Financial governance transformation strategies for sustainable development in South African municipalities
Résumé
Challenges such as poor internal control, lack of transparency, poor service delivery and high crime rate due to poor financial governance practices suggest the need for digital and innovative strategies for sustainable development.Municipalities' financial distress has intensified to the point that local government is experiencing unsustainable development.The annual general report highlighted that 28% of municipalities misreported their revenue due to incorrect billing or a lack of proper audit evidence.Considering these challenges, the study seeks to identify and explore possible solutions to address financial governance practices.The main focus of this study is on local municipalities, and qualitative research methods were used.Face-to-face interviews were conducted with 15 participants who serve on the Municipal Public Accounts Committee and Audit Finance Committees at local municipalities.The data collected indicate the need for proper monitoring of municipalities' financial governance practices, as participants showed that municipalities face many problems due to financial mismanagement.The municipalities are failing to eliminate the challenges they face due to poor financial practices, as most participants could not provide a clear view of strategies for addressing these challenges.Therefore, the study has the potential to explore the transformation of financial governance through digital and innovative strategies that could help eliminate financial mismanagement and poor service delivery, and ensure that financial governance practices promote sustainable development.
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