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Published Article / Municipalities in South Africa are under pressure as a result of poor financial control and lack of accountability, leading to extensive corruption and financial mismanagement with detrimental consequences for effective and efficient service delivery. Financial control is of the utmost importance when it comes to determining the success or failure of local government in South Africa. Currently, several challenges exist that hamper effective and efficient financial management at municipalities. These challenges include, amongst others, a lack of expertise, an inability to collect arrear debt, extensive corruption, exorbitant salaries and bonuses, and so forth. These challenges also contribute towards ineffective and inefficient municipal service delivery. If municipalities want to overcome these challenges, it is essential for those involved to address matters in a sincere, honest and ethical manner. In this article the author investigates the challenges facing local government and proposes ways of overcoming the challenges by means of the enforcement of strict financial control measures for public accountability. This in effect serves as a guarantee for sound municipal financial management in South Africa.

Working capital management refers to the financing, investment and control of net current assets within policy guidelines. It seems to have been relatively overlooked, although it is realized that a high proportion of business failures are due to poor decisions concerning the working capital of the firms. This case study is devoted to analyze the working capital practices of Keren Metal, wood and Cement Works, a manufacturing firm operating under joint venture in Eritrea. The study covers areas of working capital management, which encompasses, the working capital investment, working capital finance and working capital policies of the firm. To this end, relevant literature is reviewed and compared to the actual practices of the firm. Based on the gap identified from the comparison of the theory and the application, recommendations has been forwarded as how the working capital should be practiced, so as create value to the partners of the firm. / Thesis (MBA)-University of Kwazulu-Natal, 2004.

The research addresses the management dilemma of a decrease in the number of capital project investments, due to the current methods of capital budgeting (i.e. net present value analysis using discounted cash flows) being ineffective, because it does not effectively deal with uncertainty in the investment, and also does take management's flexibility into account. It has been determined that a strategic options framework can be used to provide a more meaningful assessment of future business opportunities under uncertainty. The options approach complements the conventional net present value criterion in evaluating risky investment. The options approach provides an immediate and important perspective on value creation because the options approach takes into consideration that management have the choice of deferring the investment to a later date when circumstances are more certain, and there is less risk involved, or the choice of completely abandoning the investment. / Thesis (MBA)-University of Natal, Durban, 2003.

Published Article / At present municipalities in the Republic of South Africa are under pressure as a result of poor financial control and accountability that give cause to extensive corruption and financial mismanagement with the subsequent detrimental consequences for effective and efficient rendering of goods and services to inhabitants. Hence, it is of the utmost importance that serious attention be given to the implementation of effective and efficient financial control and accountability at municipalities. Financial control and responsibility are definitely of the utmost importance in determining either the success or failure of local government in the Republic of South Africa. Sound financial management will enhance a positive attitude and trust among the inhabitants towards the municipal council. Statutory financial control in the local government sphere consists of two components, viz. an external component (preparation of the budget, control over loans, expenditure, revenue, and external auditing) and an internal component (internal auditing, reporting, ethical conduct, and financial regulations).

Abstract Our purpose for making this study is to study the implementation, the use of and the effects of Lean within our case objects.  We chose to make this thesis by case studies. The three themes mentioned above is also the main research questions that we aim to find an answer to by this study. We have chosen to do a cross section analysis where we conducted structured interviews to find answers to these questions. The theoretical reference frame consists partly of traditional theoreticians within Lean but also more recent research within the subject as well as theory specifically for Lean within the Health Care sector. The result of this study shows in all our case studies that the Management has been supporting the implementation, but that the implementation process proceeds faster if also the professionals are involved in the process.  To succeed with the implementation there is a great need for good reasons and strives that can benefit the professionals. By the use of Lean our case studies have evaluated its processes, with the main intentions being to reduce waste activities and to create flows with “pull systems”. The effects are that the internal processes have been clearly improved. Partly regarding quality, but foremost regarding time savings in terms of less waste activities. This has been done through factors like increasing the internal co-operations. The level of acceptance within the personal has large influence on the effects of the use of Lean, which leads back to the importance of a good implementation process. This study has covered many parts of Lean and our motive has been to analyze, without having the motive of doing an evaluation of Lean as a concept. The effects of capital tied up in warehouses, the economical measures and how the economical interaction between the hospitals and the politic world works is what we have focuses least on. These parts we recommend as future research. For future research we can also mention case studies of where the objects have implemented Lean within the whole organization (health care). It could be interesting to follow the patient from the emergency room, through the nursing process until the final stop of being discharged. We see the definition “customer value” as an ambiguous term. Is it enough to reduce what is not of value for the customer or should one give the costumer quality above what is expected? It would be interesting to study this through interviews with customers to companies who are using Lean. / Sammanfattning Vårt syfte med studien är att genom en kvalitativ studie på våra fallstudieobjekt studera implementeringen av Lean, användningen av Lean samt vilka effekter man kan se av Lean. Detta är också de huvudfrågeställningar vi vill ha besvarade. Metoden är en tvärsnittsstudie där vi utfört strukturerade intervjuer för att besvara våra frågeställningar. Den teoretiska referensramen består bl a av traditionella teoretiker inom Lean men också senare forskning på området kompletterat med teori som är specifik för Lean i sjukvården. Vi har i studien kommit fram till att alla våra studieobjekt har haft ledningens stöd i implementeringen, men att dess process påskyndas betydligt när man får med de professionella i implementeringen. För det behövs skäl och drivkrafter med implementeringen som de professionella kan se fördelar av. Användningen av Lean har lett till att man sett över sina processer med det huvudsakliga arbetet att reducera slöseriaktiviteter och att skapa flöden med drag-system. Effekterna är att de interna processerna förbättrats avsevärt, delvis kvalité men framför allt tidsbesparingar i bl a form av färre slöseriaktiviteter genom bl a ökade interna samarbeten. Hur väl personalen accepterar Lean har stor påverkan på hur stora effekterna blir, vilket leder tillbaka till hur viktig implementeringen är. Vi har gjort en studie som täckt många delar av Lean och som vi analyserat utan att ha som syfte att utvärdera Lean. Lagrets påverkan, de ekonomiska måtten och hur det ekonomiska samspelet sker mellan sjukhus och politiken är det vi lagt minst fokus och som vi rekommenderar som fortsatt forskning. Som fortsatt forskning kan även nämnas studieobjekt som implementerat Lean i hela organisationen - inom sjukvård vore av intresse att följa patientens väg från akuten via inskrivning/vård till utskrivning. Definitionen ”kundens värde” ser vi som ett tvetydligt begrepp – räcker det att reducera det som inte är av värde för kunden eller bör man förse kunden med kvalité den inte kan förvänta sig? Intressant vore att studera det utifrån intervjuer med kunder till företag som använder Lean.

The development of internal financial control of public sector is one of the essential ways of solving problems of the increase of effective activity of State institutions and development of implementation of budget programs. That is why it is important, from the point of view of national and the EU systems, to analyze and define the factors, (influencing) determining the development of internal financial control, which are connected with the objectives of internal financial control of public sector, also the ways of realization and usage, the possibilities to rationalize the management of internal financial control systems, to influence the effectiveness of realization of program budget. The aim of the research work is, on the basis of the results of evolution of economic science in the area of public internal financial control, to identify the conditions of the EU regarding internal financial control and to create the model of organisation of public internal financial control which enables to assure functioning and development of public internal financial control, implementation of state budgetary programmes and fulfillment the EU requirements for management of public finance. The Tasks of the Work are as follows: to analyze the Lithuanian and foreign authors’ attitude towards the internal financial control, to study the specific features of theoretical interpretation of internal financial control of public sector, to identify the objectives, to revise the conception of... [to full text]

The development of internal financial control of public sector is one of the essential ways of solving problems of the increase of effective activity of State institutions and development of implementation of budget programs. That is why it is important, from the point of view of national and the EU systems, to analyze and define the factors, (influencing) determining the development of internal financial control, which are connected with the objectives of internal financial control of public sector, also the ways of realization and usage, the possibilities to rationalize the management of internal financial control systems, to influence the effectiveness of realization of program budget. The aim of the research work is, on the basis of the results of evolution of economic science in the area of public internal financial control, to identify the conditions of the EU regarding internal financial control and to create the model of organisation of public internal financial control which enables to assure functioning and development of public internal financial control, implementation of state budgetary programmes and fulfillment the EU requirements for management of public finance. The Tasks of the Work are as follows: to analyze the Lithuanian and foreign authors’ attitude towards the internal financial control, to study the specific features of theoretical interpretation of internal financial control of public sector, to identify the objectives, to revise the conception of... [to full text]

Historically budgets have been seen as an indispensible control mechanism for businesses. Both the business and academic press continue to report on problems related to budgeting. This research report investigated whether or not local managers and finance practitioners believe that budgets add value to South African manufacturing companies A gap in previous research was that investigations were limited to finance practitioners. This study investigated the experiences and views of non-financial managers in addition to those of finance professionals. In order to understand the views of both sets of managers, Qualitative research, in the form of semi-structured expert interviews was undertaken. The findings reflect managers believe budget and planning processes add value, their reasons for what drives value in the process differs from the international literature on the subject. The processes and procedures followed locally align with global practices to a large extent. It was surprising to find that local managers do not report the same levels of problems experienced with budgets as their international counterparts. Participative budgetary practices were found to be a problem, leading to problems with budgetary alignment, efficiency and buy-in. The most surprising finding was that non-financial managers are positive about budgeting and planning processes. The key finding being that the process is used to gain information that drives their understanding of their business and this enables them to more meaningfully review and update their strategies. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Магистерская диссертация посвящена разработке методов совершенствования внутреннего контроля и аудита на примере одного из Управлений Федерального казначейства Российской Федерации. Выпускная квалификационная работа состоит из введения, трех глав, заключения и списка использованных источников. В первой главе рассмотрены теоретические и законодательные основы внутреннего контроля и аудита в органах государственного финансового контроля. Во второй главе проведён анализ внутреннего контроля и аудита в Управлении Федерального казначейства по Свердловской области. Третья глава посвящена разработке рекомендаций по совершенствованию внутреннего контроля и аудита. / The master's thesis is devoted to the development of methods for improving internal control and audit on the example of one of the Departments of the Federal Treasury of the Russian Federation. The final qualifying work consists of an introduction, three chapters, a conclusion and a list of sources used. In the first Chapter the theoretical and legislative bases of internal control and audit in bodies of the state financial control are considered. In the second Chapter the analysis of internal control and audit in Department of Federal Treasury across Sverdlovsk region is carried out. The third Chapter is devoted to the development of recommendations for improving internal control and audit.