Auditing public schools’ financial records : a study of financial management from the eyes of relevant stakeholders

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Authors

Sebidi, Simon Diatleng
Aina, Adebunmi Yetunde
Kgwete, Ephraim Matala

Journal Title

Journal ISSN

Volume Title

Publisher

University of the Free State

Abstract

The demand for proper financial management in schools is dictated by the South African Schools Act 84 of 1996, Section 43(1) (RSA, 1996), according to which public schools must retain a suitably qualified accountant registered in terms of the Public Accountants and Auditors Act, 1991 (RSA, 1991), to audit the school’s financial records and statements. This study is aimed at understanding the experiences of school financial management stakeholders on auditing of public schools’ financial records. This study investigated the schools’ financial management stakeholders’ experiences of the auditing of public schools’ financial records. A qualitative approach was applied in the study. Semi-structured interviews were used to collect data from three purposefully selected secondary schools in which principals, chairpersons of the finance committees and finance officers were involved. A multiple-case study design was applied. Thematic data analysis was used to analyse the collected data. All the participants demonstrated limited knowledge and understanding of the processes and procedures of auditing financial records, including an inability to interpret the audited financial reports. However, the participants revealed the benefits of audited financial reports, such as trust from parents in how school finances are managed. Furthermore, the study revealed that audited financial reports may benefit schools to seek and apply for additional funding from businesses and other organisations. The study implies that schools may have difficulty in securing more funding from private organisations if their financial records are not appropriately audited. Hence, the study recommends that the Department of Education should offer sufficient support and training to school financial management stakeholders about auditing processes and procedures as well as financial auditing report interpretation.

Description

Keywords

Auditing, Financial reports, Public schools, School financial management, Stakeholders, SDG-04: Quality education

Sustainable Development Goals

SDG-04:Quality Education

Citation

Sebidi, S.D., Aina, A.Y., Kgwete, E.M. 2023, 'Auditing public schools’ financial records : a study of financial management from the eyes of relevant stakeholders', Perspectives in Education, vol. 41, no. 4, pp. 237-251. https://DOI.org/10.38140/ pie.v41i4.7105.