7 5.

Implications for Practice and Academia

This study has contributed to advance the knowledge of internal control effectiveness in the
banking industry in Africa. To regulators and practitioners, the research has brought to bear
the perceived strength of internal controls in the Ghanaian banking industry using the 1992
COSO framework. Internal and external auditors can pay detailed attention to the risk
assessment, control activities, and information and communication components of the
internal control system of banks in Ghana, without losing sight o