Quick Menu

Upcoming Journals
  • No Upcoming Journals

British Journal of Economics, Management & Trade

British Journal of Economics, Management & Trade, ISSN: 2278-098X,Vol.: 17, Issue.: 1

 

Original-research-article

 

The Internal Control Systems of GN Bank- Ghana

 

 

William Owusu-Boateng1, Richard Amofa2 and Isaac Osei Owusu1*

1Department of Sociology and Social Work, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.

2Institute of Distance Learning, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.

 

Abstracts

 

GN Bank is one of the numerous universal banks in Ghana. A bank is considered a universal bank if it is licensed with a license ‘A’ by the Bank of Ghana. Some of the universal banks in Ghana are GCB Bank, HFC Bank, First Atlantic Bank, Cal Bank and others. A useful and well-organized internal control system is an essential element in managing a bank and a basis for banking institution’s operations to be secured. The main objective of this research was to identify the internal system of control used at GN Bank’s credit department. A census sampling technique was used by the researcher in getting a sample size of eighty five (85) who consisted primarily of managers and officers of GN Bank’s credit and risk departments in the south eastern zone through the administration of questionnaires. The data was analysed using the Scientific Package for Social Scientist (SPSS). The study found that there exists an internal system of control. GN Bank board of directors are ultimately responsible for ensuring that an adequate and effective system of internal controls are established and maintained. Together, both the board and senior management are responsible for promoting high ethical and integrity standards, and for establishing a culture within the organization. It was realised that GN Bank’s implementation of a strong internal control system was able to detect and prevent fraudulent acts and practices. Although respondents agreed to GN Bank providing adequate training for credit personnel on internal control procedures, some substantial disagreements were recorded for this particular question. It was recommended that the board of directors should have responsibility for approving and periodically reviewing the overall business strategies and significant policies of the bank; ensuring that senior management takes the steps necessary to identify, measure, monitor and control these risks; approving the organisational structure; and ensuring that senior management is monitoring the effectiveness of the internal control system.

 

Keywords :

Internal control systems; bank; fraud; department.

 

Full Article - PDF    Page 1-17    Article Metrics

 

DOI : 10.9734/BJEMT/2017/32261

Review History    Comments

Search this site

Advanced Search

Announcement & News

ISI Thomson Reuters selected British Journal of Pharmaceutical Research for Emerging Sources Citation Index

We are delighted to inform that ISI Thomson Reuters selected British Journal of Pharmaceutical Resea...

SCOPUS selected Annual Research & Review in Biology (ARRB)

We are delighted to inform that famous indexing organization SCOPUS (from Elsevier) selected  A...

Index Copernicus Evaluation Result Released

We are delighted to inform that Index Copernicus (a leading indexing organization from Pol...

Journal Repository (JR): Permanent Digital Archiving of SDI journals

SDI is happy to announce that all our journals are now permanently archived in Journal Repository (J...

Index Copernicus Value of British Journal of Medicine and Medical Research

  We are delighted to inform that Index Copernicus (a leading indexing organization ...

SDI journal got 35th ranking in Publons

We are delighted to announce (as of 04/01/2016) that British Journal of Medicine and Medical Re...

Growth of SDI and world publication market

As of 2014, total 25,064 journals are competing in World market of journal publication. In 2011, tot...

Publication and site statistics (up to Sept, 2015)

  Number of submission: 22181 (Total up to Sept, 2015) Number of published paper: 10949&n...

Index Medicus selected 15 SDI journals

We are delighted to inform that Index Medicus (IMSEAR) has selected following 15 SDI journals for in...

SCIENCEDOMAIN international received 5844 submissions in 2013

SCIENCEDOMAIN international is pleased to announce that it has received 5844 submissions in 2013, ac...



SCIENCEDOMAIN Awards

  • No Awards listed.

Browser Compatibility : Mozila firefox, Google Crome and IE 7 & above. Creative Commons License Terms & Condition   |   Privacy Policy   |   Join Us   |   Help   |   Contact Us
© Copyright 2010-2017, SCIENCEDOMAIN international. All rights reserved.