Article Sidebar

Download
View Full Article XML S.I.S
Statistic
Read Counter : 21 Download : 12

Downloads

Download data is not yet available.

Metrics

Metrics Loading ...

Main Article Content

Abstract

This study examines the complementing effectiveness of Internal Audits, Financial Regulations, and Audit Committees (ACs) on financial governance and fraud prevention in Ghana's public Universities. Using a descriptive research design, the study collected data through structured questionnaires and remote interviews from three Universities across Ghana, representing the southern, middle, and northern sectors. The findings reveal that awareness of ACs is significantly high, with most respondents affirming their knowledge of these committees’ roles in bridging gaps between internal audits and organizational accountability. Quarterly audits emerged as the most prevalent practice, underscoring their importance in maintaining regular oversight and compliance. The study also highlights the dual focus on compliance and systems audits, with variations in the allocation of audit time reflecting organizational priorities. While 54% of respondents acknowledged the positive impact of financial regulations on fraud reduction, 46% expressed skepticism, pointing to variability in enforcement and organizational commitment. Challenges such as limited operational capacity, resource constraints, and lack of technical expertise were identified as barriers to the effectiveness of internal audit and ACs. The study emphasizes the need for capacity-building initiatives, enhanced technological integration, and a balanced approach to audit practices to strengthen financial governance. By addressing these challenges, public universities can serve as benchmarks for effective financial oversight in the public sector. These findings contribute to the broader discourse on public sector financial management, offering insights into the interplay of audits, regulations, and institutional culture in developing economies. Future research could expand the scope to include universities and explore emerging technologies in audit practices.

Keywords

Audit Committees (ACs) Financial Governance Fraud Prevention Internal Audits, , Financial Regulations Public Sector Accountability

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Nartey Menzo, B. P. (2024). Internal Audits, Financial Regulations, and Audit Committees Effectiveness on Financial Governance and Fraud Prevention in Public Institutions. Convergence Chronicles, 5(6), 1–20. https://doi.org/10.53075/Ijmsirq/655434544345
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX
Crossref
Scopus
Google Scholar
Europe PMC

References

  1. Abdul-Rahman, A., Bawa, S., & Alhassan, A. (2022). Strengthening audit practices for improved public financial management: Insights from developing economies. Journal of Public Administration and Governance, 14(2), 45–62. https://doi.org/10.5296/jpag.v14i2.20345
  2. Mensah, J. K., Owusu, G., & Koomson, F. (2021). Effectiveness of audit committees in public financial management: Evidence from sub-Saharan Africa. African Journal of Accounting, Auditing and Finance, 8(3), 211–226. https://doi.org/10.1504/AJAAF.2021.116899
  3. Kusi-Appiah, E., & Amoako, S. (2023). Quarterly audits as a mechanism for fraud prevention in public institutions: A case study approach. International Journal of Auditing and Assurance Services, 15(1), 87–102. https://doi.org/10.1057/s41288-023-00357-6
  4. Dixon, R., Thompson, S., & Awumbila, M. (2020). Balancing compliance and systems audits: A framework for public sector effectiveness. Journal of Accounting and Public Policy, 39(5), 106767. https://doi.org/10.1016/j.jaccpubpol.2020.106767
  5. Akoto, L., Boateng, A., & Nyame, F. (2022). Challenges and opportunities in implementing financial regulations in developing countries. Financial Accountability & Management, 38(4), 587–603. https://doi.org/10.1111/faam.12377
  6. Gyamfi, S., & Osei, M. (2023). Examining the role of internal audits in fraud prevention: Evidence from sub-Saharan Africa. Journal of Public Sector Auditing, 18(1), 45–58. https://doi.org/10.1080/14719037.2023.126789
  7. Danso, E., Akoto, A., & Boateng, K. (2021). Strengthening financial governance through regulatory frameworks. African Journal of Financial Management, 7(2), 89–105. https://doi.org/10.1007/s11301-021-01457-9
  8. Mensah, J. K., Ofori, D., & Nyame, S. (2022). Enhancing financial discipline through Audit Report Implementation Committees. Public Financial Management Review, 12(3), 98–115. https://doi.org/10.1080/14719037.2022.014789
  9. Akoto, L., Boateng, A., & Nyame, F. (2021). Challenges and opportunities in implementing financial regulations in developing countries. Financial Accountability & Management, 38(4), 587–603. https://doi.org/10.1111/faam.12377
  10. Boateng, A., & Asante, P. (2020). Balancing compliance and systems audits for improved organizational outcomes. Journal of Auditing and Financial Analysis, 28(1), 54–68. https://doi.org/10.1016/j.jafa.2020.106757
  11. Owusu-Ansah, K., Mensah, F., & Amoako, J. (2023). The impact of systems audits on organizational performance. International Journal of Financial Auditing, 19(2), 34–48. https://doi.org/10.1080/15588298.2023.015867
  12. Addo, B., Nkrumah, K., & Essien, A. (2022). Enhancing financial compliance through employee training programs. African Journal of Finance and Management, 10(4), 213–228. https://doi.org/10.1057/s12388-022-00867-5
  13. Tetteh, E., & Nyarko, D. (2023). The role of technology in modern audit practices. Journal of Digital Finance, 5(1), 19–34. https://doi.org/10.1080/15230898.2023.018874
  14. Antwi, S., Kwame, A., & Nyame, F. (2022). Leveraging data analytics in public sector audits. Journal of Financial Data Science, 7(3), 45–59. https://doi.org/10.1111/jfds.12478
  15. Nkrumah, K., & Essien, A. (2021). Awareness campaigns and their impact on financial governance. Journal of Public Administration and Policy, 15(3), 123–136. https://doi.org/10.1108/JPAP-03-2021-0074