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Assessing Internal Controls among Insurance companies in Ghana

Amponsah, Stephen and Adu, Kofi Osei and Amissah, Anthony (2015): Assessing Internal Controls among Insurance companies in Ghana.

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Abstract

This study assessed the internal controls system in the insurance companies in Ghana. Data were collected from internal auditors in the insurance industry in Ghana and in total, 91 questionnaires were successfully administered. The study employed multivariate analysis of variance (MANOVA) as the analytical tool.There was a statistically significant difference among categories of insurance companies on the combined dependent variables (internal control variables-Control Activities, Monitoring, Information and Communication, Control Environment, and Risk Analysis). When the results for the dependent variables were considered separately, the variables that contributed to the statistical significance are the Control Activities, Monitoring, Control Environment and Risk Analysis.The study recommended that National Insurance Commission should organise seminar on effective implementation of internal controls for the insurance companies in Ghana with much focus on brokerage reinsurance, reinsurance and lost adjusters companies.

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