicers and contractors that provide inferior workmanship. Furthermore financial reporting standards play a tremendous role in upsurging budgetary saving; hence have the power to increase profitability. It also emerged from the study that financial reporting standards promote trust and commitment between UEW and its suppliers. Finally, the study revealed that UEW adopts financial reporting standards that ensure that materials products and services continue to be available. Concerning the role of auditing in enhancing corporate governance at University of Education. The findings suggests that auditing in UEW is independent and complies with professional standards and helps evaluate the effectiveness of internal controls. Also in UEW auditing acts as a watchdog for financial operations and financial reporting practices and serves as a yardstick to ensure well-identified, estimated, and realistic budgets. The findings further prove that effective internal audit function can play a significant role within the corporate governance framework of UEW. Finally, it emerged from the study that internal auditors keep a close relationship with management and advise management on how to improve operations. The study recommended that finance officers, heads of department, senior administrators and management should always support the financial reporting and auditing processes because it is central in enhancing transparency and accountability with the university. Positive relationships should be built by finance officers, heads of department, senior administrators and management. This will help them to ensure good financial management and effective auditing to enable the institution achieve its aims, goals and objectives.