An Analysis of Revenue Cycle Internal Controls in Ghanaian Universities

Justice Ray Achoanya Ayam


While corporate organisations in recent years have experienced increasing demands for more effective and efficient internal controls aimed at strengthening and enhancing the reliability of financial statement there exist very little empirical studies focusing on the application of the five components of the COSO control framework in Revenue Cycle Internal Controls in Ghanaian University. The study is relevant in increasing the understanding and evaluating internal control effectiveness of Ghanaian Universities. The purpose of this research paper is to assess the level of effectiveness of the Revenue Cycle Internal Control Systems of Universities in Ghana using the Committee of Sponsoring Organisation of the Treadway commission (COSO) control framework in order to provide the basis for streamlining and improving controls in the Universities in Ghana. The study uses primary data collected through a survey instrument from respondents sampled from Universities and University Colleges. The results indicate that all five components of the COSO framework were in place and functioning effectively. The sampled population consist of Ghanaian Universities only, consequently the research outcome may not necessarily represent all Universities in the world. Only selected Universities and University Colleges in Ghana were included in the research, therefore the findings of this study cannot be attributable to all Higher Educational Institutions in Ghana.

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