International Journal of Scientific and Technical Research in Engineering (IJSTRE)

www.ijstre.com Volume 6 Issue 3 ǁ May-June 2021.

ISSN: 2581-9941

Effect of Control Environment on the Financial Performance of

Higher Learning Public Institutions in Zanzibar
1
Fatima Sufii Omar , 2Salama Yussuf
1
MSc. (Economic and Finance) Students, Zanzibar University
2
Senior lecturer, Faculty of Business Administration, Zanzibar University

Abstract: The main purpose of the study aimed to examine the effect of control environment on financial
performance in public institutions of higher learning of Zanzibar. The study used a descriptive research design.
This study took a sample study approach with its target population being the different categories of staff in
Administration levels and account/finance departments of Public Institutions of Higher Learning in Zanzibar. It
took on the sample of 62 employees. Primary data was collected from sample population using open and close
ended questionnaires. Descriptive statistics was used in the data analysis and information presented in
statistical forms. The study realized that the control environment as indicators of internal control systems have a
significant influence on the financial performance of the institutions of higher learning in Zanzibar. More than
60 percent of the total respondents have agreed and strongly agreed that control environment indicators of
internal control systems can influence the higher learning institutional financial performance. The study
recommends that there is a need for the management to ensure that they continuously review their control
environment and ensure that they are operational, review their sources of revenue, tools of collection and
strengthen their system of collections.

I. INTRODUCTION
The survival of any organization depends on the effective and efficient utilization of resources
(financial and non-financial) at the disposal of the organization. Hence, to optimize the utilization of resources
entrusted to all employees in an organization, various forms of control are put in place by the management of
the organization, in which internal control being one among them. Internal control as such becomes an
instrument and means of risk control, which helps the enterprise or organisation to achieve its goals and to
perform its tasks. Only an effective internal control in the enterprise or organisation can help objectively
assessing the potential development and tendencies of enterprise or organisation performance and thus to detect
and eliminate the threats and risks in due time as well as to maintain a particular fixed level of risk and to
provide for its reasonable security (Lakis and Giriūnas, 2012).

Historically, an internal control system is defined as a plan and other coordinated means and ways by the
enterprise or organisation to keep safe its assets, check the covertness and reliability of data, increase its
effectiveness and to ensure the settled management politics. However, the presented definition of control
concept has been constantly improved, and nowadays there is quite an extensive set of conceptions that indicates
the system of internal control as one of the means of leadership to ensure the safety of enterprise and
organisation assets and its regular development (Lakis and Giriūnas, 2012).

Thus, any attempt to develop an effective system of internal control permits management to deal with rapidly
changing economic and competitive environments, priorities and restructuring for future growth. Internal
controls promote efficiency, reduce risks of asset loss and help to ensure the reliability of financial statements
and compliance with laws and regulations (Murwis, 2017). The internal control systems can help an
organization to achieve its desired performance and profitability targets, better service delivery and also prevent
loss of resources. It can help to obtain a better performance in revenue collection. Internal control systems help
an organization to achieve its objectives and also avoid pitfalls (Brown, 1996), which is the key motivation of
the researcher to examine whether an internal control system can help the higher learning institutions to pursue
its goals and hence sustainability.

Manuscript id. 754235568 www.ijstre.com Page 18

Effect Of Control Environment On The Financial Performance Of Higher Learning Public Inst…

Sound financial internal control systems help an organization to prevent and detect frauds, errors and minimize
wastage. It strengthens custody of assets; and provides assurance to the management on the dependability of
accounting data; it also eliminates unnecessary suspicion and maintenance of adequate and reliable accounting
records. Realizing the importance of the internal control systems all of the higher learning institutions in
Zanzibar installed it to ensure the smooth running of the institutions and hence fulfilling their goals and
missions.

II. PROBLEM OF THE PAPER

The role of internal control systems on the financial performance of an institution must be viewed as
very vital in every organization since it prevents and detects theft. The internal control systems are installed to
ensure the safety of all assets, to maintain a strategic distance from misuse or mismanagement of the company‘s
asset and to detect and protect theft. Even though the internal control systems have been in existence for many
years in most organizations, the problem of financial scandals, have continued to be on the rise.

Examples of financial scandals in various organizations include; financial irregularities within the departments,
collusion among senior or highly-trusted employees, and breaches of control. Earlier researches have looked on
the involvement of internal control systems on the financial performance example study done by Simiyu (2011)
on the effectiveness of internal control system in higher institutions of learning in Kenya evidently indicate that
institutions of higher learning face quite a number of encounters in internal controls in performance like
struggles with liquidity problems, financial reports are not made timely, accountability for the financial
resources is still inadequate, frauds and misappropriation of institutional resources. However, studies that have
examined the impact of internal control systems of financial performance of numerous institutions but in the
case of Tanzania are scant as compared to other developing countries. It is, for this reason, this research will
sight to explore the effects of internal controls on financial performance of public institutions of higher learning
in Zanzibar, Tanzania.
III. THEORETICAL LITERATURE REVIEW
A theoretical framework consists of concepts, together with their definitions, and existing
theory/theories that are used for a particular study (Khan, 2010). In this study, two theories have been used to
clarify the main objective of this study.

3.1 Contingency Theory

Contingency theory is a method of studies of organizational behavior in which clarifications are given
as to how dependent factors such as technology, culture and the external environment influence the design and
function of organizations. The hypothesis underlying contingency theory is that no single type of organizational
structure is correspondingly valid to all organizations. Rather, organizational effectiveness is dependent on a fit
or match between the type of technology, environmental volatility, the size of the organization, the features of
the organizational structure and its information system. Contingency theories were established from the
sociological functionalist theories of organization structure such as the structural approaches to organizational
studies by (Woods, 2009). Contingency theory is used to define the relationships between the context and
structure of internal control effectiveness and organizational performance, particularly reliability of financial
reporting.

3.2 Agency Theory

Agency relationship could be defined as a contract among the organization owner(s) and its top
management. Managers work with the organization as agents to perform some service on behalf of owners who
delegate some decision making authorities to managers. These authorities could be misused by managers to
meet their own personal interests. Therefore, the existence of the audit committees and the external and internal
auditors will help the organization in enhancing their performance, and also will ensure that the management
carries out its plans according to procedures (Adams, 1994). Peursem and Pumphrey (2005) considered internal
auditors as agents and monitors for a variety of the internal audit users that include the board, audit committee
and senior management. Agency problems could occur when the board or its audit committee is inefficient, and
hence, the senior management is likely to be a powerful influence over the internal audit. This complex web
creates an inherent dilemma for the internal audit: how can it carry out their monitoring role over management if
it is ineffective itself? Internal auditors often are employed by senior management, but at the same time, they are
also agents of the board and audit committee who trust in the internal auditors‟ ability to evaluate senior
management‘s works.

Manuscript id. 754235568 www.ijstre.com Page 19

Effect Of Control Environment On The Financial Performance Of Higher Learning Public Inst…

IV. EMPIRICAL LITERATURE

Ejoh and Ejom (2014) aimed to establish the relationship between internal control activities and
financial performance in Tertiary Institutions in Nigeria. They used the area of Cross River State College of
Education, Akamkpa as their population area. Data was collected using questionnaires and interview guides as
well as review of documents and articles. The method of analysis employed was survey design while the
stratified sampling procedure was adopted in administering the questionnaires. The data were analyzed using
simple percentages, tables, correlation coefficient and z-scores. The study revealed that all activities of the
College are initiated by the top management. Regarding control activities, the study found that there is clear
separation of role in the institutions‘ finance and account department and that superior officer in the College
supervised regularly work done by their subordinate. Also, the study found that the institution financial
statements are audited annually by external auditors. The result of the study further showed that there is no
significant relationship between internal control activities and financial performance of Cross River State
College of Education.

Kamau, (2014) examined the effect of internal controls on the financial performance of manufacturing firms in
Kenya. The conclusions discovered that most manufacturing firms had a control environment as one of the
functionality of internal controls of the organization that greatly impacts on the financial performance of the
firms. The finding showed that the staffs were skilled to implement the accounting and financial management
systems, the security system identified and safeguarded organizational assets. The statistical outcome from the
regression analysis displays that there is a positive relationship between internal control and financial
performance of manufacturing firms in Kenya. The research acclaims that both internal and external auditor
must be constantly updated and well-grounded on international financial reporting standards (IFRS) and
principles in order to increase their knowledge and skills in application of accounting practices and to keep them
updated on the contemporary issues.

Kinyua, (2016) study a research to observe the effectiveness of internal control on financial performance of
companies quoted in the Nairobi securities Exchanges. The study adopted descriptive research design using both
quantitative and qualitative approach. The target population was 372 senior managers in 62 companies quoted in
Nairobi Securities exchange. Multi-level random sampling of 144 senior managers in various categories
returned 115 (79.8%) valid responses. Survey data was collected by use of a structured questionnaire. The data
obtained was analyzed using both qualitative and quantitative analysis. Multiple regression models were used to
test whether internal control environment, internal audit function, risk management, internal control activity and
corporate governance have any influence on financial performance. It was found that internal control systems
had a significant positive relationship with financial performance.

Ibrahim et al (2017) on their study the Impact of Internal Control Systems on Financial Performance: The Case
of Health Institutions in Upper West Region of Ghana argued that the significance of upholding effective
internal control system in organizations have been persistently and immensely emphasized, due to its positive
effects on financial performance. Efficient internal control enables the prevention and detection of fraudulent
activities in the institution. In line with this, persistent efforts by policy makers to pursue policies that would
improve internal control system in the ministry of health have yielded abysmal results with regards to
financial performance in health institutions in the Upper West Region of Ghana. This study sought to determine
the impact of internal control variables on financial performance among five health institutions in the region
using an ordered logistic regression model for a sample of fifty (50) respondents. They found a positive
relationship between internal controls and financial performance. But only three of the control variables
remained significant with p-values less than 5%.

Ndalahwa (2018) examines the impact of internal control challenges on financial performance in selected Local
Government Authority in Arumeru district, Arusha, Tanzania. The study used the descript to-explanatory
research design, where a total of 113 respondents working in those departments were involved in the study.
Purposive sampling procedure was used to determine the research participants. Descriptive statistics was used to
analyze the demographic characteristics of research participants. Inferential statistics was used to analyze the
relationship between internal control challenges and organizational financial performance in the Local
government authorities. The major challenge was unethical behavior of employees, insufficient remuneration
and impunity for fraudulent behavior with local government Authority in Arumeru District. However, the
participant disagreed that employee pressure, unnoticed misconduct, inadequate fraud control and prevention
were among the critical challenges facing the local government authorities in Arumeru District. There was a
statistically significant relationship between poor remuneration, inadequate fraud control and prevention,
unnoticed misconduct, impunity and organizational financial performance. On the other hand, challenges such

Manuscript id. 754235568 www.ijstre.com Page 20

Effect Of Control Environment On The Financial Performance Of Higher Learning Public Inst…

as the Employee pressure, Unethical Behavior, and lack of internal control measures were statistically
insignificant

Urquia (2018) investigated the relationship between internal control systems and financial performance in
Surigaodel Sur State University. The research was conducted using both quantitative and qualitative approaches
using survey, correlation and case study as research designs. Data were collected using questionnaires and
interview guide basically Deans, and Finance and Accounts staff as respondents from a population of 13
Surigaodel Sur State University staff. Data was analyzed using the Statistical Package for Social Scientists
where conclusions were drawn from tables. The study found that management of the institution is committed to
the control systems, actively participates in monitoring and supervision of the activities of the University, all the
activities of the Institution‘s activities are initiated by the top level management, that the internal audit
department was not so efficient, in the reporting address weaknesses in the system. It was however, revealed
that all revenues and expenditures are properly classified, and that assets of the University have generally
increased. The Study therefore concludes that internal control systems do function although with hiccups and
that there was a significant relationship between internal control systems and financial performance in an
Institution of higher learning.

V. METHODOLOGY
Under the philosophical assumption, the positivism was adopted for this study for several reasons. The
main reason of being that, it fits the quantitative research design used in this study. Also, there is need to use
method and philosophy that fit together the in-sights provided by quantitative research into a workable solution.
Therefore, the quantitative research design is employed in this study since it allows the researcher to explore,
explain a phenomenon, and interpret data statistically in a wider and easy ways.
For data collection and analysis, the questionnaire is developed based on a Likert scale because it includes
question which require the respondents to indicate how much or to what extent they agree or disagree with the
given statement on each construct. Following this type of rating scale, the options range is from lowest to
highest responses that are 1 to 5 respectively. These options are; strongly disagree (SD) = 1, disagree (D) = 2,
neutral (N) = 3, agree (A) = 4, strongly agree (SA) = 5 Stratified random sampling is used to distribute 62
questionnaires to the respondent and 60 are collected. Respondents are classified by gender, age, level of
education, work experience and field of work. Cronbach‘s Alpha test was conducted to measure the reliability of
the instrument for all items and the result is .527 indicating a satisfactory level of internal consistency. A
descriptive statistical tool of analysis and inferential statistics were used for analysing the data.

VI. RESULT AND DISCUSSION

6.1 Demographic Features of the Respondents
In this study, characteristics of respondents were examined in order to identify which demographic feature is
more sensitive to the given the problem of investigation at stake. Therefore, characteristics namely, age, gender,
education, working experience and field of work of the 60 respondents were examined as clearly observed in
Table 1:-

Table 1 Demographic Feature of the Respondents

Variable Category Percentage (%)
Gender Male 70
Female 30
Education PhD 53
Master degree 28
First degree 12
Certificate/Dip 7
Presence of well-trained staffs Yes 92
No 8

From the table 1 above summarizes the demographic information about the respondents. Expectedly, the
number of male respondents is a higher compared with the number of female. The researcher was intended
avoid gender sample bias in the data. This indicates that most of the workers in the higher learning public
institutions in Zanzibar are economically active labor force and they can manage well their work responsibilities

Manuscript id. 754235568 www.ijstre.com Page 21

Effect Of Control Environment On The Financial Performance Of Higher Learning Public Inst…

and taking the responsibilities to their family. An overwhelming number of the respondents (93 percent) are
educated from first degree up to PhD level and the remaining 7 percent of the respondents are educated from
certificate to diploma level.

Staffing is one of the most important functions of management, thus this study sought to establish the level of
staffing of the accounts/finance departments among the public institutions of higher learning in Zanzibar,
Tanzania. It is believed that recruiting the employees by evaluating their skills, knowledge and then offering
them specific job roles accordingly everything will occur in the right manner to any organization. The results
showed that 92% of the respondents agreed that public institutions of higher learning in Zanzibar have well
trained staffs with respect to the accounts/finance departments while only 8% said no. These overwhelm ―yes‖
results showed that both institutions SUZA and IPA had employed their staffs based on their ability, talent,
aptitude, and specializations in respective department. This was good for the organization as it would help to
achieve the pre-set goals in the proper way by the 100% contribution of manpower. It is concluded that the
institutions have sufficient well trained labour force in the accounts/finance department.

6.2 Effect of control environment on financial performance in public institutions of higher learning of
Zanzibar

6.2.1 Descriptive statistics analysis

The descriptive statistics of the variables in the present study are presented in the Table 2 for each
variable. The tables show the total number of respondents, the mean and the standard deviation scores. It is
important to remember that the 5 – point Likert scale was used in this research, where all variables used in this
research employed 1 for ―Strongly Disagree‖ and 5 for ―Strongly Agree‖. These computations were made
purposely to display the proportion of the respondents‘ level of the agreement with the items of the study
constructs.

Table 2 Descriptive Statistics for Control Environment Variable

N Mean Std. Deviation

Commitment and competence have affected
60 4.03 .551
institution ‗s overall performance
Transfer of information has contribution on
60 4.20 .632
providing reliable institution report.
Integrity and ethical values have contribute the
60 4.28 .613
accountability of the institution‘s employees
HR policies & Procedures have affected institution
60 4.25 .773
‗s operating cost
Valid N (listwise) 60
Source: Field Data 2020

Table 2 shows that, the mean value of those respondents who believe that ‗commitment and competence have
affected the institutions‘ overall performance‘ was 4.03, while the standard deviation was 0.551. The findings
suggest that in the average, respondents strongly agreed with the item that commitment and competence had
affected the institutions‘ overall performance.

Similarly, the mean value of those respondents who said that ‗transfer of information has contribution on
providing reliable institution report‘ was 4.20 with the standard deviation of 0.632. This findings suggests that in
the average, respondents strongly agree with the fact that in order to get the reliable report in higher institution,
it should have clear transparent of the reliable information

Furthermore, the mean values of those respondents who agreed that ‗integrity and ethical values have
contributed to the accountability of the institution‘s employees‘ and ‗human resource policies and procedures
have affected the institutions‘ operating cost‘ had the mean of 4.28 and 4.25 with the standard deviation of 0.613
and 0.773 respectively. These findings claim that in the average respondents strongly agree that the institution
should considerably use his policies and ethics in order to achieve institutional objectives.

Manuscript id. 754235568 www.ijstre.com Page 22

Effect Of Control Environment On The Financial Performance Of Higher Learning Public Inst…

6.2.2 Control Environment and Financial Performance

This part was intended to establish the extent to which higher learning public institutions of Zanzibar
has adopted control environment and how was it practiced. To do so, the respondents were asked to indicate:
whether they agree, strong agree, not sure, disagree or strong disagree on the given statement. The following
table 3 below show the result obtained from the field.

Table 3 Control Environment on Institutional Financial Performance

Statements Not sure Agree Strong agree Total
F % F % F % F %
Commitment and competence have affected 8 13.3 42 70.0 10 16.7 60 100
institution ‗s overall performance
Transfer of information has contribution on 7 11.7 34 56.7 19 31.7 60 100
providing reliable institution report.
Integrity and ethical values have contribute 5 8.3 33 55.0 22 36.7 60 100
the accountability of the institution‘s
employees
HR policies & Procedures have affected 10 16.7 24 40.0 26 43.3 60 100
institution ‗s operating cost
Source: Field Data 2020

The result from the table 3 shows that more than half of the total respondent which represent 70 per cent of the
total respondents agreed that commitment and competence had affected the institutions‘ overall performance.
On the other hand, another three elements of controls environment; Transfer of information, integrity and ethical
issue and HR policies and procedures shows that majority of the respondents agree that they affect the
institutions overall performance represented by 56.7%, 55% and 40% respectively. Generally, this indicates that
control environment has been adopted and influenced the internal controls of the selected higher learning public
institutions, as per majority‘s agreement. Thus, it has been agreed that control environment has a significant
influence on financial performance of the institutions of higher learning.

6.2.3 Analysis of Indicators of Financial Performance

Financial performance is a subjective measure of how well a firm can use assets from its primary mode
of business and generate revenues. The term was also used as a general measure of a firm's overall financial
health over a given period. It aimed to identify, how well a company generates revenues and manages its assets,
liabilities, and the financial interests of its stakeholders. This showed that monitoring of your financial
performance therefore creates more certainty and confidence in making both short and long term decisions. This
in turn led to a healthier business and faster growth rate. For the higher learning institutions financial
performance is very important because if the institution is not liquid enough will fail to cover its operation costs
and honor their obligations.
From this study, two observed variables were used to measure the financial performance of the higher learning
institution in Zanzibar, these are; accountability and proper financial and administration reporting.

The results showed that 75% of the total respondents‘ agreed that the institutions‘ accountability has been
practiced well for the last five years on the selected public institutions of higher learning. Higher levels of
financial accountability for utilization of organizational resources will led to better financial performance of the
institution. This result is supported by the study conducted by Donaldson and Davis (1989) and they found that
accountability playing a major role on organization performance. More importantly, almost 77% of the total
respondents concurred that for the last five years proper financial reporting practice among the public
institutions of higher learning has steadily, while 23% of the respondents disagreed. Financial reporting is a true
reflection of the financial status of the organization. Financial reporting helps in decision-making and in
increasing accountability, openness, and transparency. It also helps to improve the performance of, and trust in,
the public sector.

Public entities are accountable to the providers of money and to the recipients of the goods and services the
entity delivers. From the overall results based on the measure of performance used by this study, it shows that
the selected higher learning public institutions were performing well for the last five years. The above
observations are connected with the finding of Dittenhofer (2001) on effectiveness of financial reporting on
organizational financial performance. Apart from that, International Financial Reporting Standard (IFRS)

Manuscript id. 754235568 www.ijstre.com Page 23

Effect Of Control Environment On The Financial Performance Of Higher Learning Public Inst…

declare that the organization financial performance is depending on the disclosure of financial reporting
standard.

Table 4. Respondent Opinion on Indicators of Financial Performance

Yes No Total
Statements
F % F % F %

Do you consider that the accountability in your institution for 45 75 15 25 60 100

the last five years is practiced to a greater extent?

Do you consider that the practice of proper financial reporting 46 76.7 14 23.3 60 100
in your institution has been increased for the last five years?

Source: Field Data 2020 NOTE ‘F’ Frequency

VII. CONCLUSION AND RECOMMENDATION

The study concluded that the control environment, as indicators of internal control systems has a
significant influence on the financial performance of the public institutions of higher learning in Zanzibar,
Tanzania. More than 60 percent of the total respondents have agreed and strongly agreed that control
environment indicators of internal control systems can influence the higher learning institutional financial
performance.
The study recommended that the control environment should on a regular basis be evaluated by internal audit
department to provide management with the assurance on the adequacy and effectiveness of mitigation controls
that management has put in place. There is need also for the employees responsible for preparation of financial
statements and reporting to be transparent and honest and also be held accountable for any misreporting

References
[1]. Adams, M. B. (1994), ‗Agency theory and the internal audit‘, Managerial Auditing Journal.
[2]. Amudo, A. and Inanga, L. (2009). Evaluation of Internal Control Systems: Case from Uganda,
Regional Member Countries (RMCs) of the African Development Bank Group: International Research
Journal of Finance and Economics. Issue 27 (2009). 29pp. and ownership structure ,Journal of
Financial Economics, Vol. 3 pp.305-60.
[3]. Anderson, D., Francis, J. R. & Stokes, D. J. (1993), ‗Auditing, directorships and the demand for
Approaches Nairobi, Acts Press.
[4]. Bett, J. C., &Memba, F. S. (2017). Effects of Internal Control on the Financial Performance of
Processing Firms in Kenya: A Case of Menengai Company. International Journal of Recent
Research in Commerce Economics and Management, 4(1), 105-115.
[5]. B. M. Muhunyo (2018) Effect of Internal control systems on Financial performance in an institution of
higher learning in Nairobi city county Kenya‘‘
[6]. Cooper, D. R and Schindler, P.S. (2003). Business Research Methods.New York: Me Review,cost of
equity: Evidence from SOX Section 404 Disclosures. The Accounting Review.
[7]. Dittenhofer, M. (2001).Internal auditing effectiveness.Journal of Accounting and
Economics,effectiveness of internal controls over financial reporting.
[8]. Ejoh, N. and Ejom, P. (2014). The Impact of Internal Control Activities on Financial Performance of
Tertiary Institutions in Nigeria. Journal of Economics and Sustainable Development vol. 5 no. 16,
133-143
[9]. Gerrit S and Mohammad J. A (2010), Monitoring effects of the internal Audit Function: Agency
[10]. Hayes, DC (1977). The Contingency Theory of Managerial Accounting, the Accounting Review,
[11]. Internal Control—Integrated Framework: Executive Summary. The Committee of Sponsoring
Organizations of the Treadway Commission.
[12]. Ibrahim, S. Diibuzie, G. &Abubakari M. (2017), The Impact of Internal Control Systems on Financial
Performance: The Case of Health Institutions in Upper West Region of Ghana, International Journal

Manuscript id. 754235568 www.ijstre.com Page 24

Effect Of Control Environment On The Financial Performance Of Higher Learning Public Inst…

of Academic research in Business and Social sciences vol. 7 No 4.

[13]. Jensen, M. C. &Meckling,W. H. (1976), ‗Theory of the firm: Managerial Behaviour, agency
[14]. Jensen, M.C. (1998), Foundations of Organizational Strategy, Harvard University Press,
[15]. Jensen, M.C. (2001), Value maximization, stakeholder theory, and the corporate objective
[16]. Jensen, M.C., Meckling, W.H. (2006), Theory of the firm: managerial behaviour, agency cost
[17]. J. K. Kinyua (2016) ‗‘Effect of internal control system on financial performance of companies quoted
in Nairobi securities exchange‘‘
[18]. John J. Morris .2011). The impact of enterprise resource planning (ERP) Systems on the Journal of
International Finance and Economics, Vol. 9,
[19]. Mugenda, O. M and Mugenda A. G (1999).Research Methods: Quantitative and Qualitative
[20]. Masanja, D.N. (2018). The Impact of Internal Control Challenges on Organizational Financial
Performance for Selected Local Government Authorities in Arumeru District, Arusha Tanzania.
[21]. O. Ray Whittington & Kurt Pany (2001).Principles of auditing and other assurance services.Oaks, CA:
Sage Publications.
[22]. Olive M. Mugenda and Abel G. Mugenda.(1999). Research Methods.Acts Press. Nairobi Organizations
of the Treadway Commission.
[23]. Pandey I.M. (2002). Financial Management Eight Edition, Viskas Publishing House PVT Ltd.
[24]. Patton, M. Q. (2002). Qualitative Research and Evaluation Methods, 3rd Edition, Thousand
[25]. Piper J.A. (2000). Determinant of Financial Control Systems, for Multiple, Retailers - some Case
Publishing Ltd
[26]. Rick Hayes et al. (2005). Principles of auditing Pearson Education Limited.
[27]. Sarens, G. & De Beelde, I. (2006). ‗The Relationship between internal audit and senior
[28]. Simiyu O J. (2011). 'Effectiveness of internal control system in Higher Institutions of Learning'
[29]. S.P. Mawanda (2008)‘‘ Effect of Internal control systems on Financial performance in an institution of
higher learning in Uganda‘‘
[30]. Stephen E (2007) Public Financial management –Concepts & Practices Subramaniam, N.Study
Evidence. Managerial Finance, Vol, 6 No. 1 2000.pp 53-63.
[31]. Urquia L G M. (2018), Effects of internal control system on financial performance in an institution of
higher learning. Journal of Fundamental and Applied Sciences., 10(3S), 110-125.

Manuscript id. 754235568 www.ijstre.com Page 25