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Corporate Governance in the Public Sector of Ghana: The Role of Audit Committees in the Covered Entities

Author

Listed:
  • Leo Moses Twum-Barima

    (Accountant, Finance Unit University of Mines and Technology, P. O. Box 237, Tarkwa, Ghana)

  • Ernest Frempong

    (Assistant Internal Auditor, Audit Unit University of Mines and Technology, P. O. Box 237, Tarkwa, Ghana)

Abstract

Corporate governance sets the tone at the top by bringing efficiency and effectiveness in managing covered entities. It minimises risks and prevents fraud thereby protecting the public purse. However, applying the concept of corporate governance has met some challenges. The population of the study was Audit Committee members of covered entities and purposive method of sampling was used to select 50 Audit Committee members for the study. Likert type five scale response questionnaire was used to collect data and hypothesis was statistically tested using analysis of variance technique to address the research question. It was found out that the Audit Committees perform differently from one entity to another. Some do not follow the Audit Committee Guidelines.

Suggested Citation

  • Leo Moses Twum-Barima & Ernest Frempong, 2023. "Corporate Governance in the Public Sector of Ghana: The Role of Audit Committees in the Covered Entities," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(8), pages 190-202, August.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:8:p:190-202
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    References listed on IDEAS

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    4. Menon, Krishnagopal & Deahl Williams, Joanne, 1994. "The use of audit committees for monitoring," Journal of Accounting and Public Policy, Elsevier, vol. 13(2), pages 121-139.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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