Annual general report of the controller and - Parliament of Tanzania

11.0 Introduction
CHAPTER ELEVEN
CORPORATE GOVERNANCE
Good Corporate Governance makes it mandatory for public
organizations to institute sound policies towards proper
management of resource. In achieving this fundamental
goal, organizations need to institute a series of aspect that
shall enable them to exercise effective controls that for
elimination of wastes fortified by fraud, negligence,
embezzlements and sloppy performance.
Organizations therefore, have to design organization setup
that supports transparency and sound internal control
system. Therefore, organization structures should also
facilitate checks and balances; for instance, formulation of
Internal Audit Unit, Tender Committee, Procurement
Management Unit, Audit Committee as well as ensuring
there is independent audit every financial year.
Moreover, organizations are required to have Codes of
Ethics, Clientele Service Charter, Corporate Plans, Annual
Budgets as well as an apex (Governing Board) for the
strategic decisions.
The cardinal objective of good governance therefore is for
organizations to be fully accountable and meet
stakeholder’s expectations both economically and socially.
This chapter therefore highlights the weaknesses noted in
relation to corporate governance issues that were found to
be material.
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Office of the Controller and Auditor General PA&oBs 2007/08 203