Internal Control Systems and Financial Management of County Governments in Kenya

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dc.contributor.advisorFestus Mithi Wanjohien_US
dc.contributor.authorNjaya, Nafula Anne
dc.date.accessioned2023-08-14T08:20:59Z
dc.date.available2023-08-14T08:20:59Z
dc.date.issued2023
dc.descriptionA Research Project Submitted to the School of Business, Law and Economics in Partial Fulfilment of the Requirements for the Award of Master of Business Administration in Finance of Kenyatta University, March 2023.en_US
dc.description.abstractHaving internal controls in any institution is especially important to provide efficient and effective modes of service delivery within its operations. An effective control mechanism ensures that an institution has accurate and highly reliable system to manage its finances. Moreover, such financial systems comply with both local and international regulations regarding an institution’s operational requirements. By and large, this specific examination tries to inspect the impacts of internal control frameworks on activities of Kenyan County Governments, zeroing in on their monetary area. In particular, this study examines the impact of Kenyan County internal control setup, internal audit department, risk management function and financial management systems. The study was anchored on theories of stewardship, stakeholder, agency and systems in financial evaluation and control mechanisms. The research also adopted an inclusive survey involving cross sectional description since such approach provides reliable outcomes and desirable characteristics at any given time. A descriptive design technique was used to model the research activity. The study’s target population comprised of all 47 county governments of Kenya, who were currently established in the 2010 Kenyan Constitution. The study collected secondary data which was available and accessible on the Office of Controller of Budgets under the county reports sections, Office of the Auditor General and Commission for Revenue Allocation. Data analysis incorporated statistical descriptive techniques of standard deviation, mean scores and analysis involving and regression. Moreover, the data collected was coded and checked over and over again for consistency, possible errors and cases of omission. Finally, the research findings were organized through frequency tables, graphs, tables and graphical methods. The study responses gathered through questionnaires were structured and analyzed through the computer software called “Statistical Package for Social Science (SPSS)”. The study found that internal audit function (β=.966, p<0.05), internal control environment (β=.430, p<0.05), internal monitoring (β=.330) and risk Management (β=.078, p<0.05) all had significant effect on financial management among Counties in Kenya. The study concludes that internal control system is a significant driver of financial management. This study recommends that the executive leadership of the Counties in Kenya should provide the right internal control environment that would support financial management practices. Internal auditors and the audit committee members of the all the counties in Kenya should work together to safeguard the public interest. The risk managers of the County Governments in Kenya should review or adopt sound risk management policy statements. Regular monitoring reports should be published and availed for public scrutiny on how funds are utilized by Counties in Kenya.en_US
dc.description.sponsorshipKenyatta Universityen_US
dc.identifier.urihttp://ir-library.ku.ac.ke/handle/123456789/26821
dc.language.isoenen_US
dc.publisherKenyatta Universityen_US
dc.subjectInternal Control Systemsen_US
dc.subjectFinancial Managementen_US
dc.subjectCounty Governmentsen_US
dc.subjectKenyaen_US
dc.titleInternal Control Systems and Financial Management of County Governments in Kenyaen_US
dc.typeThesisen_US
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