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186 Niţă, D.; Fleşer, A. pentru abordarea provocărilor și oportunităților tineretului {SEC(2009) 545}{SEC(2009) 546}{SEC(2009) 548}{SEC(2009) 549}, Bruxelles, 27.4.2009 [3]. www.eur-lex.ro, COM(2008) 398 final, Evaluare finală a programului de acțiune comunitară Tineret (2000-2006) și a programului de acțiune comunitară pentru promovarea organismelor active la nivel european în domeniul tineretului (2004-2006), Bruxelles, 26.6.2008 [4]. www.eur-lex.ro, Tineretul în mișcare - Întărirea sprijinului pentru tinerii Europei, IP/10/1124, Bruxelles, 15 septembrie 2010 [5]. http://ec.europa.eu [6]. http://nataliabejan.treivoci.ro/wp-content/uploads/2011/02/Raport_CNSIEM_2010.pdf [7]. http://epp.eurostat.eu
Annals of the University of Petroşani, Economics, 11(1), 2011, 187-196 187 INTERNAL CONTROLS IN ENSURING GOOD CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS KOSMAS NJANIKE, MARGARET MUTENGEZANWA, FUNGAI B. GOMBARUME * ABSTRACT: This paper assessed factors that influence the internal controls in ensuring good corporate governance in financial institutions in developing economies with special reference to Zimbabwe. The research paper assessed how lack of internal controls affected good corporate governance and aimed to bring out elements of good corporate governance. It emerged that failure to effectively implement internal controls contributed significantly to poor corporate governance. The study discovered that internal control system overrides and the issue of “fact cat” directors also contributed to poor corporate governance. The study recommended that there is need for the board of directors to guarantee an organizational structure that clearly defines management responsibilities, authority and reporting relationships. There is also need to ensure that delegated responsibilities are effectively carried out to ensure compliance with internal controls of the financial institution concerned. KEY WORDS: internal controls; corporate governance; ethical behaviour. JEL CLASSIFICATION: G21, G28; G30; G38. 1. INTRODUCTION The year period December 31 2003 to December 31 2004 witnessed the collapse of a number of financial institutions in Zimbabwe. This period witnessed a 27.5% decline in the number of registered financial institutions from forty (40) to twenty nine (29). The impact of effective internal controls can thus not be overemphasized in ensuring good corporate governance practice and consequently * Lecturer, Bindura University, Zimbabwe, kosmasnjanike@gmail.com Lecturer, Bindura University, Zimbabwe, mmutengezanwa@gmail.com Lecturer, Bindura University, Zimbabwe, fbgombarume@yahoo.co.uk
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