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Recent Submissions
Assessing internal control effectiveness in selected organizations in the Southern Africa-Indian Ocean Division of the Seventh-day Adventist Church
(Adventist University of Africa, 2023-10) Tsiriniaina Rakotonirina Andrianarimanana
The present research centered on an exhaustive evaluation of internal controls within specific entities affiliated with the Southern Africa-Indian Ocean Division of the Seventh-day Adventist Church. The primary objective was to pinpoint areas needing improvement, thereby ensuring alignment with the foundational mission and objectives of the affiliated institutions. Grounded in the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, this study covered the key domains of Control Environment, Risk Assessment, Control Activities, Information and Communication, Monitoring Activities, and the integral aspect of Frequency of Control.
The methodology employed was quantitative, relying on an adapted questionnaire for data collection. This instrument was informed by the COSO (2013) framework and was adapted from the "ICE Control Environment Questionnaire". Data were collected from fifteen selected entities, namely the Southern Africa-Indian Ocean Division, the SIDMEDIA institution, twelve unions, and one attached field. A diverse group of 136 participants, spanning roles from officers to finance secretaries, provided valuable insights.
While 'Table 20' offers a range of actionable strategies, the study emphasizes the recommended measures to enhance the efficiency of internal controls. Key recommendations include the establishment of robust reporting systems, the creation of specialized training modules, and a revisiting and potential revamping of prevailing policies.
This research underscores the paramount importance of robust internal controls, highlighting their role in bolstering transparency, fostering accountability, and elevating overall organizational efficiency within religious institutions.
Factors contributing to financial preparedness for retirement among manufacturing industry employees in Blantyre, Malawi
(Adventist University of Africa, 2024-05) Bonongwe Tonny
Financial preparedness for retirement has garnered significant attention in an era marked by increasing life expectancies and shifting economic landscapes. Retirement, once viewed as a period of leisure and relaxation, now necessitates careful financial planning to ensure a secure and comfortable lifestyle in later years. With the decline of traditional pension systems and the rise of self-directed retirement accounts, more employees leave the workplace without properly preparing financially for their retirement (Muhome, 2023).
Against this backdrop, this thesis sought to investigate why Malawi employees do not have enough savings for retirement by looking at contributing factors, which are financial literacy, attitude toward retirement, demographic characteristics, and
cultural and societal influences in relation to financial retirement preparedness for employees in the manufacturing industry in Blantyre, Malawi.
The study used a quantitative cross-sectional causal research design, collecting data from 458 participants in the selected manufacturing firms in Chirimba and Makata industrial areas. The data was analyzed using descriptive and inferential statistics, including regression and correlation analyses. The study discovered a moderate positive significant relationship between financial preparedness for retirement and financial literacy (r = 0.629, p = <0.001), cultural and social influence (r= .51; p<.001) and attitude toward retirement (r = 47; p = < .001) among respondents respectively. Additionally, the study found that there are differences among the different age groups (χ2(4) = 3.49, p = 0.480) and gender (χ2(1) = 2.78, p = 0.095) when it comes to financial retirement preparation.
The study also discovered that financial literacy (39.6%), attitude toward retirement (22.3%), and cultural and social influences (26.3%) significantly predict financial preparedness for retirement (p = < .001). These predictors when combined, account for 46% (p = < .001) of financial preparedness for retirement among employees. Lastly, using attitude toward retirement as a mediator showed significant mediating effects on direct and indirect relationships between financial literacy (p<.001), cultural and social influences (p<.001) respectively and financial preparedness for retirement.
Overall, the study provides valuable insights into the factors that contribute to financial preparedness for retirement among employees in the manufacturing industry in Blantyre, Malawi. The study’s findings can inform targeted interventions and policies to enhance employees’ financial preparedness for retirement in the sector.
The effect of working capital management on the profitability of selected manufacturing firms listed on the Ghana stock exchange between 2016 to 2021
(Adventist University of Africa, 2024-05) Owusu-Ansah Philip
Working capital management (WCM) is a crucial component of financial analysis in organizations. This study investigates how working capital management (measured by accounts receivable management, account payable management, inventory management and cash management) impacts the profitability of industrial enterprises listed in Ghana. Several studies have been conducted in this country regarding the effect of working capital on profitability, and the findings point to different conclusions. Therefore, it is necessary to conduct more studies to obtain a clearer understanding of this situation. This study utilized a quantitative causal research design, focusing on a balanced panel of 15 Ghanaian manufacturing firms listed on the Ghanaian Stock Exchange from 2016 to 2021. The findings of the study show that accounts payable management, accounts receivable management, and inventory management have higher means than cash management. ROA has a negative mean of 0.35%. Further, the results show a significant and positive relationship between the following working capital management elements: accounts payable management, inventory management, and cash conversion cycle on one hand, and return on assets on the other hand. However, account receivable management and return on assets were not significantly correlated. Regression analysis showed that working capital management had a significant effect on ROA, with an r2 of 36.5%. Further, the findings indicate that firms’ years of existence do not seem to moderate the relationship between working capital management and profitability. The recommendations focused on boosting profitability through the effective management of working capital to reduce short-term borrowing.
The effect of budgeting and budgetary control practices on the liquidity levels of the Seventh-day Adventist Missions in Angola
(Adventist University of Africa, 2023-12) Joaquim Nzage Gonçalves Manuel
The budget defines the financial plan of the organization quantitatively during a specific period. Effective Budgeting practices are the processes of creating and implementing a budget according to the policy, within the appropriate process, and with the participation of top- and lower-level managers within an organization. Effective budgetary control practices are the processes of evaluating an organization´s budget by preventing errors from occurring and detecting them after the errors have occurred, always respecting the rules. Budgeting and budgetary control practices are instrumental in improving financial performance in an organizational setting. Non-profit organizations have a particular interest in improving income, and reducing expenses so that the liquidity can carry on their short-term operations.
The purpose of this study was to determine the effect of budgeting and budgetary control practices on the liquidity levels of Seventh-day Adventist missions in Angola. The study was conducted in four Seventh - day Adventist missions in two Seventh-day Adventist unions in Angola. These missions experienced the problem of decreasing liquidity. This study used a causal research design. The study population comprised all committee members and accountants, who usually deal directly with budgeting and budgetary control. The instrument used for its data collection was a questionnaire that was tested for validity and reliability. Data were analyzed using descriptive statistics, correlation analysis, and regression analysis.
The findings indicate that budgeting and budgetary controls are effectively practiced in Angle’s Seventh-day Adventist missions. However, there are areas that require improvement to enhance liquidity levels. The liquidity levels are very low in such a way that they are a source of concern. The regression analysis shows that a p-value less than 0.05 for budgeting practices and budgetary control practices impacts on liquidity levels; however, only 12% of budgeting practices and 6% of budgetary control practices explain the level of liquidity. The study shows coefficient B= 1.198 and unstandardized coefficient B= 0.458, for the effect of budgeting practices on liquidity levels, and B= 1.427 and unstandardized coefficient B= 0.351 for the effect of budgetary control practices on liquidity levels. It was recommended that improvement of the utility of budgeting and budgetary control in the organization was needed: the participation of departmental directors in the budgeting making process be enhanced; and to board members be trained on issues related to budget and financial statements.
Predictive factors influencing employee retention at Botswana Union Conference of the Seventh-day Adventist Church in Botswana
(Adventist University of Africa, 2024-05) Kgomotso Bogadi Chenset
Retaining employees is critical to the success of the business. The goal of this study was to look into the predictive factors influencing employee retention at the Botswana Union Conference of the Seventh-Day Adventist Church in Botswana. 68 workers who are both permanent and eligible for pensions, as well as all pastors and support personnel with three years or more of service were the participants. Workers with contracts and who have been working for fewer than three years of experience were excluded from the study. Extrinsic and intrinsic factors were found to be the two factors of influence. A quantitative causal study design was employed. A partially adopted questionnaire was used to gather the information. Likert scale evaluations with a five (5) point range were utilized in this study. The findings showed that there is a significant impact of both the extrinsic (Financial Benefits, Leadership, Working Environment), with an adjusted r-square of .096, and intrinsic factors, with an adjusted r-square of .238 (Internalization of Organizational Values & Beliefs, Faith Factor, Sense of Security, Contentment with the Job, Organizational Commitment) on employee retention. However, extrinsic factors were found to have less weight than intrinsic ones. Among the extrinsic factors, the areas of strength were the financial benefits and good working environment while the weakness was leadership. Continuance and normative commitment were the weakest among the intrinsic factors. Among the intrinsic factors, the areas of strength were the Faith factor and affective commitment. Based on the findings it was recommended that the BUC and local Conference leaders must improve on the financial benefits, leadership, and good working environment to effectively retain their personnel. Being faith-based institutions, it is advised that the organization encourage the employees to put their faith into practice in the workplace to follow their calling and know that they are God’s stewards wherever they are found.