An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance

Hawthorn Munkasu; Chaste Nsama

doi:doi:10.11648/j.sjbm.20241201.12

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An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance

Hawthorn Munkasu^*, Chaste Nsama

Published in Science Journal of Business and Management (Volume 12, Issue 1)

Received: 6 December 2023 Accepted: 25 December 2023 Published: 11 January 2024

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Abstract

The study investigated internal controls for Zambia Airports Corporation Limited financial performance. This was necessitated by the observance of weaknesses in internal controls and financial performance of selected parastatal bodies in Zambia’s Auditors General’s report for the year ended 31^st December, 2020. The main objective of the study was to establish the relationship between internal controls and financial performance at Zambia Airports Corporation Limited. Primary data was collected from a purpose sample of Lusaka based Zambia Airports Corporation Limited employees using questionnaire (98) as the main research tool and interview guide (5) as supplementary. Secondary data was collected through review of records such as audited financial statements, journals, and books. Quantitative data collected from questionnaires was analyzed by means of descriptive and inferential statistics. Statistical package for social sciences version 27 was also applied to complete the data analysis. Data collected from interviews was analyzed using thematic data analysis by examining themes within data. The study established a positive relationship between internal controls and financial performance. This implies that internal controls help achieve profit and revenue targets. To improve Zambia Airports Corporation Limited financial performance, it was recommended that management considers strengthening its internal controls by responding timely to evaluated risks, ensure risk management committee worked closely with internal audit committee, provide regular feedback on financial performance to its employees, conduct awareness workshop on internal controls and its importance to its employees, and ensure internal audit unit was adequately staffed.

Published in	Science Journal of Business and Management (Volume 12, Issue 1)
DOI	10.11648/j.sjbm.20241201.12
Page(s)	12-17
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Internal Controls, Zambia Airports Corporation Limited, Financial Performance

References

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APA Style

Munkasu, H., Nsama, C. (2024). An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance. Science Journal of Business and Management, 12(1), 12-17. https://doi.org/10.11648/j.sjbm.20241201.12

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ACS Style

Munkasu, H.; Nsama, C. An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance. Sci. J. Bus. Manag. 2024, 12(1), 12-17. doi: 10.11648/j.sjbm.20241201.12

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AMA Style

Munkasu H, Nsama C. An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance. Sci J Bus Manag. 2024;12(1):12-17. doi: 10.11648/j.sjbm.20241201.12

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@article{10.11648/j.sjbm.20241201.12,
  author = {Hawthorn Munkasu and Chaste Nsama},
  title = {An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance},
  journal = {Science Journal of Business and Management},
  volume = {12},
  number = {1},
  pages = {12-17},
  doi = {10.11648/j.sjbm.20241201.12},
  url = {https://doi.org/10.11648/j.sjbm.20241201.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20241201.12},
  abstract = {The study investigated internal controls for Zambia Airports Corporation Limited financial performance. This was necessitated by the observance of weaknesses in internal controls and financial performance of selected parastatal bodies in Zambia’s Auditors General’s report for the year ended 31st December, 2020. The main objective of the study was to establish the relationship between internal controls and financial performance at Zambia Airports Corporation Limited. Primary data was collected from a purpose sample of Lusaka based Zambia Airports Corporation Limited employees using questionnaire (98) as the main research tool and interview guide (5) as supplementary. Secondary data was collected through review of records such as audited financial statements, journals, and books. Quantitative data collected from questionnaires was analyzed by means of descriptive and inferential statistics. Statistical package for social sciences version 27 was also applied to complete the data analysis. Data collected from interviews was analyzed using thematic data analysis by examining themes within data. The study established a positive relationship between internal controls and financial performance. This implies that internal controls help achieve profit and revenue targets. To improve Zambia Airports Corporation Limited financial performance, it was recommended that management considers strengthening its internal controls by responding timely to evaluated risks, ensure risk management committee worked closely with internal audit committee, provide regular feedback on financial performance to its employees, conduct awareness workshop on internal controls and its importance to its employees, and ensure internal audit unit was adequately staffed.
},
 year = {2024}
}

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TY  - JOUR
T1  - An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance
AU  - Hawthorn Munkasu
AU  - Chaste Nsama
Y1  - 2024/01/11
PY  - 2024
N1  - https://doi.org/10.11648/j.sjbm.20241201.12
DO  - 10.11648/j.sjbm.20241201.12
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
SP  - 12
EP  - 17
PB  - Science Publishing Group
SN  - 2331-0634
UR  - https://doi.org/10.11648/j.sjbm.20241201.12
AB  - The study investigated internal controls for Zambia Airports Corporation Limited financial performance. This was necessitated by the observance of weaknesses in internal controls and financial performance of selected parastatal bodies in Zambia’s Auditors General’s report for the year ended 31st December, 2020. The main objective of the study was to establish the relationship between internal controls and financial performance at Zambia Airports Corporation Limited. Primary data was collected from a purpose sample of Lusaka based Zambia Airports Corporation Limited employees using questionnaire (98) as the main research tool and interview guide (5) as supplementary. Secondary data was collected through review of records such as audited financial statements, journals, and books. Quantitative data collected from questionnaires was analyzed by means of descriptive and inferential statistics. Statistical package for social sciences version 27 was also applied to complete the data analysis. Data collected from interviews was analyzed using thematic data analysis by examining themes within data. The study established a positive relationship between internal controls and financial performance. This implies that internal controls help achieve profit and revenue targets. To improve Zambia Airports Corporation Limited financial performance, it was recommended that management considers strengthening its internal controls by responding timely to evaluated risks, ensure risk management committee worked closely with internal audit committee, provide regular feedback on financial performance to its employees, conduct awareness workshop on internal controls and its importance to its employees, and ensure internal audit unit was adequately staffed.

VL  - 12
IS  - 1
ER  -

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Author Information

Hawthorn Munkasu

Graduate School of Business, University of Zambia, Lusaka, Zambia

Contact Email
Chaste Nsama

Graduate School of Business, University of Zambia, Lusaka, Zambia

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APA Style

Munkasu, H., Nsama, C. (2024). An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance. Science Journal of Business and Management, 12(1), 12-17. https://doi.org/10.11648/j.sjbm.20241201.12

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ACS Style

Munkasu, H.; Nsama, C. An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance. Sci. J. Bus. Manag. 2024, 12(1), 12-17. doi: 10.11648/j.sjbm.20241201.12

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AMA Style

Munkasu H, Nsama C. An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance. Sci J Bus Manag. 2024;12(1):12-17. doi: 10.11648/j.sjbm.20241201.12

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@article{10.11648/j.sjbm.20241201.12,
  author = {Hawthorn Munkasu and Chaste Nsama},
  title = {An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance},
  journal = {Science Journal of Business and Management},
  volume = {12},
  number = {1},
  pages = {12-17},
  doi = {10.11648/j.sjbm.20241201.12},
  url = {https://doi.org/10.11648/j.sjbm.20241201.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20241201.12},
  abstract = {The study investigated internal controls for Zambia Airports Corporation Limited financial performance. This was necessitated by the observance of weaknesses in internal controls and financial performance of selected parastatal bodies in Zambia’s Auditors General’s report for the year ended 31st December, 2020. The main objective of the study was to establish the relationship between internal controls and financial performance at Zambia Airports Corporation Limited. Primary data was collected from a purpose sample of Lusaka based Zambia Airports Corporation Limited employees using questionnaire (98) as the main research tool and interview guide (5) as supplementary. Secondary data was collected through review of records such as audited financial statements, journals, and books. Quantitative data collected from questionnaires was analyzed by means of descriptive and inferential statistics. Statistical package for social sciences version 27 was also applied to complete the data analysis. Data collected from interviews was analyzed using thematic data analysis by examining themes within data. The study established a positive relationship between internal controls and financial performance. This implies that internal controls help achieve profit and revenue targets. To improve Zambia Airports Corporation Limited financial performance, it was recommended that management considers strengthening its internal controls by responding timely to evaluated risks, ensure risk management committee worked closely with internal audit committee, provide regular feedback on financial performance to its employees, conduct awareness workshop on internal controls and its importance to its employees, and ensure internal audit unit was adequately staffed.
},
 year = {2024}
}

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TY  - JOUR
T1  - An Investigation of the Internal Controls for Zambia Airports Corporation Limited Financial Performance
AU  - Hawthorn Munkasu
AU  - Chaste Nsama
Y1  - 2024/01/11
PY  - 2024
N1  - https://doi.org/10.11648/j.sjbm.20241201.12
DO  - 10.11648/j.sjbm.20241201.12
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
SP  - 12
EP  - 17
PB  - Science Publishing Group
SN  - 2331-0634
UR  - https://doi.org/10.11648/j.sjbm.20241201.12
AB  - The study investigated internal controls for Zambia Airports Corporation Limited financial performance. This was necessitated by the observance of weaknesses in internal controls and financial performance of selected parastatal bodies in Zambia’s Auditors General’s report for the year ended 31st December, 2020. The main objective of the study was to establish the relationship between internal controls and financial performance at Zambia Airports Corporation Limited. Primary data was collected from a purpose sample of Lusaka based Zambia Airports Corporation Limited employees using questionnaire (98) as the main research tool and interview guide (5) as supplementary. Secondary data was collected through review of records such as audited financial statements, journals, and books. Quantitative data collected from questionnaires was analyzed by means of descriptive and inferential statistics. Statistical package for social sciences version 27 was also applied to complete the data analysis. Data collected from interviews was analyzed using thematic data analysis by examining themes within data. The study established a positive relationship between internal controls and financial performance. This implies that internal controls help achieve profit and revenue targets. To improve Zambia Airports Corporation Limited financial performance, it was recommended that management considers strengthening its internal controls by responding timely to evaluated risks, ensure risk management committee worked closely with internal audit committee, provide regular feedback on financial performance to its employees, conduct awareness workshop on internal controls and its importance to its employees, and ensure internal audit unit was adequately staffed.

VL  - 12
IS  - 1
ER  -

Copy | Download