Abstract:
For every company to be strong without threat of fraud, errors and misappropriation of assets which eventually lead to the collapse of many institutions, there must be an effective and efficient internal control systems.
The objective of the study was to find out whether or not internal control systems are stipulated by legislation and regulators of the Financial Administration Regulation, Public Procurement Act and Internal Audit Act is what is practiced in the public second cycle institutions in Ghana.
Description:
The second cycle institution in Ghana serves as the middle phase for the human resource development of people living in Ghana. This makes it very imperative for any problem associated with it to be a concern to any patriotic citizen.
Over the years the schools in Ghana have suffered from several embezzlements of funds. Not long ago, the Bursar of Presbyterian boys’ secondary school (PRESEC) Legon-Ga East District admitted his complicity of embezzlement of over 200,000 Ghana cedis belonging to the school.
According to the daily graphic, in a written letter to the Audit report implementation committee (ARIC) of the Ghana Education Service(GES), the former Bursar accepted the findings of the audit team which he had hitherto rejected, promising to refund the money. (Daily Graphic 19-11-07, Anonymous)
