DOI: 10.36347/sjebm.2021.v08i08.002

Pages: 201-207

This paper seeks to investigate the effect of the working relationship between the Audit Committee and the Internal Audit function on corporate governance within the public universities in Ghana. The emphasis was mainly on the working relationship from the perspective of the Head of Internal Audit. This is a relationship in which the two can capitalize on what they both contribute to corporate governance. All five public universities were involved in the survey with seventy sets of questionnaires administered to four-set respondents. Findings revealed that there is a relationship between the two but it was not strong enough to promote good corporate governance. This would affect the recognition of the benefit of an effective Audit Committee capable of working with the Internal Audit to promote sound corporate governance. The establishment of the Audit Report Implementation Committee and functions of the Internal Audit Department have put the expectation of the committee on the spotlight to assist the University Councils and Management to ensure the effectiveness of the financial and operational controls. On this note, the work of the Internal Audit and the Audit Committee should function as a team in order to be effective. It is therefore important for the Head of Internal Audit to have respect and confidence in the Audit Committee Chair in terms of skill and knowledge. The responsibility of relationship building rests on the shoulders of the Heads of Internal Audit with support from the team leaders by executing their work professionally. In conclusion, the relationship should be nurtured and made strong through timely and relevant interactions and effective communication.