INFLUENCE OF GOVERNANCE ON EFFECTIVE FINANCIAL MANAGEMENT OF CONSTITUENCY FUNDS IN KENYA: A CASE OF LAISAMIS CONSTITUENCY
Abstract
The CDF was introduced in Kenya for decentralization of decision making at the grass root level generally intending to take the bottom up approach rather than the top down approach used before in development initiatives. The fund has faced numerous challenges among them management and governance issues especially in accountability and transparency. The study’s purpose was to establish the role of governance on the management of devolved funds and in specific on the Constituency Development Fund (CDF). The study was undertaken in Laisamis Constituency where the researcher used a descriptive research design approach to determine the role of governance in management of devolved funds. The study used a randomly selected sample drawn from the constituency using the rule of thumb. The sample was calculated from the urban population in Laisamis, Korr, Loglogo and Kargi towns in Marsabit County. The data was collected through a questionnaire which was self-administered. Data was analyzed using both qualitative and quantitative methods. The study revealed that the type of accountability and transparency and audit committee significantly affected effective financial management of constituency funds. The study recommends for enhanced accountability and transparency to increase management of funds. It also recommends that there is need to ensure that the audit committee on financing and deliver effective financial management of constituency funds.
Key Words: Accountability, Transparency, Audit Committee, Financial Management
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DOI: http://dx.doi.org/10.61426/sjbcm.v3i4.366
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