An assessment of the efficiency and effectiveness of internal audit function of Ghana Water Company,Cape Coast

Abstract

This research assesses the effectiveness of the internal auditors by assessing the factors which determine the Ghana Water Company internal audit effectiveness. The research design selected for this study was exploratorydescriptive and Cross-sectional design. This design was selected because it is flexible and a lot of information could be gathered in the course of the research. The purpose of this study was to carry out an investigation the efficiency and effectiveness of audit unit of the Ghana Water Company. The researcher used exploratory study design to describe the independent and dependent variable at the Ghana Water Company offices in Central Region. The researcher administered questionnaire to 25 purposively selected respondents’ which included accountants, internal auditors, and other category of staff working in various branches of Ghana Water Company in Central Region. The findings showed audit committee existed in the organisation the overall rating on Improvement of control system, risk management and corporate governance was high meaning that they tend to agree that Improvement of control system, risk management and corporate governance was done based on internal auditors recommendations. We can conclude that both stakeholders and internal auditors themselves recognize the critical focus of management under internal audit is analyzed, which require the fundamental rethinking of the internal audit strategy. Therefore internal audit unit of the Ghana Water Company functions effectively and efficiently.