Vulley, Divine (2022) Factors Influencing the Effectiveness of Internal Control Systems: A Case Study of Commercial Banks in Ghana. European Journal of Accounting, Auditing and Finance Research, 10 (4). pp. 63-75. ISSN 2053-4086(Print), 2053-4094(Online)
![[thumbnail of Factors Influencing the Effectiveness of Internal Control Systems.pdf]](https://tudr.org/style/images/fileicons/text.png)
Text
Factors Influencing the Effectiveness of Internal Control Systems.pdf - Published Version
Restricted to Registered users only until 1 July 2022.
Available under License Creative Commons Attribution Non-commercial.
Download (562kB) | Request a copy
Abstract
This study examines the factors influencing the effectiveness of internal control systems in the banking industry in Ghana. The study adopted the quantitative approach using the survey design to obtain data from 130 participants from selected Commercial banks in Ghana. For data analysis, Statistical Package for the Social Sciences (SPSS version 24) was utilized. A number of descriptive statistical tests and in a combination of Exploration Factor Analysis (EFA) and Confirmation Factor Analysis (CFA) was used. The statistical tools used include mean, standard deviation, frequency and Ordinary Least squares (OLS) regression. The study found critical factors driving Internal Control system (ICS) within the banking sector in Ghana to include the environment control, risk assessment, control activities, information communication technology (ICT), and monitoring activities. The study discovered that some of the ways required to improve ICS include consistent revision of policies and procedures as well as provision of adequate training and communication on ICS to staff. It is also recommended that employees should be involved in the development of control mechanisms to make them own the system which will promote its enforcement to influence operational efficiency.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | internal control system, commercial banks, Ghana, effectiveness |
| Subjects: | H Social Sciences > H Social Sciences (General) |
| Depositing User: | Professor Mark T. Owen |
| Date Deposited: | 28 May 2022 14:26 |
| Last Modified: | 28 May 2022 14:26 |
| URI: | https://tudr.org/id/eprint/492 |
Actions (login required)
- View Item
CORE (COnnecting REpositories)
CORE (COnnecting REpositories)