This study critically examined the effectiveness of Audit Committees in State-Owned Enterprises (SOEs) in Zimbabwe. Despite corporate governance frameworks aligned with international standards and the existence of Audit Committees in State-Owned Enterprises, many of them continue to experience financial mismanagement, weak internal controls, and limited accountability. To examine the effectiveness of Audit Committees in SOEs, the researchers assessed the impact of SOE’s independence, financial expertise, frequency of meetings, and their size to SOEs performance and their quality of financial reporting.
A qualitative research methodology was adopted in which data was generated from 17 participants picked from current and previous Audit Committee members for 24 State-Owned Enterprises. Data analysis was done using the thematic approach. The findings indicate that audit committee independence and financial expertise have a statistically significant positive relationship with quality of financial reporting and effectiveness of internal control. However, political interference and limited enforcement of governance regulations weaken overall audit committee performance. The findings have implications for policymakers, regulators, and boards seeking to enhance accountability and sustainability in state-owned enterprises.
Jenfan Muswere, H. Mukono, Fainos Chinjova et al.· International Journal of Lat...· 0 citations
Internal auditing is pivotal in promoting accountability, transparency, and effective governance in State-Owned Enterprises (SOEs). Historically, SOEs in Zimbabwe have faced systemic institutional challenges, including the mismanagement of public funds, financial irregularities, and operational underperformance. This study examines the expectations of Boards of Directors regarding internal auditing in Zimbabwean SOEs, focusing on the extent to which boards rely on internal auditors for risk management, regulatory compliance, and operational oversight. Employing a qualitative multiple-case study research design, semi-structured interviews were conducted with fifteen board members and audit committee chairs across five selected public enterprises in the energy, transport, and utilities sectors. Thematic analysis reveals that while boards expect internal auditors to provide objective, strategic assessments to safeguard public assets, their effectiveness is heavily constrained by structural competence gaps, restricted resource allocations, and compromised reporting independence. The study recommends the strict enforcement of dual-reporting frameworks under the Public Entities Corporate Governance Act [Chap 10:31], the institutional ring-fencing of audit budgets, and a operational shift toward forward-looking, risk-based auditing to align internal audit outputs with strategic board expectations.
Keywords: Internal audit, State-Owned Enterprises, Board expectations, corporate governance.
Jenfan Muswere, H. Mukono, Fainos Chinjova et al.· International journal of res...· 0 citations
