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This study aimed to examine the impact of the internal control system (ICS) on the performance of publicly traded Ghanaian commercial banks, within the context of the core components of the COSO integrated ICS. Accordingly, the study investigated employees' perceptions of the impact of the ICS components on financial performance-FP and non-financial performance-NFP and whether a significant relationship exists between these perceptions. In the study, the core components of the COSO’s ICS (control environment, risk assessment, control activities, information-communication, monitoring) were considered as independent variables, while FP and NFP of the banks were considered as the dependent variables. In line with the study's objective, the hypotheses were designed as follows: H1: The ICS has an impact on the FP. H2: The ICS has an impact on the NFP. Methodologically, a descriptive online survey method was used to collect data. The survey was sent to 113 managers and employees working in the internal control and audit departments of 23 listed Ghanaian banks, and 73 employees, representing 64.6%, provided voluntary feedback. Data were analyzed using SPSS-25. The survey, which was suitable for a 5-point Likert scale, included statements regarding COSO internal control components and FP and NFP. The study revealed that there were no differences in FP among the ICSs but there were differences in NFP among the ICS. The study concluded a statistically significant relationship between the ICS and FP overall. Additionally, compared to other components whose impact on FP was limited, the COSO Information-Communication component indicated the highest significant relationship with FP and the greatest positive impact, while the control activities component had an inverse effect on FP. Furthermore, the study also revealed a significant overall relationship between the ICS and NFP. In addition, compared to other components whose impact on NFP was much more limited, the COSO Information-Communication component showed the highest significant relationship with NFP and the highest positive impact on NFP. This study is considered to contribute to the literature and to investors, shareholders, policymakers, etc., by examining all factors together, such as the impact of COSO internal control components on FP and NFP, and the internal control and audit department staff at the headquarters and branches of listed Ghanaian commercial banks.

This study aimed to examine the impact of the internal control system (ICS) on the performance of publicly traded Ghanaian commercial banks, within the context of the core components of the COSO integrated ICS. Accordingly, the study investigated employees' perceptions of the impact of the ICS components on financial performance-FP and non-financial performance-NFP and whether a significant relationship exists between these perceptions. In the study, the core components of the COSO’s ICS (control environment, risk assessment, control activities, information-communication, monitoring) were considered as independent variables, while FP and NFP of the banks were considered as the dependent variables. In line with the study's objective, the hypotheses were designed as follows: H1: The ICS has an impact on the FP. H2: The ICS has an impact on the NFP. Methodologically, a descriptive online survey method was used to collect data. The survey was sent to 113 managers and employees working in the internal control and audit departments of 23 listed Ghanaian banks, and 73 employees, representing 64.6%, provided voluntary feedback. Data were analyzed using SPSS-25. The survey, which was suitable for a 5-point Likert scale, included statements regarding COSO internal control components and FP and NFP. The study revealed that there were no differences in FP among the ICSs but there were differences in NFP among the ICS. The study concluded a statistically significant relationship between the ICS and FP overall. Additionally, compared to other components whose impact on FP was limited, the COSO Information-Communication component indicated the highest significant relationship with FP and the greatest positive impact, while the control activities component had an inverse effect on FP. Furthermore, the study also revealed a significant overall relationship between the ICS and NFP. In addition, compared to other components whose impact on NFP was much more limited, the COSO Information-Communication component showed the highest significant relationship with NFP and the highest positive impact on NFP. This study is considered to contribute to the literature and to investors, shareholders, policymakers, etc., by examining all factors together, such as the impact of COSO internal control components on FP and NFP, and the internal control and audit department staff at the headquarters and branches of listed Ghanaian commercial banks.