Extension of Sarbanes-Oxley Act Provisions in the Public Financial Management in Ghana

Author(s)

Bismark Kofi Owusu Sarfo , Kong Yusheng , Lydia Takyi , Bright Parker Quayson ,

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Volume 9 - March 2020 (03)

Abstract

This study measures the relative importance of extending the Sarbanes-Oxley Act (SOX, 2002) provisions to the public financial management in Ghana. It targets at the possibility of adopting the SOX Act in the local government sector in Ghana. The survey targeted, government officials, specifically Public Sector Finance Officers and university lecturers with relevant knowledge in PFM, External Auditors and Accountants. The trend of the responses implies that apart from the introduction of an independent audit committee into the public sector; the participants mainly supports the provision of a public accounting oversight board. They recommend that the non-audit service should not pre-approved by the audit committee. We also found strong support for auditor independences rules similar to the SOX Act provisions. Whiles majority of lecturers believe that extending the SOX Act provision to Ghana’s PFM is not a means to an end,  they believe that the PFM ACT (2016) Act 921 have enough provisions to deal with most systemic challenges in the local government sector in Ghana

Keywords

Public Financial Management, Sarbanes-Oxley Act of 2002, Public Financial Management Act (2016) Act 921, Local government 

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