Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting
The Parliamentary Accounting Committee (PAC) revealed that fraud cases had been prevalent in government departments including the Ministry of Higher and Tertiary Education, Science and Technology Development (MHTESTD). The Committee noted fraud cases through recurring audit findings such as funds em...
Saved in:
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Allied Business Academies
2021
|
| Subjects: | |
| Online Access: | https://www.abacademies.org/articles/literature-review-on-the-effectiveness-of-risk-management-systems-on-financial-performance-in-a-public-setting-7434.html http://hdl.handle.net/11408/4475 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1779905332675346432 |
|---|---|
| author | Wadesango, Newman Mhaka, Charity Shava, Faith Wadesango, Ongayi |
| author_facet | Wadesango, Newman Mhaka, Charity Shava, Faith Wadesango, Ongayi |
| author_sort | Wadesango, Newman |
| collection | DSpace |
| description | The Parliamentary Accounting Committee (PAC) revealed that fraud cases had been prevalent in government departments including the Ministry of Higher and Tertiary Education, Science and Technology Development (MHTESTD). The Committee noted fraud cases through recurring audit findings such as funds embezzlement, dummy receipting, unauthorized and unsupported expenditure, flouting tender procedures, mismanagement of funds and management over rides by those charged with governance. The Auditor General (AG) of 2015 also reported that out of unsupported payments incurred were losses ranging from USD$ 3 million to USD$ 3.5 million. Innovation and Commercialization Fund (ICF) lost amount of USD$ 2.5 million owed to debtors through borrowings. However, National Education Training Fund lost USD$ 3.5 million to acquit Cadetship grants. AG’s report of 2015 observed that Ministry of Higher and Tertiary Education lost about USD$ 1.8 million to dummy receipting in polytechnics and teacher’s college. Analysis of AG report by ZIMCODD highlighted that inadequate risk based audit has negatively affected the financial performance of ministries as there is no audit committee for risk identification, assessment and monitoring in taking up risk management task thus IAF has been inefficient in accomplishing its audit plan, hence audit recurring perpetuated fraud activities. |
| format | Article |
| id | ir-11408-4475 |
| institution | My University |
| language | English |
| publishDate | 2021 |
| publisher | Allied Business Academies |
| record_format | dspace |
| spelling | ir-11408-44752022-06-27T13:49:06Z Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting Wadesango, Newman Mhaka, Charity Shava, Faith Wadesango, Ongayi Public Setting Risk Management Financial Performance Skills Knowledge The Parliamentary Accounting Committee (PAC) revealed that fraud cases had been prevalent in government departments including the Ministry of Higher and Tertiary Education, Science and Technology Development (MHTESTD). The Committee noted fraud cases through recurring audit findings such as funds embezzlement, dummy receipting, unauthorized and unsupported expenditure, flouting tender procedures, mismanagement of funds and management over rides by those charged with governance. The Auditor General (AG) of 2015 also reported that out of unsupported payments incurred were losses ranging from USD$ 3 million to USD$ 3.5 million. Innovation and Commercialization Fund (ICF) lost amount of USD$ 2.5 million owed to debtors through borrowings. However, National Education Training Fund lost USD$ 3.5 million to acquit Cadetship grants. AG’s report of 2015 observed that Ministry of Higher and Tertiary Education lost about USD$ 1.8 million to dummy receipting in polytechnics and teacher’s college. Analysis of AG report by ZIMCODD highlighted that inadequate risk based audit has negatively affected the financial performance of ministries as there is no audit committee for risk identification, assessment and monitoring in taking up risk management task thus IAF has been inefficient in accomplishing its audit plan, hence audit recurring perpetuated fraud activities. 2021-06-11T11:59:27Z 2021-06-11T11:59:27Z 2018 Article 1544-1458 https://www.abacademies.org/articles/literature-review-on-the-effectiveness-of-risk-management-systems-on-financial-performance-in-a-public-setting-7434.html http://hdl.handle.net/11408/4475 en Academy of Strategic Management Journal;Vol.17 ; Iss.4 open Allied Business Academies |
| spellingShingle | Public Setting Risk Management Financial Performance Skills Knowledge Wadesango, Newman Mhaka, Charity Shava, Faith Wadesango, Ongayi Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting |
| title | Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting |
| title_full | Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting |
| title_fullStr | Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting |
| title_full_unstemmed | Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting |
| title_short | Literature Review on the Effectiveness of Risk Management Systems on Financial Performance in a Public Setting |
| title_sort | literature review on the effectiveness of risk management systems on financial performance in a public setting |
| topic | Public Setting Risk Management Financial Performance Skills Knowledge |
| url | https://www.abacademies.org/articles/literature-review-on-the-effectiveness-of-risk-management-systems-on-financial-performance-in-a-public-setting-7434.html http://hdl.handle.net/11408/4475 |
| work_keys_str_mv | AT wadesangonewman literaturereviewontheeffectivenessofriskmanagementsystemsonfinancialperformanceinapublicsetting AT mhakacharity literaturereviewontheeffectivenessofriskmanagementsystemsonfinancialperformanceinapublicsetting AT shavafaith literaturereviewontheeffectivenessofriskmanagementsystemsonfinancialperformanceinapublicsetting AT wadesangoongayi literaturereviewontheeffectivenessofriskmanagementsystemsonfinancialperformanceinapublicsetting |