INTERNAL CONTROL AND CRISIS MANAGEMENT: INSIGHTS FROM STATE AND PRIVATELY-OWNED ENTERPRISES IN GHANA
Keywords:
Crisis Management, Internal Control, state-owned enterprises, private enterprises, GhanaAbstract
The paper discusses the level of adherence to internal control measures focusing on the 2013 COSO Model as well as the relationship between internal controls and crisis management. The authors employed a survey and cumulative percentage research approach with 20 enterprises from five sectors, namely: transport, service, energy, financial, and manufacturing, with 120 respondents from both State and Privately-Owned Enterprises in Ghana. The results indicate that less than ¼ of surveyed enterprises perform excellently with the 2013 COSO internal control model and the performance of privately owned enterprises is better than that of state-owned enterprises. The study also finds a weak positive correlation between internal controls and crisis management in both state- and privately-owned enterprises in Ghana and recommends that internal controls must be taken seriously with special attention on the appointment of Boards members and management which should be based on competence rather than political and other social ties.
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