The effectiveness of the audit committees in promoting corporate governance best practices in the financial performance of public sector management: A case study of the Ministry of Higher and Tertiary Education, Innovation, Science, and Technology Development (MHTEISTD)

Abstract

The report was based on how well the audit committee performs in encouraging the finest management practices to improve the financial performance of public sector operations. The study was based on the case of the Ministry of Higher Education, Innovation, Science and Technological Development. The study used pragmatism as a research methodology. A deliberate test of 40 participants in the study were chosen from the MHEISTD. Individuals who were selected consisted of Audit Committee, to mention a few. Interviews were carried out and suitable information was collected. Information was collected from the gathering tools which were used. Information and the major results highlighted that audit committees are less effective because they meet infrequently. The study concluded that, from the point of view of the functioning of the board, it is desirable that it consists mostly of independent members who do not belong to the executive board, and that deadlines are set for the board members. That study concluded that the ineffectiveness of governments can be caused by multiple leadership and subordinating the government to a minister. This study also revealed that although the audit committee consists of independent non-executive directors, they are not considered independent because the board consists of political figures. The report also noted that the audit committee of the Ministry does not actually implement the improvement of its managed cooperation, because it does not act on time after receiving internal and external audit reports. The study also revealed that women effectively promote good governance in the ministry through oversight committees. It is recommended that the Government of Zimbabwe regulate the legislation governing audit committees and introduce strict penalties for ineffective audit committees.