Assessment of financial control practices in Polytechnics in Ghana. A case study of Sunyani Polytechnic

The study sought to assess the financial Control systems of Polytechnics in Ghana and suggest ways of improving them. Financial control systems exist to help organizations meet their goals and objectives, promote efficiency, reduce the risk of loss, and help ensure financial statement reliability and compliance with laws and regulations. The study adopts the case study design using Sunyani Polytechnic in the Brong Ahafo region, Ghana. A sample size of 50 staff members was selected for the study using the convenience sampling. The sources of data for the study were both primary and secondary data. The study found out that three (3) major financial control systems, namely, preventive, directive and detective control systems are in existence in the Sunyani Polytechnic. Effectively, realistic budgets are established and results are actively monitored. It was discovered from the findings that there was existence of internal financial controls regulated by Financial Administration, Procurement, Internal Audit Agency Acts and indirect application of Committee of Sponsoring Organizations of the Treadway Commission (COSO). It was revealed that the level of compliance was high and this is very commendable and must be encouraged. It was also discovered there was a fair amount of compliance but sanctions are rarely given to a person who does not comply with the laws and conventions of internal financial control. It was recommended that pre-audit should be done for all transactions and seriousness need to be attached to it. It was recommended that audit units need to be strengthened in the Polytechnics. It was recommended that review of internal control needs to be done from time to time, so that new standards can be embraced for performance and improvement. Regular training programmes should be organized for workers on the financial management and control of the Polytechnic activities for its sustainability and growth. There should be in-depth investigations into the accounting system to eliminate all identified weaknesses