The role of audit report implementation committee functions in promoting effective financial management at Kumasi Metropolitan Assembly (KMA).
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Date
2016-08
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KNUST
Abstract
The study examines the role of audit report implementation committee functions in promoting effective financial management, a case of Kumasi Metropolitan Assembly. Audit committees are seen as the bedrock of a fruitful and trustworthy financial reporting technique. To majority of people, an audit report implementation committee is the perfect example of corporate governance. To ensure credibility of statement of finance and internal control, will audit report implementation committee plays a great part. The importance to an audit report implementation committee‟s goal is its ability to depend on its own. This allows the committee to play its role very well as its independence is assured. This study examined the effectiveness of the audit report implementation committee at KMA, examined the impact of the audit committee and investigated the challenges faced by the audit report implementation committee. The study gathered data from fifty (50) sampled employees of KMA through questionnaires. The outcome of the study showed that, the audit report implementation committee assists management in protecting and safeguarding the assets of the assembly, it also helps ensure effective corporate governance, the study also showed the audit report implementation committee has enhanced the image of the assembly. The major challenge faced by the committee is leakage of confidential information to the public. Among the recommendations made were that, the independence of the audit committee should be encouraged in institutions. This would improve the decision making process of the companies if board members are allowed to do their work independently.
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Thesis Submitted To In Partial Fulfillment For The Requirements For Award Of Master Of Science Accounting.