Assessing bank’s internal control effectiveness: The case of Ghanaian listed banks

Tamer Aksoy and Abdullai Mohammed
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Tamer Aksoy: Professor of Auditing, School of Business, Ibn Haldun University, Istanbul, Turkey
Abdullai Mohammed: Institute of Social Sciences,Ibn Haldun University,Istanbul, Turkey

International Journal of Research in Business and Social Science (2147-4478), 2020, vol. 9, issue 4, 196-206

Abstract: This paper aims to evaluate the effectiveness of Ghanaian listed banks using COSO’s IC framework. Only Control environment, Risk assessment, and Monitoring activities components of the framework considered for this study. Methodologically, out of the 60 questionnaires, surveys distributed to the banks 37 copies received representing a 61.7% response rate. Statistic Package for Social Sciences (SPSS) v25 used to analyze data by running among other reliability tests, tests of normality, and descriptive statistics. The results of means and standard deviations gained ascertained that; strong controls existed in the control environment, risk assessment, and monitoring activities of internal control of the Ghanaian listed banks. A risk assessment had a low average mean compared to the control environment and monitoring activities. Because banks operate under higher risk than any other financial institution, we propose that Ghanaian listed banks should increase investment in risk assessment. Key Words: Internal Control, COSO, Control Environment, Risk Assessment, Monitoring, Internal Auditing, Corporate Governance

Date: 2020
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