International public sector accounting standards (ipsas) and financial accountability in colleges of education in ghana.
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Date
2023
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KNUST
Abstract
International Public Sector Accounting Standard (IPSAS) is being implemented in all public institutions and organizations in Ghana. However, less is known in empirical studies, about the impact of IPSAS on financial accountability in the public sector in Ghana. This study, therefore, assessed the impact of IPSAS on accountability in colleges of education in Ghana. The study was guided by three objectives: to assess the implementation of IPSAS, to assess the level of financial accountability and to determine the impact of IPSAS implementation on financial accountability. The study through a simple random sampling technique sampled 142 internal auditors from various colleges of education in Ghana. A structured questionnaire was used to collect all the data and the Ordinary Least Squares (OLS) were employed for the estimation of the impact of IPSAS implementation on financial accountability. Descriptive statistics, such as mean and standard deviation were used to assess the level of IPSAS implementation and financial accountability. The statistical software used was SPSS version 26.0. The study found that financial disclosure, timely reporting and comparability components of IPSAS were very effectively implemented. IPSAS implementation as a whole was effectively implemented. Financial accountability was very low in the colleges of education. It was found that financial disclosure and timely financial reporting significantly impact financial accountability positively. However, comparability has no significant impact on financial accountability. The study further found that IPSAS implementation has a significant positive impact on financial accountability. Colleges of Education should be sensitized to collaborate with all stakeholders on financial matters and become more financially accountable. Implementation of IPSAS in colleges of education should be supervised by the appropriate agency to ensure strict compliance with financial reporting under IPSAS to enhance financial accountability in the colleges of education in Ghana.
Description
A thesis submitted to the department of accounting and finance, kwame nkrumah university of science and technology, kumasi in partial fulfilment of the requirements for the award degree of master of business administration (accounting)