Abstract:
The aim of the study was to assess the contribution of the internal audit function to the financial administration of technical universities in Ghana. Specifically, the study examined the contributions of the internal audit function to the technical universities of Ghana, evaluated the financial administration of technical universities in Ghana, ascertained the effective and efficient financial administration of the technical universities in Ghana, determined the relationship between the function of the internal audit and the financial administration of the technical universities in Ghana, and identified the factors hampering the effective financial administration of the technical universities in Ghana.
A survey research strategy coupled with a quantitative methodology approach was used in the study in order to achieve the objectives of the study. A structured questionnaire was used to conveniently gather data from the respondents, and the items on the questionnaire were measured on a five-point ranking scale. Overall, 132 respondents sampled from five (5) technical universities in Ghana, were used for the study. A non-parametric spearman correlation was used to relate the functions of internal audit and the financial administration of the technical universities in Ghana.
The study revealed that the internal auditors performed their functions frequently, regularly, and effectively; the technical universities were effective with regards to prudent financial administration, and the internal audit function had significant positive relationship with the financial administration practices of their institutions.
The study recommends that the internal audit staff at the various technical universities be well-motivated, frequently trained, and most importantly be given the needed independence in order to improve upon, the contributions of the internal audit function to the financial administration of technical universities in Ghana
