Frank Kofi Asare
Internal Auditor | Akatsi College of Education
Email: frankas211@yahoo.com
Abstract
MDAs form a substantial portion of the Ghanaian economy and they face quite a number of challenges ranging from poor strategic planning, limited skilled manpower, obsolete technology, insufficient research and political interference. Internal audit unit perform an important task in advising the management of assembly on how to improve their operations. The quality of internal auditors‟ work therefore is of paramount importance. Compliance with internal auditing standards which includes proper financial administration is meant to safeguard and improve the quality of internal auditors‟ work. Quality auditing of the MDAs will assist them to increase their profitability thereby accruing high revenues to the government. High government revenue translates into increased economic development for the country. Increased economic development helps in improving production and wealth generation for Ghanaians. This demonstrates that the benefits of quality internal auditing of MDAs spread even to the communities. This research work is aimed at digesting the operations of the internal audit unit in financial administration of MDAs and to identify the challenges facing them in the performance of their duties. The study will also help to examine and evaluate the extent at which the internal audit unit conforms to the laid down rules and regulations as directed by the Internal Audit Agency Act, Act 200. This study will also help improve internal control system, and risk management procedures that are carried out by the internal audit unit which would enhance stakeholders‟ satisfaction and trust of the work of the units, and thereby increase transparency, effectiveness and efficiency of reliable financial operations of the assembly‟s operations. However, the research will also improve literature on public sector internal auditing in Ghana.
Keywords: Keywords: Audit Operation, Internal Audit Units, Financial Administration, Auditing Practices