Investigating the link between internal controls and financial performance in technical colleges in Zambia: A case of Kabwe institute of technology
James Phiri, Dr. Sera Mbetwa
This study conclusively looked at the link between internal controls and financial performance in institutions and colleges under Technical Education, Vocational and Entrepreneurship Training (TEVET) Management Boards in Zambia. Internal controls were viewed from the Control Environment, Control Activities and control monitoring points of view whereas financial performance laid stress on liquidity and accountability as the measures of financial performance.
The research was conducted using both quantitative and qualitative approaches using descriptive design, questionnaires and interviews as Research Designs. Data was analyzed using descriptive statistics, totals, percentages, tables and charts. Further, simple analysis was done using Microsoft Excel Program.
The study established a significant relationship between internal control and financial performance. There should be a strategy to improve the generation of additional finances for the institutions and colleges under Technical Education, Vocational and Entrepreneurship Training Management Boards in Zambia. The Study concludes that internal controls do function to some extent and that there is a noticeable link between internal controls and financial performance in these institutions and colleges.