The purpose of the study was to investigate the influence of internal audit on the effectiveness of financial management at the Cape Coast Metropolitan Assembly (CCMA), Central Region of Ghana. The correlational research design was used for the study. The study population was 123 while the sample size for the study was 100. The lottery method of simple random sampling procedure was used to select the respondents. Questionnaire was used to collect data. The Cronbach alpha reliability coefficient of the questionnaire was 0.851, which was deemed appropriate and significant. The data were analysed using inferential statistics. The findings of the study revealed that determinants of internal audit (independence of internal audit, internal controls, professional competence and internal audit standards) have statistically significant influence on effective financial management at the CCMA. It is recommended to government through the Ministry of Local Government and Rural Development, and the management of the various MMDAs to ensure that internal auditors within the various MMDAs continue to update themselves with the changing times and technologies and sharpen their skills. Also, they should ensure that internal auditors within the assemblies are independent, qualify and act professional such that they will not be under the control of the Chief Executive but part of the management team.
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In-Text Citation: (Alhassan, 2018)
To Cite this Article: Alhassan, N. (2018). Influence of Internal Audit on Effective Financial Management at the Cape Coast Metropolitan Assembly. International Journal of Academic Research in Business and Social Sciences, 8(9), 977–987.
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