The Journal of Accounting and Management, Vol 8, No 1 (2018)

Determinants of internal audit effectiveness in State-Owned Enterprises (SOEs) in Ghana

Alhassan Musah, Erasmus Dodzi Gapketor, Fred Kwesi Anokye

Abstract


The study examined factors that determine internal audit effectiveness among SOEs in Ghana. The study was conducted in response to various scandals among Ghanaian SOEs and the lack of empirical studies on determinants of internal audit effectiveness that can deal with these problems. The study specifically examined the respondent’s perception about the impact of factors such as; competence of internal audit unit, size of internal audit unit, relation between internal and external auditors, management support for internal audit function, and independence of internal audit unit on internal audit effectiveness among SOEs in Ghana. The surveyed internal auditors, accountants and management of these sampled SOEs in Ghana. The results of the study showed that management support for internal audit function is the most significant determinants of internal audit effectiveness. The study also revealed that size of internal audit unit, competence of internal audit staff, independence of internal audit unit as well as good relationship between internal and external auditors were significant determinants of internal audit effectiveness. The study apart from contributing to the non-existent literature on the subject matter in Ghana, also serve as guidance to policy makers on critical areas to address to ensure affective internal audit in SOEs in Ghana. 


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