International Journal of Research Studies in Education
CollabWritive Special Issue
Volume 13 Issue 9
Available Online: 15 July 2024
Author/s:
Wang, Yan
Graduate School, Lyceum of the Philippines University – Batangas, Philippines
Abstract:
This study investigated the interrelationship between risk management practices, internal control, and the audit process in educational institutions, particularly schools. The primary objectives were to determine the current practices in risk management (risk identification, assessment, analysis, and response), to describe internal control in terms of control activities, information and communication, and internal control evaluation, and to assess the audit process across its preparation, implementation, and rectification stages. Additionally, the study aimed to test the significant relationships between these areas and to propose an operational framework for enhancing school development goals. Through quantitative analysis using Spearman’s rho correlation coefficients, the research confirmed the significant relationships between risk management practices and various audit process stages, highlighting the integral role of risk management in the audit process. Similarly, strong correlations were found between elements of internal control and the efficacy of audit stages, underscoring the importance of robust internal control systems in facilitating effective audits. Based on the findings, the study proposed an integrated approach for schools, emphasizing the alignment of risk management with internal control mechanisms and audit processes. Recommendations included enhancing staff training, improving information and communication channels, regularly evaluating internal controls, and focusing on the rectification stage of audits. The adoption of technology in streamlining these processes and fostering a culture of accountability and continuous improvement were also suggested. The study contributes to the understanding of how schools can leverage risk management, internal control, and auditing to achieve operational excellence and fulfill their developmental objectives. It provides a comprehensive framework for educational institutions to enhance their governance, risk management capabilities, and overall operational efficiency.
Keywords: risk management, internal control, audit process, operational framework, school development
DOI: https://doi.org/10.5861/ijrse.2024.24655
Cite this article:
Wang, Y. (2024). Risk management, internal control and audit process in local universities basis for operational goal achievement framework. International Journal of Research Studies in Education, 13(9), 89-109. https://doi.org/10.5861/ijrse.2024.24655