Abstract:
The purpose of this study is to determine the roles of internal and external audits in corporate
governance structure. This study was conducted in ten hotels in Ho, the Volta Regional Capital.
In this research, the stratified sampling method was used in attaining the sample size by
concentrating on the various units of the selected Hotels for the study. This enabled the researcher
to highlight differences between groups in a population which ensured different views obtained on
the subject matter and also allowed for 100% response rate. The research design used was mixed
method. Qualitative and quantitative data were analyzed by using the Statistical Package for the
Social Science (SPSS). Chi-Square Test was performed to establish whether there is a relationship
among the variables understudied with a null hypothesis of corporate governance which is
independent of internal and external audit. The results of the analysis show that the significances
of these tools are clear as these tools coordinate in providing assurance, enhancing and improving
internal control systems, risk assessments and management, enhancing financial reporting,
ensuring funds are spent as expected as well as enhancing good corporate governance by providing
oversight, foresight and insight roles in relation to compliance to law and regulations both internal
and external. It was also found that, even though management is aware of these significance and
the expectations of stakeholders, they are reluctant to acquire and use these services. The internal
and external audits as demonstrated in this study are two other tools that can help to protect these
investments when acquired and allowed to function as expected. If management is reluctant of
acquiring these services, it could me that either, they are not fully aware of the significance these
tools bring or they intentionally do not want to use them because of their own personal benefits.
