Financial accountability and performance of Sinay market upgrading project in Mogadishu, Somalia

Abstract

The study sought to examine financial accountability and performance of Sinay Market Upgrading Project, Mogadishu. The study objectives were; to identify the effect of bookkeeping on project performance of the Sinay Market Upgrading Project in Mogadishu –Somalia, to establish the effect of internal audit on performance of Sinay Market Upgrading Project, Mogadishu –Somalia and to examine the effect of external audit on performance of Sinay Market Upgrading Project, Mogadishu. This study employed a cross-sectional research design. Cross-sectional research design is a type of observational study that analyzes data from a population, or a representative subset, at a specific point in time. According to UNDP (2018) Report, the Sinay Market Upgrading Project had a total population of 149 project staff and these included; 8 top authorities of the Project, 120 Other project support staff, 10 Project coordinators and 11 Project supervisors and therefore the target population was 149 respondents. Out of the target population of 149, a sample size of 109 was selected, by using Slovene’s formula. The study findings revealed that the average mean of the effect of bookkeeping on project performance of the Sinay Market Upgrading Project in Mogadishu was 3.9 and the standard deviation stood at 1.002 which was equivalent to high on the Likert Scale and hence implying that most of the respondents were aware that financial accountability plays an important role in projects. The study results also discovered that average mean of effect of internal audit on performance of Sinay Market Upgrading Project, Mogadishu was 3.74 and the standard deviation stood at 1.061 equivalent to high on the Likert Scale. This implies that most of the respondents were aware that there is a multitude of factors that influence the project performance. It was also found out that the average mean of the effect of external audit on performance of Sinay Market Upgrading Project, Mogadishu was 3.61 which is equivalent to high on the Likert Scale. This implies that majority of the respondents were aware that financial accountability remains to be an essential tool that can be used to enhance the performance of the project. The study concludes that proper bookkeeping procedure as one of the ways through which an organization can keep track of its financial activities in order to ensure proper financial discipline. The study recommends that there is need to ensure proper records management. This should be done through documenting all transactions comprehensively so as to leave no room for error and provide reference where necessary. Bookkeeping should be done by professionals and experienced personnel.