The Effectiveness of Audit Committees of New Juaben Municipal Assembly.

Abstract

A literature review on the effectiveness of audit committees, an examination of official municipal records, and the creation and usage of a questionnaire as a data collection instrument have all been done to ascertain if the hypothesis is true or incorrect. The study's focus areas demonstrate that the New Juaben Municipal Assembly's audit committee consistently and successfully carry out its oversight duties. The study's findings also revealed several areas in the audit function that demand management and the municipality's audit committee's attention. More particularly, that the audit committees are not carrying out their responsibilities concerning creation of financial statements. Additionally, it was found that the establishment of audit committees enhances public trust in government because they are crucial to good corporate governance. With the introduction of modernization in terms of the budget and financial management, which was intended to improve accountability, audit committees were established in the local realm of government. The audit committees' lack of transparency in carrying out their tasks was once more exposed. The actions of the audit committee in the New Juaben Municipal Assembly will be further improved by attending to these factors, as revealed by this study. As a result, these characteristics are not seen negatively but rather as an opportunity for the audit committee and municipal management to team up to improve the audit committee's operation. Therefore, these characteristics should be included in addition to the many beneficial aspects of the New Juaben Municipal Audit Committees that have been found and discussed in this study. iv AKNOWLEDGEMENTS Throughout the course of this dissertation, the benefits received from the following people are unmeasurable and therefore I want to thank them in a special way. The first person I want to convey my gratitude to is Mr. Patrick Darkwa, my supervisor for his tolerance, guidance and advice throughout this study. Again Mrs. Martha Tsekumah, my loving brother Prosper Tsekumah, and all my siblings deserve my heartfelt gratitude for their solid support and inspiration during this research. I'm also appreciative to members of the Audit Committee and other responders who even though were busy but found time to contribute to this study. Without their willingness and support, this study wouldn’t have been a success. Finally, my heartfelt appreciation goes to all the people who helped to make this research a feat in many ways.