FINANCIAL CONTROL PRACTICES OF HEADS OF PUBLIC SECOND CYCLE INSTITUTIONS IN CAPE COAST METROPOLIS IN GHANA

ABSTRACT The purpose of this study was to investigate financial control practices in public second cycle schools in order to check whether there are financial irregularities in the use of school funds in the Cape Coast Metropolis. The study adopted cross-sectional survey with mixed methods design. Questionnaire and interview guide were used to collect data. The questionnaires were analysed using Statistical Product and Service Solution (SPSS) version 20.0. The interviews were also analysed using Nieuwenhuis’s (2007) guidelines to reduce, condense and group the contents of the interviews. The findings indicated that the heads managed funds in accordance with the school budget drawn. It was found out that the external and internal auditors were in charge of monitoring the heads financial management through their quarterly and annual financial statement analysis. It was also revealed that due to limited knowledge of the heads they delegated budget preparation to the accountants. The findings revealed that there was no segregation of financial duties and this may also lead to financial improprieties in the schools. It was concluded that the heads were caught in the web because they did not have the requisite skills to detect any underhand deals by the bursars/accountants. It was also concluded that there were weakness in external financial control mechanisms that influenced internal financial control practices in public second cycle schools due to inefficiencies and ineffectiveness in financial operations. It is recommended that the objectives of financial control in the schools should be achieved through SMART (specific, measurable, achievable, reliable and time-bound) principles. The SMART principles should also be achieved through goal settings.