Effect of Internal Controls on Financial Performance Essay

11976 Words Feb 19th, 2013 48 Pages
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the study
Over the past decade, Africa and other developing regions have been in the midst of tremendous changes. Market liberalization and governmental decentralization policies have interfaced with globalization and urbanization trends to dramatically transform social, political, economic and cultural lives. In this context of rapid change, SME operations can no longer remain behind serving only to meet sustenance income for their owners. SMEs engagements have to become a dynamic and integral part of the market economy.
The identification of factors that determine new venture performance such as survival, growth or profitability has been one of the
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1.3.2 Specific Objectives
1. To assess the nature and forms of SMEs in Medina and the relative involvement of women and men.
2. To identify the main objectives and challenges of SMEs in Medina and to rank them in order of importance.
3. Assess the main sources of capital for SMEs in Medina.
4. To assess the status of SMEs in Medina with regard to business registration, savings, record keeping and business account holding.
5. To determine the factors that account for the emergence of small scale businesses in the Medina community
6. To assess the socio-economic impacts of the growth of SMEs in Medina
1.4 Research Questions
The study shall provide answers to the following research questions:
1. What is the nature of SME operation in Medina and the relative involvement of women and men?
2. What are the main objectives and challenges of SMEs in Medina and which are ranked more importance?
3. What are the main sources of capital for SMEs in Medina?
4. What are the status of SMEs in Medina with regard to business registration, savings, record keeping and business account holding?
5. What factors have accounted for the emergence of small scale businesses in the Medina community?
6. What are the socio-economic impacts of the growth of SMEs in Medina?
1.5 Justification of the Study
It is difficult to analyze the performance, nature of operation and behavior of the SME sector in Ghana due to the lack of comprehensive data on them

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