An appraisal of financial controls of Kwame Nkrumah University of Science and Technology (KNUST) Hospital Kumasi
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Date
2008-11-17
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Abstract
The theme of this project is to appraise the financial controls and provide useful suggestions for the purpose of improving the financial systems of University hospitals and in the nation as a whole. The concept of financial (internal) controls is just as relevant to government organization as it is to profit seeking organizations. In other words, inadequate financial control systems can hinder both management and employees responsibilities and place them in a position where they may be tempted to engage in questionable activities and accounting practices. The study therefore seeks to bring to light the causes of financial mal-administration including inefficiencies and ineffectiveness of employees of finance section. It also seeks to make government aware of the problem facing the health sector as far as financial controls are concerned in order to find appropriate solutions to them. Purposive sampling of thirty (30) of the entire population of the staff were used; these were the accounting, auditing and administrative staff of the KNUST Hospital. Questionnaires and structured interview guides were used to gather data regarding financial control systems currently in place in KNIJST Hospital, Kumasi. The findings revealed that there were financial controls in KNUST Hospital; however, the revenue collection functions were not properly segregated. The study also found out that the movement of non accounts staff to and from the accounts office were not restricted for this reason the financial documents were not well protected. In order to improve on the effectiveness of the financial controls, it is recommended that, there should be a regular training for the staff and also computerized the entire financial systems.
Description
A Long Essay submitted to the Department of Banking and Finance,
Kwame Nkrumah University of Science and Technology
in partial fulfilment of the requirements for the degree of Executive Master of Business Administration (EMBA) in Banking and Finance, 2008