Evaluating the impact of internal control systems on corporate performance of Ghanaian banks: The moderating role of information technology

In today's fast-paced and unpredictable business landscape, companies need to embrace new strategies and innovations rooted in adaptable and flexible frameworks. This study examined how Internal Control Systems (ICS) and Information Technology influence the Corporate Performance of the listed banks on the Ghana Stock Exchange. The study followed a positivist approach and utilized quantitative methods to meet its objectives. Surveys were conducted using self-administered questionnaires, and data was collected through convenience and purposive sampling. Partial least squares regression with structural equation modelling was utilized to analyse the complex structural relationships between the variables. Additionally, the study explored the moderating role of Information Technology in enhancing the relationships between various dimensions of ICS and corporate performance. The results emphasize the importance of Information Technology and control activities within ICS, evidenced by their positive correlation with corporate performance. It also highlights the significance of monitoring activities in detecting and preventing fraudulent activities, errors, and inefficiencies. Our findings recommend policymakers, industry stakeholders, and entrepreneurs in the banking sector to prioritize and create a conducive regulatory environment for robust ICS implementation in listed banks in Ghana.