FINANCIAL MANAGEMENT PRACTICES IN THE COLLEGES OF EDUCATION IN THE ASHANTI REGION
FINANCIAL MANAGEMENT PRACTICES IN THE COLLEGES OF EDUCATION IN THE ASHANTI REGION
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Date
2022
Authors
ATTAH, ADJAPONG
7201540005
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Abstract
The purpose of the study was to assess the financial management practices in relation
to auditing, budgeting and procurement practices in the Colleges of Education in the
Ashanti region. The objectives of the study were to find out the views of student
leaders and staff on how funds are managed in the Colleges of Education, examine
whether the Colleges of Education spend within budget, assess the effectiveness of
the internal audit system in relation to financial management practices of Colleges of
Education and lastly, examine the procurement practices in the Colleges of Education
in the Ashanti region. Considering the objectives of the study the researcher adopted
both explanatory and descriptive research survey designs and used the blend of
quantitative and qualitative paradigms approach. The researcher adopted purposive
sampling technique to select the sample size. In all, sixty-three (63) staff members
and eighty-four (84) student leaders constituting one hundred and forty- seven (147)
respondents were purposively sampled to form the sample size of the study. Both
questionnaire and structured interview were the instruments used for data collection.
The Statistical Package for Social Science (SPSS) was used to analyze the data
collected through questionnaire and presented in tables, frequencies and percentages
while content analysis technique was used for the structured interview data. The study
revealed that colleges of education in Ashanti region have budget committees
responsible for budget preparation; internal audit committees serving as internal
monitoring unit of college funds and lastly procurement officers responsible for
ensuring purchases and supply of college items. However, the study concluded that
financial management practices in the Colleges of Education must be improved to
ensure transparency, proper appropriation of funds and independence of internal
auditors, budget officers as well as procurement officers. The recommendations were
that the colleges must adhere to Financial Management Act 2016 and other
regulations governing the management of Colleges of Education to ensure proper
financial management practices in the colleges. The college principals must also
respect the offices of procurement officers, budget officers and auditors to enable
them work independently. It is hoped that these recommendations will help to
improve financial management practices in the colleges of education.