Assessment of the Internal Control Policies of Ecobank Ghana Limited

Abstract

The purpose of this study was to determine the effectiveness of internal control in financial institutions. The study exploited information by the help of primary data from self-structured questionnaire and interview schedules. However, the purposive type of sampling was used in sampling. In all forty (40) respondents were sampled from the population. The data gathered was analyzed and interpreted using both qualitative and quantitative analysis. The findings of the study revealed that there are measures put in place by the Ecobank Ghana to enhance compliance. The measurement put in place is management oversight responsibility for internal control whereby control policies and procedures are being adhered to. It came to light that, the internal audit unit was responsible for monitoring internal control policy compliance whiles management assesses risk but the internal audit unit is not part of branch operations, they only visit the branches on monthly bases. The recommendations drawn from the study was that the Ecobank Ghana Limited should set internal audit units at their various branches across the country, so that there shall always be internal audit personnel to ensure compliance to the internal controls that exist in the organization. In view of this, the internal audit personnel should also be rotated at regular intervals to avoid any form of malpractices.

Keywords: Internal Controls; Financial Institutions and COSO