The Korle Bu Teaching Hospital has featured consistently in the news for various forms of financial malpractices in recent times and this could be emanating from weaknesses in the institution’s internal financial control system. To this end, the present study sought to evaluate the existing internal financial control systems of the hospital to assess the extent of their effectiveness and efficiency. The population of the study comprises of Board of Directors, Accountants, Internal Auditors, Management and Senior Administrative staff numbering three hundred and nine (309) who play a role in the implementation of internal control policies of the hospital. Sixty (60) respondents were purposively sampled to take part in the study.Descriptive analysis (tables, bar graphs, and pie charts) was used in the analysis of the data. The study revealed that internal financial control measures instituted by the management of Korle Bu Teaching Hospitalare quite effective butthe independence of the internal auditor is not guaranteed. The study also brought to light that there is no internal control unit at the hospital to oversee the day-to-day implementation of financial control policies. Base on the findings, we recommend that the management of Korle Bu Teaching Hospital should increase its co-operation and support to the internal audit unit and other departments responsible for the implementation of internal control measures to enhance the effectiveness of internal financial controls. We also recommend that an internal control unit should be established to oversee the implementation of internal financial control policies at the hospital. More so, the independence of the internal auditor should be facilitated as much as possible so as to promote probity and accountability in the financial transactions of the premier teaching hospital of Ghana.
