INTERNAL AUDIT AND QUALITY OF FINANCIAL REPORTING IN THE PUBLIC SECTOR: THE CASE OF UNIVERSITY FOR DEVELOPMENT STUDIES

Finance & Accounting Research Journal

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Title INTERNAL AUDIT AND QUALITY OF FINANCIAL REPORTING IN THE PUBLIC SECTOR: THE CASE OF UNIVERSITY FOR DEVELOPMENT STUDIES
 
Creator Abdulai, Iddrisu
Salakpi, Andrew
Nassè, Dr. Théophile Bindeouè
 
Description Many corporate failures have occurred over the years as a result of poor financial reporting practices that have eluded investors and other consumers of financial data. The research used the University for Development Studies (UDS) as a case study. The study focused on three main goals: identifying emerging determinants of quality financial reporting, examining the efficacy and adequacy of UDS's internal control structure, and determining how much Internal Audit contributes to quality financial reporting. The research used a descriptive survey template and a sample size of 70 people who were chosen using purposive and stratified sampling techniques. To achieve objectives one and two, the analysis used binary regression, while to achieve objective three, the Best (2005) index was updated and used. Financial reporting accuracy, a computerized accounting system, and personnel competence were found to be determinants of quality financial reporting in the study. It was discovered that UDS' internal control system is ineffective since two of the five main components that make up an efficient internal control system, namely control environment and information and communication, are not properly implemented. The study found that UDS' internal audit reflects an average level of fraud prevention in terms of the robustness of auditing processes and fraud prevention indicators, with the remaining indicators indicating a high level of fraud prevention. Overall, UDS' internal auditing reveals a high degree of prevention. The University for Development Studies (UDS) should analyze, define, and enforce control setting, information, and communication components of the internal control system that are appropriate for their work processes, as well as enhance the existing components, according to the report.
Keywords: Internal Audit, Financial Reporting, Public Sector, Ghana.
 
Publisher Fair East Publishers
 
Date 2021-06-07
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://fepbl.com/index.php/farj/article/view/231
10.51594/farj.v3i1.231
 
Source Finance & Accounting Research Journal; Vol. 3 No. 1 (2021); 1-23
2708-6348
2708-633X
 
Language eng
 
Relation http://fepbl.com/index.php/farj/article/view/231/380
 
Rights Copyright (c) 2021 Iddrisu Abdulai, Andrew Salakpi, Dr. Théophile Bindeouè Nassè
https://creativecommons.org/licenses/by-nc/4.0
 

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