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SCHOOL OF BUSINESS, UNIVERSITY OF CAPE COAST, GHANA ISHMEAL OFORI AMPONSAH (STUDENT)
Table of Contents Introduction««««««««««««««.. 3 Background of the study««««««««....3 Problem Statement««««««.««««... 4 Research Questions««««««««««4 Hypothesis«««««««««««««.. 4 Objectives««««««««««««««« 5 Significance of Study«««««««««. 5 Literature review««««««««««««.. 6 Definition of internal audit««««««««6 Role in the internal auditor in governance«..7 Methodology««««««««««««««..8 Research Design««««««««««««.8 Population««««««««««««««...8 Sampling and sampling technique«««««8 Data collection«««««««««««««9 Data collection instrument««««««««9 Data Analysis«««««««««««««12 Timescale««««««««««««««...12 Limitations««««««««««««««...12 References«««««««««««««««13
However. 2003 (Act 658)established the Internal Audit Agency ³as an apex oversight body to co-ordinate. . The Internal Auditor should constantly seek to make himself relevant to his organisation by providing information that will make management take decisions that impact positively on their ability to achieve the organisational goals.Promoting Good Governance in Public Institutions of Ghana: The Role of the Internal Auditor Introduction All over the world there is a realization that the Internal Audit activity has the potential to provide hitherto unparalleled services to management in the conduct of their duties. This potential has been turned into a challenge and embodied in the new definition of Internal Auditing from the Institute of Internal Auditors (the IIA). according to research and surveys conducted by Deloitte & Touche (2004) and the Internal Audit Agency of Ghana (2006). This needs to be addressed if the required return on investment in the Internal Audit activity is to be attained. much of the work of Internal Audit has been very restrictive in terms of scope. Background of the Study The Government of the Republic of Ghana by the Internal Audit Agency A ct. facilitate and provide quality assurance for Internal Audit activities within the public sector´ (Section 16 of Act658).The Internal Auditor¶s value lies in how well he has been able to contribute to the achievement of the overall organisational objective.
What actions are necessary to get the support of management of internal auditing in the public sector? 3. Internal Auditors are seen more as fault finders rather than solution providers and partners in the Government¶s strive for organisational excellence.What account for the low support for Internal Audit by public sector managers? 2.Research proposal ± SB/MAC/08/0005 Page 3 Problem Statement Public sector managers do not support Internal Audit. The Internal Audit function in the Ghanaian public sector faces a perception and. a credibility problem as a value-adding unit of the organisation. The Internal Audit Agency (2006) believes that the importance of Internal Audit is "shrouded in obscurity´. Most often than not the budget of the Internal Audit Unit. Management Question: Why do public sector managers fail to support the Internal Audit function and what can be done to curb it? Research Questions: 1. if any exist at all. This reflects in the management attitude towards the Internal Auditor. . This unfortunate background continues to play down the importance of Internal Audit as a key function that can strengthen the oversight responsibility of the governing body. is woefully inadequate to enable them meet the resource requirements of their annual audit plans.Is there a link between the quality of service the Internal Auditor provides for his organisation and the attitude of managers towards the Internal Audit function? Hypothesis: There is no relationship between the quality service Internal Auditors provide for their organisations and the attitude of managers towards the Internal Audit function. to some extent.
Fulfill the MBA requirement. 2.Examine the factors responsible for the low support for the Internal Audit Activity by managers of public institutions. .Improve public understanding of the role of the Internal Auditor in the achievement of organisational objectives. 2.Identify specific actions required to secure support of managers for the Internal Audit Activity.Research proposal ± SB/MAC/08/0005 Page 4 Objectives The objectives of the research project are to: 1.Establish the relationship between quality of service and support of managers for Internal Audit. 3.Improve literature on public sector Internal Auditing in Ghana. Significance of Study The significance of the study will be to: 1. 3.
Audit Programmes Internal Audit Charter and Annual Audit Planning templates. These are as follows: 1. Act 658). .Human Resource Development which seeks to facilitate the recruitment. facilitate and provide quality assurance for internal audit activities within the public sector institutions (the IAA Act 2003. procedures and techniques in performing engagements. 2. Definition of Internal Audit According to the Institute of Internal Auditors.The Agency has formulated three strategies which it is currently pursuing to improve the image of the Internal Audit function in the public sector. It helps an organization accomplish its objectives by bringing a systematic. training and development of internal auditors to be proficient in applying internal audit standards. Internal Auditing Standards. ³internal auditing is an independent. 3.Research proposal ± SB/MAC/08/0005 Page 5 Literature Review The Government of Ghana has taken a proactive step in establishing the Internal Audit Agency(The Agency) by an Act of Parliament in 2003.Quality Assurance and Improvement which addresses the issue of continues improvement in the performance of the internal audit activity. objective assurance and consulting activity designed to add value and improve an organization¶s operations. The IAA is mandated to co-ordinate.Professional Practice Framework which aims at developing key documents and templates for use by the Internal Audit function such the Internal Audit Regulations.
Role of the Internal Auditor in governance The value of the modern day internal auditor lies in his ability to help management to achieve its¶ objectives. operational. According to a research jointly conducted by Deloitte & Touche and the Institute of Internal Auditors. Governance refers to all the strategic plans of the organisation to demonstrate its commitment to quality and excellence. This definition actually seeks to demonstrate the depth and breadth of the internal audit activity within an institution as against the previous orientation of reviewing payment transactions over the years.K. financial.e.Research proposal ± SB/MAC/08/0005 Page 6 disciplined approach to evaluate and improve the effectiveness of risk management. and governance processes´ (March 2007). It would therefore be appropriate to have a structured way of identifying events that would impact negatively on the ability of management to achieve their objectives and also to take advantage of opportunities and other events that could be leveraged to achieve those same objectives . an integrated risk . However.. U. Modern internal audit covers (or should cover) all activities of the organisation. control. Therefore the scope of internal audit is no longer restricted to the processes and systems in the accounts and finance function.i. They reflect the strategic thinking and orientation of the Board and Management to achieve the objectives of the organisation. every decision and programme carries with it an element of risk of non-achievement. (2004) ³improved attitudes toward internal audit are built on a belief that internal audit functions are creating greater value for their organisations´. due to uncertainties associated with the implementation of programs. Some of the risks are reputation. and information technology related.
Finance Officers and other staff of MMDAs. .Heads and staff of internal Audit Departments (IADs) of MDAs and MMDAs. Municipal and District Assemblies MMDAs). Consequently. sample and sampling techniques. They can also assist in monitoring the framework.management framework that is embedded in the planning process of the organisations. Research Design The study will involve the evaluating the role of Internal Auditors in the good governance of the organisations in the public sector. Departments and Agencies (MDAs). population. Population The public sector of Ghana is the biggest employer of Internal Auditors and involves several organisations including Ministries. 2. the research will be designed to achieve the objectives set out by the researcher. Areas covered include the research design.The public sector also includes Metropolitan. 3.The targeted population for the study thus includes the following: 1.Chief Directors and Directors of all MDAs. Internal Auditors are experts in creating and Research proposal ± SB/MAC/08/0005 Page 7 promoting a risk management culture that is necessary to the effective implementation of the risk management framework.Coordinating Directors. Methodology This section presents an overview of the methods to used in the study. data collection and analysis.
The questionnaire will use Structured questions. Municipal and Districts. Data Collection The focus of study is on attitudes and perception and the importance of primary data cannot be over-emphasised. However. First. a sample of 185 elements will be selected from a targeted population of 300. Before the actual data collect the researcher will collect introductory letter from the School of Business of the University of Cape Coast to the sampled institutions. secondary data will also be collected to augment the studies.Sampling and Sampling Technique It obvious from the definition of the population above that a census is not feasible in this study. 20 Coordinating Directors.Next. The initial visit to the selected institutions will therefore be to introduce himself.Details of the sample are as follows: 15 Chief Directors and 30 Directors of MDAs. the population will be divided into MDAs and MMDAs. consisting of approximately 20 questions divided into three sections µA¶. Accordingly. This will ensure a fair representation of each group of institutions since their operations are significantly different. 40 Heads of IDAs and 40 Internal Auditors of MDAs and MMDs. . In total. The study will adopt a multistage stratified sampling method to select elements. familiarize himself with those institutions as well as seek their consent for the study. the MDAs will be grouped into Ministries. Departments and Agencies and the MMDAs into Metropolitan. the researcher will adopt the survey type of research in which a sample from the Research proposal ± SB/MAC/08/0005 Page 8 target population will be used for the study. Data collection instrument The researcher will collect data by administering a questionnaire. 20 Finance Officers and 20 other staff of MMDAs.
Sample investigative questions: Table 1 below provides samples of the investigative Questions µB¶. and µC¶. Sample investigative questions: Table 1 below provides samples of the investigative questions. Section µB¶ will consist of six questions covering the second research question whereas Section µC¶ will consist of questions to test the hypothesis and also answer the third research question. Section µA¶ will consist of seven questions seeking to answer the first research question.Research proposal ± SB/MAC/08/0005 Page 9 µB¶. Table 1: Sample Investigative Questions Section Research Question Investigative Questions µA¶ What account for the low support f . and µC¶.Section µB¶ will consist of six questions covering the second research question whereasSection µC¶ will consist of questions to test the hypothesis and also answer the third research question.Section µA¶ will consist of seven questions seeking to answer the first researchquestion.
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