Browsing by Author "Onumah, J.M.,"

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The Banking Industry Requirements of Accounting Graduates in Ghana
(2012) Onumah, J.M.,; Gariba, F.,; Packeys, A.,; Agyapong, R. A.,
Purpose – This study analyses the various skills needed by today's accounting graduates in order to be suitable for the Ghanaian banking industry. Design/methodology/approach – The study adopted a simple random sampling technique to select 15 of the 27 banks currently in the banking industry, a sample selected as first part of a total banking industry study. Questionnaires were used, supported with interviews, to collect the data from the responding 13 banks. Findings – The study revealed that variables (in order of preference) such as; positive attitude, communication skills, strong work ethics, team work, good interpersonal skills, analytical and problem-solving skills, flexibility and adaptability, management and organizational skills and strong IT skills are some of the key skills employers expect accounting graduates to have in order for them to be deemed ready for the banking industry. Research limitation – The only targeted respondents were the human resource and branch managers. The result could have been different if the sample had been widened to cover a greater number of the banks in the industry and included other responding groups like accountants. Practical implications – The findings offer guidance to those involved in the training of accountants in tertiary institutions and graduates of accounting seeking to develop skills necessary for the banking industry. Originality/value – This is a major contributor to skills-analysis-requirement of specific jobs, looking at the banking industry. The case can be extended for other job-specific industries like insurance.
Barriers and catalysts to effective internal audit in the ghanaian public sector
(2012) Onumah, J.M.,; Krah, R. Y.,
Purpose – The purpose of the study is to investigate the role of the internal audit function in the public sector entities in Ghana and the factors limiting the effectiveness of internal audit in the sector. Design/Methodology/Approach – The study collected the data from 120 internal auditors in 40 ministries, departments and agencies (MDAs) through a self-administered questionnaire. A semi-structured interview with a senior manager of the Internal Audit Agency, the oversight body was also carried out as a follow up. Findings – The scope of internal audit services in the sector is limited to regular audit activities, mainly pre-audit of payment vouchers which take estimated 74% of the average productive audit time. The effectiveness of internal audit in the Ghanaian public sector is hampered by several factors: low professional proficiency of internal auditors; lack of management ownership and support for internal audit activities, lack of budget authority of the internal audit units and weak functioning of audit committees, among others. Some remedial programmes are ongoing. Research limitations – Inherent in the study result is the limitation associated with non-probability sampling methods because of the use of purposive sampling technique to select the internal auditors and the organisations. Practical implication – The result of the study may have policy implication for government in the design of programmes for improving the effectiveness of internal audit as an element of public financial management reforms. Originality/Value – Despite several studies on internal audit effectiveness in the public sector organisations, none relates to Ghana. This study fills the gap.
Effectiveness of Internal Control Systems of Listed Firms in Ghana
(2012) Onumah, J.M.,; Kuipo, R.,; Obeng, V.A.,
Purpose – This study examines the effectiveness of internal control systems of listed firms in Ghana. The recent (especially international) financial reporting scandals have caused regulators to place a lot of attention on internal control systems as a mechanism that could help improve the quality of financial reporting. Design/methodology/approach – The study examined annual reports of a sample of 33 firms listed on the Ghana Stock Exchange. In measuring the level of internal control effectiveness, 23 items relating to internal control categorised under control environment, information and communication, risk assessment, control activities and monitoring were operationalised and the effectiveness score was determined based on the items. Findings – Overall internal control system showed an average level of effectiveness in this study, which implied an overall low level of effectiveness. Of the five categories assessed under internal control system, control environment showed a higher level of effectiveness. Originality/value – The study makes a contribution to the academic research activities relating to internal controls in Ghana. Limitations – Inherent in the measurement process is an element of estimation error as a result of the use of subjective judgement for some items operationalised in assessing internal control effectiveness.
Ethics and accounting education in a developing country: Exploratory evidence from the premier University in Ghana
(2012) Onumah, J.M.,; Antwi-Gyamfi, N. Y.,; Djin, M.,; Adomako, D.,
Purpose – This chapter examines the extent to which ethical issues are integrated in accounting education at a university in a developing country. It also explores the perception of a broad spectrum of stakeholders on the need to integrate ethics into the accounting curriculum. Methodology/approach – The study adopts multiple data collection tools. Questionnaires were predominantly used to solicit information from students, faculty and alumni of University of Ghana Business School (UGBS) as well as accounting firms. There was a content analysis of the course outlines of the accounting major subjects. In addition, policy makers and a professional accountancy body were interviewed to obtain additional insights. Findings – The accounting course outlines reveal limited ethical issues; confirmed by majority of respondents that the level of ethics in accounting education is woefully inadequate. With regard to integrating ethics, there was consensus among stakeholders. Accounting firms argue that ethical issues are crucial to the practice of accountancy, thus the need for their integration into the curriculum. Moreover, the dearth of ethics in the curricula of universities in Ghana is attributed to the limited collaboration between academia and professionals. Research limitations – This study focused on only one university, and some aspects of ethics in accounting education; not examining the quality of ethics, how and at what level it must be taught, and therefore generalising the findings must be done cautiously. Practical implications – The varying stakeholders’ perceptions offer invaluable suggestions for managers and policy makers in developing the human resource for accountancy in Ghana and possibly, other developing countries. The need to reconsider ethics fully is overwhelming. Originality/value – This study is first of its kind in a developing country.
Exploring the disclosure of intellectual capital in Ghana: Evidence from listed companies
(2013) Asare, N.,; Onumah, J.M.,; Simpson, S.N.Y.,
Intellectual Capital (IC) has become a prominent feature of business transactions and discourse. The rising interests in IC and Intellectual Capital Disclosure (ICD) issues in both developed and developing countries have necessitated insightful studies. This study explores ICD in Ghana and seeks to contribute to fill the dearth in the literature on ICD from the perspective of developing countries. The study examines the ICD of 25 companies listed on the Ghana Stock Exchange (GSE) over a five-year period (2006-2010) through content analysis of their corporate annual reports. The study revealed that the ICD level in annual reports in Ghana is quite high and descriptively reported and though disclosure of IC is improving but at a relatively marginal rate. Therefore looking at the trend of ICDs by the companies, the study recommends the need for accounting regulatory bodies and oversight agencies (local and global) to develop specific standards or guidelines on identifying, measuring and reporting IC. This paper is one of the few studies to have investigated the disclosure of IC in corporate annual reports in Ghana.
Intellectual capital disclosures in Ghana: the views of stakeholders
(2014) Asare, N.,; Arku, J.S.,; Onumah, J.M.,
The purpose of this paper is to assess the views of stakeholders on Intellectual Capital Disclosures (ICD) in the developing economy of Ghana. This study made use of the survey approach as the method to examine perceptions of stakeholders on ICD in Corporate Annual Reports (CARs). The data were analysed using descriptive and summary statistics. The results of the study show that decisions of stakeholders concerning firms, to some extent, do depend on Intellectual Capital (IC) information disclosed in CARs. The Human Capital (HC) disclosures are relatively more important than Structural Capital (SC) and Relational Capital (RC) disclosures. The growing importance of ICDs is partly attributable to the fact that there is the need for managements to communicate knowledge of management policies and strategies to stakeholders. There is indication that IC information is useful for decision-making purposes of Ghanaian stakeholders. The study concludes that there is little evidence to support the stakeholder and legitimacy theories in Ghanaian corporate environment. The conclusions drawn from this research were rooted on a relatively small sample. The inclusion of more stakeholders in the sample in future studies would help to pinpoint other issues that are of importance on ICD in Ghana. The study sought to raise awareness of Ghanaian stakeholders regarding ICDs. The paper contributes to the extant literature on ICD, as it provides evidence of stakeholders’ perceptions on ICD in CARs.
Performance contracts and State enterprises : the Ghanaian perspective
(2010) Simpson, S.N.Y.,; Onumah, J.M.,
Evidence from earlier studies on the use of Performance Contract (PC) has been mixed since its introduction as a tool to among other thing improve the operations of state-owned enterprises (SOEs) and ultimately their performance. This study builds on the latest study on the subject by Larbi (2001) who used an SOE in Ghana. What makes this study different is that it goes beyond the case of only one SOE and PC. The current paper adopts qualitative research approach where data were gathered through interviews, examination of PCs and other documentations. The study confirms some of the finding of the earlier studies on the operations of PCs in Ghana, but adds one more performance indicator to the three (3) identified by Larbi (2001): the dynamic effects. Furthermore, PCs in Ghana tend to assign high weight to economic goals and in some cases no weight to productivity. With regard to improved results there are considerable variations which are attributable to the many and various performance indicators
Performance contracts and State enterprises : the Ghanaian perspective
(2010) Simpson, S.N.Y.,; Onumah, J.M.,
Evidence from earlier studies on the use of Performance Contract (PC) has been mixed since its introduction as a tool to among other thing improve the operations of state-owned enterprises (SOEs) and ultimately their performance. This study builds on the latest study on the subject by Larbi (2001) who used an SOE in Ghana. What makes this study different is that it goes beyond the case of only one SOE and PC. The current paper adopts qualitative research approach where data were gathered through interviews, examination of PCs and other documentations. The study confirms some of the finding of the earlier studies on the operations of PCs in Ghana, but adds one more performance indicator to the three (3) identified by Larbi (2001): the dynamic effects. Furthermore, PCs in Ghana tend to assign high weight to economic goals and in some cases no weight to productivity. With regard to improved results there are considerable variations which are attributable to the many and various performance indicators