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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/8769

Title: Assessing the role of internal auditing on corporate governance practices of Okomfo Anokye Rural Bank Ltd
Authors: Kennedy, Obiri-Yeboah
Issue Date: 13-Apr-2016
Abstract: The corporate world has realized the major role played by the internal audit function in ensuring effective and efficient running of organizations to achieve corporate objectives and the impact it has had on corporate governance on the introduction of code of conducts for publicly traded companies and its strict requirements to be followed by managers of organizations. An assessment of the role of internal auditing on corporate governance practices in the Okomfo Anokye Rural Bank (OARB) is the purpose of this study. The study identified and evaluated the relevance of internal audit. It examined the effectiveness of the internal audit department and its appraisal function of examining, evaluating and monitoring the adequacy and effectiveness of internal controls in OARB. The study also identified and evaluated the specific roles internal audit plays to achieve the corporate governance objectives of OARB. The challenges that internal the audit department faces in OARB in the performance of its functions were also examined. Purposive Sampling method was used to select the respondents from the population. Case study approach was adopted for the study and both questionnaire and the interview method were used in collecting data. The data were analyzed using S.P.S.S and Microsoft Excel to identify trends. It was observed that, Internal Audit performs assurance and consulting services to the Board of Directors through providing independent and objective reviews and assessments of the bank’s activities, operations, financial systems and evaluation of the risks and internal control systems. Generally, the study found out that staff agrees that the internal audit function plays an important role in the corporate governance practices of the bank. Recommendations, that if considered, could impact positively on the performance of the internal audit department and for that matter management of OARB is offered. These include ensuring that staffs are aware of the internal audit charter, building the capacity of the Internal Audit Department, enjoying goodwill and support from management, making available adequate resources to the internal audit department, etc. The conclusion drawn is that, the internal audit department is part of the governance structure of OARB and that the role it plays impact heavily on the work of management in managing the bank. Furthermore, internal audit plays a critical role in restoring confidence in the governance of the bank and promoting value for money for its operations.
Description: A thesis submitted to the Knust School of Business Kwame Nkrumah University of Science and Technology in partial fufilment of the requirement for an award of Masters degree in Business Administration (Accounting Option). 2015
URI: http://hdl.handle.net/123456789/8769
Appears in Collections:College of Arts and Social Sciences

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