Assessement of Risk Control Activities on Financial Performance: A Case of Diocesian Secondary Schools in Moshi, Tanzania
Audifas E. Said1, Nyanjige Mayala2, Ladis Komba3
1Audifas E. Said Audifas Said, Masters Student, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.
2Dr. Nyanjige Mayala, Lecturer, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.
3Dr. Ladis Komba, Lecturer, Department of Economics and Business Studies, Mwenge Catholic University, Moshi, Kilimanjaro, Tanzania.
Manuscript received on 06 September 2023 | Revised Manuscript received on 06 October 2023 | Manuscript Accepted on 15 November 2023 | Manuscript published on 30 November 2023 | PP: 53-59 | Volume-3 Issue-2, November 2023 | Retrieval Number: 100.1/ijef.B2556113223 | DOI : 10.54105/ijef.B2556.113223
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© The Authors. Published by Lattice Science Publication (LSP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The study was conducted to assess the Risk Control activities of external audit on the financial performance in a diocesan secondary school in Moshi, Tanzania. This study was guided by Stewardship Theory and employed a quantitative approach and cross-sectional survey design. Quantitative data were analysed using the Statistical Package for the Social Sciences (SPSS) version 22. The target population consisted of 256 individuals, and the sample size was 156. Tables were used to present the study findings. The findings of this study revealed that although training and seminars are given to those Senior Management Teams (SMTs); to the schools on matters related to financial risk control activities, little has been done to employ other strategies like dividing the schools in clusters and have specific time table to allow them to meet and share their ideas and knowledge. Subsequently, the findings revealed that most schools do not have current accounting software for their accounts departments. Additionally, the findings showed that most secondary schools in the diocese lack reliable internet systems. The findings, however, revealed that secondary schools in the diocese face several challenges in preparing financial statements. The study concludes that raising awareness of financial knowledge in other departments, beyond the Accounts department, is of paramount importance in these diocesan secondary schools. To minimizes financial risks which might occur in the future. The study therefore recommends that clusters conduct short-term training sessions on risk control activities to enhance financial performance.
Keywords: External Audit, Risk Management, Financial Performance, Secondary schools and Diocese of Moshi
Scope of the Article: Corporate Finance