The Role Of Internal Control On The Performance Of Financial Institutions In Ghana:Case Of Access Bank Ghana

The growth in the sizes of business organizations and the advent of corporate governance has made investors to heavily rely on the necessity of internal and external controls for prudent management of their businesses.Internal controls are indispensable in ensuring that processes operate as designed and business risk management are carried out in a bit to achieve the ultimate goal of profitability.As such,the study sought to examine the implications of internal control systems on the performance of financial institutions in Ghana with the particular case of Access Bank Ghana in view of setting out standard procedures for internal control systems.To achieve the aims,primary data was gather from workers in the different branches of Access Bank Ghana in Ghana via questionnaire.The data was gathered was analysed using tables,charts and test statistics.The results revealed that Access Bank Ghana already has a good internal control mechanism back by a high level of implementation of the rules and procedures.However,it also showed a serious problem being that of providing feedback and having the potential of jeopardizing the entire system and eventually performance.Furthermore,the chi-squares test showed significant relationship between internal control systems and financial performance of Access Bank Ghana at a 5% level of significance meaning that internal control systems directly affect the performance of the organisation.Finally,the major recommendation was that feedback on routine internal control should be accessible to those concerned so as to reduce the risk of bribery and or organized crime between defaulters and internal controllers.