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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Abstract: The study was conducted to assess Risk Control activities of external audit on the financial performance in 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 analyzed by using Statistical Package for Social Sciences (SPSS) version 22.Target population was 256 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 of the schools do not have current accounting software’s to the accounts deportments. In addition, the findings revealed that most of the secondary schools in the diocese have no reliable internets systems. The findings however, revealed that secondary schools in the diocese face a number of challenges in preparing financial statements. The study concludes that raising awareness on finance knowledge to other departments other than Accounts department is of paramount important in these diocesan secondary schools. So as to minimizes financial risks which might occur in the future. The study therefore recommends to have clusters meeting for short term training on matters related to risks control activities so as to end up with financial performance.
Keywords: External Audit, Risk Management, Financial Performance, Secondary schools and Diocese of Moshi
Scope of the Article: Corporate Finance