INFLUENCE OF INTERNAL AUDIT SYSTEM, INFORMATION COMMUNICATION TECHNOLOGY AND MANAGEMENT EFFICIENCY ON PRUDENT FINANCIAL MANAGEMENT OF TECHNICAL VOCATIONAL EDUCATION AND TRAINING INSTITUTIONS IN THE WESTERN REGION, KENYA
Abstract
This study investigated micro economic determinants of prudent financial management of TVET institutions in the Western region, Kenya. The study adopted descriptive survey design and targeted 207 respondents from 23 TVET institutions in the western region, Kenya. The study used structured questionnaire as its main research instrument. The data collected was coded for accuracy of information at the end of every field data collection day and stored manually and electronically. Computer software- Statistical Package for Social Sciences (SPSS) version 24 was used in data analysis. Both descriptive and inferential analysis revealed that all conceptualized independent variables significantly influenced prudent financial management in TVET institutions in western region, Kenya, that is; Internal audit system; β = 0.407 at p<0.01;; Management efficiency; β = 0.417 at p<0.01; Information communication technology; β = 0.085 at p<0.01 and from the model summary, R2= 0. 610, which is a good model; because the model significantly explained 61.0% of the variations in prudent financial management of TVET institutions in the western region, Kenya. The study concluded that secure, updated and customized integrated financial management information systems plus independent audit systems can impact positively on sound financial management practices in TVET institutions in Kenya. The study recommended that there should be secure and updated financial information systems to monitor real-time financial transaction in all TVET institutions so as to effect prudent financial management in all TVET institutions in Kenya.
Key Words: Internal Audit System, Management Efficiency, Information Communication Technology, Prudent Financial Management, TVET
CITATION: Adero, G. O., & Otinga, H. N. (2019). Influence of internal audit system, information communication technology and management efficiency on prudent financial management of technical vocational education and training institutions in the Western region, Kenya. The Strategic Journal of Business & Change Management, 6 (1), 220 – 244.
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