CHANGE MANAGEMENT ON THE EFFECTIVE IMPLEMENTATION OF

INTERNAL CONTROL SYSTEM IN RURAL BANKS IN BALANGA, BATAAN

____________________

A Thesis
Presented to the Faculty of the Graduate School
Bataan Peninsula State University
City of Balanga, Bataan

____________________

In Partial Fulfillment of the Requirements for the Degree

Master in Business Administration major in
Business Administration

____________________

by:

JESICA A. BAYSAN
December 2021

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 CHAPTER II

THEORETICAL FRAMEWORK

This chapter presents the relevant theories, related literature and studies, and

conceptual framework. The literature and studies included in this chapter conveyed

numerous ideas, concepts, generalizations, and conclusions which will give the readers a

general overview of the study. Moreover, the definition of various relevant terms in order

to understand the background used in the study is also presented in this chapter.

Relevant Theories

The present study is anchored to the three theories considered relevant:

Contingency Theory (Woodward, 1958; Lawrence and Lorsch, 1967), Agency Theory

(Ross and Mitnick, 1970) and

A theory developed by Woodward (1958) and Lawrence and Lorsch (1967) assert

that the existence of the most efficient method or system of management is not feasible.

Hence, an appropriate and applicable strategy to manage depends on the pervasive

environmental conditions in which a concern operates (Galbraith, 1973; Fiedler, 1964).

And for this reason, contingency theory is often called the ‘it all depends theory’, because

of its prescriptive nature of the success of anything depending on prevailing circumstances

(Fiedler, 1964). An assertion of this theory was inclined with organizational success as

being a function of how different corporate governance structures effectively complement

each other to maximize a firm’s performance (Donaldson, 1995; Lawrence & Lorsch,

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1967). Moreover, the most efficient firm structural design is where the structures are well

aligned to the prevailing organizational contingencies to achieve the enjoyment of higher

performance (Pfeffer, 1982). Internal audit, as being part of the evaluation and review with

regards to internal control and other operational activities, was established to improve the

overall performance of a firm. Thus, it is crucial to provide adequate resources and ensure

that effective and efficient internal controls are properly implemented to achieve the best

results. The contingency theory is relevant to the present study as it supports the fact that

the success of a firm depends upon the alignment of its structures, resources, and internal

controls to the prevailing internal and external contingencies. Operational inefficacy

brought by the firm’s weak internal controls or procedures can be eliminated as the

management improves and changes its processes in an effective manner. It was also stated

in the theory that firms must ensure that strategic objectives including strategic internal

audits are achieved.

Another theory considered relevant to the present study is the Agency Theory by

Ross and Mitnick (1970), which studied the relationship between the owner or principal

who engages another person or an agent to act on his behalf involving some decision-

making authority. Agency issues could happen due to corporate management and

ownership separation whereby the managers acting as agents may hold control rights and

opportunistically exploit the principals’ interests (Jensen & Meckling, 1976; Fama &

Jensen, 1983). Accordingly, the agency theory asserts the need for a proper and adequate

contract, which captures both party’s interest, in the firm to reduce opportunistic behaviors

by the managers (Mwangi, 2012). These considerations and concerns were all placed

within the agency theory and at the top of its link to financial performance which serves as

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a framework to have an understanding of the internal control and its auditing and reporting

(Cheah Siew, Kuan Tian & Poon Zhen, 2016). This theory is crucial and relevant to the

present study as several authors (Goh, 2009; Naiker, 2009; Barua et al., 2010; Khlif &

Samaha, 2016; Dewayanto, 2017; Ngcobo & Malefane, 2017) also asserted that the end

result of the preceding researches has proven that internal control can sustain the banks’

financial performance and maintain sustainability. And the agency theory supports the

interrelationship between internal control and financial performance which could be made

successful by careful formulation, implementation and adoption of an effective internal

control system carried out by the members of the management of the bank, which

represents the agency assigned to the latter. Moreover, reduction of agency costs and

improvement of general company performance are part of the purposes of establishing an

internal control (Payne, 2003; Abdel-Khalik, 1993).

Finally, the Attribution Theory of Heider (1958) is also considered relevant to the

present study, which proposed that people are naïve scientists who try to work out the

causes of outcomes for themselves and other people. The theory explains the process of

interpreting the behaviors, events, and their causes (Schroth & Shah, 2000). In general,

auditors of the company were held liable for their failure to detect fraud that can highly

affect the financial performance and achievement of objectives of the organization (Bonner

et al., 1998). Moreover, the auditors’ inability to detect the fraud risk associated with the

company’s business operation and processes imposes a significant threat for the

organization (Reffett, 2007). Hence, the theory is relevant to the present study as it explains

why people do what they do, and it will serve as a framework for establishing effective

internal control. As stated in the theory, the management, employees, and auditors of the

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firm must have an adequate understanding of the organizational internal control for proper

revenue generation. In addition, it also supports the concept that control activities are key

elements of an effective control system that will be crucial in preventing fraudulent

activities.

Related Literature

Rural Banking

In the past several decades, the financial sector has gone through various growth

and development as it extends its services to the people belonging to the hard-to-reach

areas or the rural communities. Banks are part of the financial sector in the economy which

plays a vital role in its development by means of providing services to various consumers

and businesses (Barone, 2021). Banks have several classifications including retail banks,

commercial or corporate banks, investment banks, and rural banks. The legislation, with

its objective to provide services to the population that was isolated from the financial

services of the country, created the rural banks which are necessary for establishing sound

and responsive banking services for the poor (Appiah, 2018). Basically, rural banking

institutions are entrusted by the law to provide accessible financial services to the people

belonging to the rural communities with the aim to promote and achieve comprehensive

development for the country’s rural economy (Espenilla, 2018). These rural banks’

investment was particularly directed towards the agricultural sectors of the economy and

in small and medium scale enterprises Alhassan (2017). Rural development, as discussed

by Alhassan (2017), particularly aims at providing benefits to the less fortunate to improve

their standard of living. Moreover, he also mentioned that development for the rural

communities has various contributions such as the preservation of the landscape located in

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rural areas and protection of indigenous cultures and traditions. While the lack of access to

loan products by farmers, who are one of the members of people living in rural

communities, could lead to sub-optimal inputs and agricultural output as credit serves as

their foundation for investment and profitability (Vargas, 2021).

Change Management

As stated by Nickols (2016), change management has its four basic definitions.

First, it refers to a function of managing change which could relate to the making of

changes in a planned and systematic fashion or to the response to changes over which the

organization exercises little or no control. Second, it is an area of professional practice

whereby various consultants act as change agents who possess expertise in the task of

managing the general process of change. Third, change management refers to the body of

knowledge that consists of models, methods and techniques, tools, skills, and other forms

of knowledge that go into making up any practice. And lastly, a control mechanism consists

of requirements, standards, processes, and procedures.

Change management has also its primary goal of enhancing the organizational

performance ability and capability by use of either proactive or reactive actions in order to

adapt internally induced or externally imposed changes (Wang & Sun, 2019). On the other

hand, the comprehensive objective of change management is to expedite the people’s

adaptation of the change process in order to achieve the anticipated benefits faster

(McCarthy & Eastman, 2021).

Employees also play a vital role in the change process wherein Thomas, Tendai,

Zororo & Obert (2019) stated that in general, the role of employees in the change process

is not given proper consideration by the management, rather employees play their part only

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during the implementation stage where memos, policy circulars and any other medium of

declaration of change is distributed after the executive meeting where employees are not

part of. Okemba (2018) added that a change process does not always involve a hierarchical

people because even employees along with their participation are considered as a crucial

part of the basis for change, and by being part of the process they can contribute to idea

generation and making crucial decisions.

Internal Control System

Internal control is considered as having both broad terms and coverage because it

involves the control, which can either be financial or non-financial or both, of the overall

management system which aims to keep the business operation in an orderly and efficient

way through the use of automatic checking and balancing of all transactions

(Kumuthinidevi, 2016). Moreover, Kumuthinidevi also emphasized the need for an

effective internal control system, especially for the banking sector because they play a

crucial part in the economic development of the nation that is portrayed by macroeconomic

instability, slow growth in real economic activities, deceit, and threat associated with fraud

risk. Sharma & Senan (2019) stated that an effective internal control system alone can

accomplish the hierarchical objectives and could include the complete management control

system for organized and efficient business continuity purposes. While Aksoy & Aksoy

(2020) both believe that ensuring the effectiveness and efficiency of the internal control

system is crucial in several aspects such as the assurance of accurate and reliable reporting,

transparency, goals attainment, compliance with code of ethics, and any other significant

principles of the company. In addition, the achievement of an effective internal control

system requires the use of management, board of directors, organization’s personnel, and

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internal auditors’ judgment, particularly in the determination of how much control is

needed, what control needs to be developed and implemented in the entire organization

and how should controls be monitored, assessed, and tested. (Ajao & Oluwadamilola,

2020).

Failure to implement controls over its entire transactions and processes and lack of

safeguard and assessment made on confidential or valuable data will lead to the possible

occurrence of fraud and scandals that can impair the company’s reputation over time

(NSKT, 2021). Accordingly, the company’s board of directors have the ultimate

responsibility for ensuring a responsible foundation, effective and efficient operation, and

supervision of the internal control system, nevertheless, the audit committee, internal

auditors, and regulatory bodies who evaluates the company have also given a shared

responsibility with regards to the latter Aksoy & Aksoy (2020).

Control Environment

As defined by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO, 2013) control environment refers to a set of standards, processes, and

structures which present the basis for the conduct or implementation of the internal control

across the organization. While the board of directors and senior management should

establish a clear understanding of the importance of internal control and expected standards

of conduct (COSO, 2013).

Control environment has various goals such as achievement of an entity’s strategic

objectives, ability to provide reliable financial reporting to both internal and external users,

effective and efficient business operation, compliance with applicable laws and

regulations, and safeguarding assets (Welch, 2017). Moreover, the control environment,

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to be considered as effective, should include ethical values and integrity which suggests

that all members of an entity must show integrity, human resource policies and procedures

wherein its effectiveness can prevent control difficulties, organization structure which

suggest that its clear understanding will limit the chance of possible occurrence of internal

control issues, participation of those charged with governance wherein all parties charged

with governance should be involved in monitoring the internal control functions,

philosophy of management and its operating style wherein integration of the importance of

internal control on the management’s operating style will lead to employee awareness as

regards the seriousness of the matter and lastly, responsibility assignment wherein each

responsibility and authority should be given to different employees in an organization and

decision-making should not be assigned to a single individual only (Cerini, 2016).

Risk Assessment

As defined by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO, 2013) risk assessment necessitates a dynamic and iterative process

capable of identifying and analyzing risks associated with the achievement of an entity’s

objectives and basis for determining how risks should be managed. Gerba (2019) added

that the risk assessment also involves the process of estimating both the probability that an

event will occur and the probable magnitude of its adverse effects, such as economic, health

or safety and ecological, over a specific period. Accordingly, the management should

consider all possible changes in both the internal and external environment of their business

that may obstruct its ability to achieve objectives (COSO, 2013).

In general, risk assessment is composed of identification of both quantitative and

qualitative risks that may influence the entity’s ability to conduct business operations,

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evaluation of risks that may include the construction of risk map, and lastly, the

determination of risk tolerance and establishment of control measures (Welch, 2017).

Control Activities

As defined by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO, 2013) control activities are those actions selected and established by

the company’s policies and procedures for purposes of ensuring that management

directives such as mitigating the risks in order to achieve the objectives are carried out.

COSO (2013) also added that control activities are conducted at all levels of the entity

which can either be preventive or detective in nature and may encompass a range of manual

and automated activities.

A weak internal control or lack of having control activities may increase the risk of

making incorrect decisions by an entity’s decision-makers based on inaccurate, inadequate,

or misleading data and information, the occurrence of fraudulent activities, asset

misappropriation, business disruption, unauthorized access to confidential information and

sanctions or penalties due to noncompliance with applicable laws and regulations (Welch,

2018).

Information and Communication

Information is vital in every organization to carry out their internal control

responsibilities which support the achievement of objectives, while communication is both

internal and external medium that provides the organization with crucial information

necessary for carrying out the day-to-day internal control activities of the company

(Committee of Sponsoring Organizations of the Treadway Commission [COSO], 2013).

Moreover, communication also enables an entity’s personnel to gain a clear understanding

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of internal control responsibilities and their importance to the achievement of company

objectives (COSO, 2013). Clarke (2020) also stated that understanding each responsibility

for internal control is crucial in every organization and it can be achieved when employees

perceive the contribution of their roles in the achievement of company goals and objectives.

In addition, an entity’s internal control can be considered effective if they provide training

to employees on a regular basis, keep current policies and procedures available to

employees, and communicate other critical information in a timely manner (Clarke, 2020).

Monitoring

As Reciprocity (2021) monitoring necessitates an evaluation of the effectiveness of

an organization’s internal control over a specific period in order to assure that internal

controls continue to operate effectively, and it is considered effective if it was able to lead

to the identification and correction of control weaknesses before those weaknesses

materially affect the achievement of the organization’s objectives. Moreover, internal

control systems should be monitored which involves a process of assessing the quality of

the system's performance over time through an ongoing monitoring activity that occurs in

the course of business operations, separate evaluations, or a combination of the two

(“Internal Controls”, n.d.)

Related Studies

Internal control has been proven to have an empirical impact on the company’s

achievement of its objectives and attainment of success. Kumuthinidevi (2016) studied the

effectiveness of the internal control system in the private banks of Trincomalee with the

aim of evaluating the bank’s control environment, internal control system, accounting,

information, and communication system relevant to financial reporting and lastly,

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identifying the bank’s risk assessment process. This study used primary data which uses

questionnaires that are distributed among permanent staff of ten banks and secondary data.

While in the data analysis and evaluation, univariate which uses mean, standard deviation,

percentages, and bivariate analysis methods were used. After the analysis, a conclusion

was given by the researcher wherein it was suggested that a system of both operational and

financial internal control helps in safeguarding the bank’s resources, producing reliable

financial reports, and complying with laws and regulations. Moreover, an effective internal

control also minimizes the probability of making significant errors and irregularities and

assists in their timely detection of fraudulent activities and errors. The need for the internal

control systems in every organization, particularly in banks was highlighted in this study

wherein it cannot be impaired because banks play the crucial part in the economic

development of the nation that is portrayed by macroeconomic instability, slow growth in

real economic activities, deceit and threat associated with fraud risk. Du, Lartey, Jaladi,

Kwabena & Ibrahim (2019) also studied the effectiveness of internal controls in banks

wherein they evaluated the significance of internal control elements on the performance of

selected rural banks in Ghana. They were able to produce statistical analysis and inferential

judgment from the responses they collected from the six hundred fifty bank employees on

the functioning of internal controls. The quantitative results and analysis of the study show

a highly significant relationship between internal controls and the performance of banks

with respect to the principles prescribed by the Committee of Sponsoring Organization of

the Treadway Commission framework (COSO). As for the conclusion, there is an existence

of highly strong internal systems in the rural banks of Ghana, however, monitoring, control

activities, and issues of corporate governance need to be addressed.

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 Sharma & Senan (2019) examines the effectiveness of internal control systems in

selected Saudi Banks in Saudi Arabia wherein they stated that the effectiveness of internal

control depends on and is interrelated to five components of internal control framework,

namely control environment, risk assessment, information and communication, control

activities and monitoring. In this study, an exploratory form of research was used, the

design was a descriptive method, both qualitative and quantitative methods were applied

throughout the study, and primary data were collected through questionnaires while

secondary and other required information was collected from various books, websites, and

published research works. As for the conclusion of the study, the banks in Saudi Arabia

show a satisfactory internal control system, however, there is still a need to improve the

control environment, risk assessment, and communication system in those banks.

Moreover, this study statistically proved that there is a significant difference in the

effectiveness of internal controls in the selected Saudi Arabia banks.

Liu (2018) studied the internal control system with the inclusion of corporate social

responsibility for social sustainability in the new era with the purpose of developing a new

hybrid multi-attribute decision model that is capable of assessing the impact of corporate

social responsibility for the implementation of internal control with inclusion of corporate

social responsibility. The research process includes three phases, namely the pre-test

questionnaires that were designed to find a limited number of criteria from a single

perspective in order to ensure the validity of the pairwise comparison, the official

questionnaire, and lastly, the application of the survey to empirical cases. The result of the

study shows that a social responsibility-oriented internal control system may be an

effective and better strategy as compared to keeping the original internal control objectives.

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Moreover, the researcher also stated that adjustments made on the internal control system

for purposes of jointly promoting sustainable development goals of the company and

ensuring the consistency of corporate strategy and internal control objectives can make the

company be properly guided to implement the social responsibility management

objectives.

The decreasing revenue allocation and economic recession that causes inadequate

funding of the universities by federal and state government, strikes, dearth of equipment,

facilities, and indiscipline among staff and students has prompted Francis & Imiete (2018)

to consider examining the internal control system as a tool for effective fund management

of universities in Bayelsa State, Nigeria wherein they addressed the sources of funds,

challenges of school funds, and the rationale for funds management. The study provides an

analysis of the effect of internal control system on effective fund management in Bayelsa

State Universities and proffers some remedies in tackling the menace of poor fund

management as follows; introduction of internal auditing approaches to manage financial

resources in universities for proper maintenance of school properties, adequate provision

of infrastructural facilities, and proper management of school funds in order to achieve the

aim and objectives of establishing such institutions. Moreover, the researcher also

suggested the monitoring of the laid down internal control procedures and safekeeping of

all financial records or reports and yearly publication of those financial reports.

Conceptual Framework

The conceptual framework of this study revolves around the evaluation and analysis

of the vital roles of effective implementation of the internal control system in rural banks

in Balanga, Bataan towards the achievement of their core objectives.

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 Figure 1 Paradigm of the Study

Figure 1 above shows the paradigm of the study. The five boxes at the top of the

diagram represent the five components of an internal control framework which are the

control environment that represents the company’s culture of internal controls, risk

assessment wherein the organization considers all activities, possible risks associated with

those activities and then identify each risk as either low or high, control activities which

refers to the internal controls and procedures that are implemented for purposes of

mitigating the risk, information and communication which shows how management carry

out the culture of compliance and specific policies people need to follow and monitoring

which refers to the management’s conduct of monitoring processes towards the

effectiveness of internal controls within the company. With all of these components of the

internal control, the company will be able to develop an effective internal control system

that is capable of mitigating the risk, preventing fraudulent activities, establishing sound

decision making, improving the financial performance, and achieving company goals and

objectives.

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Hypothesis (Quantitative)

H0: There is no difference in the implemented internal control system among selected rural

banks in Balanga, Bataan.

H1: There is no significant relationship between the implemented internal control and the

company’s financial performance.

Definition of Terms

To establish a common understanding of the terms used in this study, the following

terms were defined conceptually or operationally.

Asset misappropriation. This involves an individual’s action of stealing or use of

the company’s assets for personal gain. This is used in the study to evaluate the

effectiveness of internal control in detecting asset misappropriation.

Financial performance. This refers to the company’s overall financial health

represented by the achievement of its objective, growing revenue, and manageable

liabilities. This is used in the study to evaluate the effectiveness of internal control in

sustaining financial performance and achievement of company objectives.

Fraud. This refers to any intentional act of obtaining benefit by means of deception

or false representation of facts resulting in financial or personal gain. This is used in the

study to evaluate the effectiveness of internal control in fraud prevention.

Internal control. This involves the rules and processes formulated and

implemented by the company’s board of directors and management intended to ensure

sound business operations, ethical financial reporting, and prevention of fraud.

Rank and File. This refers to the ordinary employees of the company not involved

in the decision-making process but rather in performing the day-to-day business operation

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of the entity. This represents the population in the study to which portion of the sample is

collected.

Safeguarding of assets. This refers to an act of guarding or protecting the

company’s assets against any loss through an effective internal control system.

Segregation of duties. This is part of the internal control which involves assigning

related tasks or the company’s business processes to different employees in order to

mitigate the risk of errors or any unethical actions by an individual.

Notes in Chapter II

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