Effect of internal control systems on performance of sic life insurance company in ghana
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Date
2023
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KNUST
Abstract
The purpose of this study was to assess the effect of the Internal Control System on the performance of the SIC Life Insurance Company in Ghana. A descriptive quantitative design was used in the study to gain a better understanding of the impact of leadership on organisational performance. The sample size of the study included 65 company employees, and non-probability sampling techniques such as purposive and convenience sampling were used. Data was analyzed using Statistical Product and Service Solutions (SPSS). According to the findings of the study, SIC Life Insurance Company has an effective internal control system in place, with well-established policies and practices that demonstrate its commitment to risk management measures. In addition, the company prioritizes policy compliance, waste prevention, fraud, and inefficiency. Internal audit has a positive impact on the efficiency of a company's internal control systems, according to the study, by identifying flaws and making recommendations for improvement. The findings emphasized the significance of risk management and the critical role of internal audits in identifying and managing risks effectively. The research found a significant positive relationship between SIC Life Insurance's performance and the state of its internal control systems, internal audit, and compliance measures. It was recommended that the company should maintain its focus on its internal control system, which has proven to be effective and critical to its long-term success. Also, SIC Life Insurance Company should continue to invest in its internal audit function, ensuring that it is adequately resourced and empowered to identify flaws and make recommendations for improvement. SIC Life Insurance Company should priorities timely payables and ensure that all transactions are carried out in accordance with applicable regulations. Furthermore, the company should place a premium on producing reliable financial statements that accurately reflect its performance.
Description
Thesis submitted to the department of accounting and finance kwame nkrumah university of science and technology, in partial fulfilment of the requirements for the award of master of science insurance and business continuity