I delightedly extend my heartfelt to God for giving me health and power to prepare this report, authors of accounting and auditing books. And gratitude to all whose viable contribution. Likewise I highly acknowledge Senior Financial Accountant Mr. Kifanga and Regional Financial Officer Mr John Makotwe for their moral, material support and advice other employees in Tanzania Electric Supply Company Limited (TANESCO) especially in financial and business department. I wish to extend a lot of thanks to the financial and business department of Tanzania Electric Supply Company Limited for their outstanding role which they played as instructors in all matters pertaining the financial management and control, accounting and auditing profession. Also my heartfelt thanks should go to my family for creating a conducive environment for me and encouraging me to produce this valuable work. Lastly I wish to extend lots of thank to all individuals whose valuable contribution has produced this work and it is difficult to mention all of them. May almighty God bless them.
I Mulabwa Prosper L. I declare that this report is my own and original work and it has never been submitted to any higher learning institution for similar aim. Student Name: MULABWA PROSPER L.Supervisor Name: ………………………….. Student Signature: Supervisor’s Signature: ……………….. Date : November 2011Date : …………….
I would like to dedicate this work to my beloved family: My mother Mrs MULABWA ATUSUKILE; brothers and Sisters for their encouragements till where I am now. Also to my beloved classmates, teachers and lectures who have been supporting me since my carrier. This work is also dedicated to everyone who in one way or another, their contribution has resulted to the successful completion of this field report.
The study conducted at Tanzania Electric Supply Company Limited (TANESCO) from 13July2012 on the financial control and management in Tanesco according to what observed in the field during the period of the study it was conclude that Tanzania Electric Supply Company Limited have procedures and regulations to be followed to ensure effective financial control and management on both Finance, Revenue and Store. This is to ensure that those funds recived from different sources are properly managed and expenditure incurred are well control such that payments done are inspected authorized and then recorded and finally those transactions are accurately recorded in respective accounting books. It is recommended that the government should train its staffs and motivate them so that they will be encouraged to fulfill their obligations effectively. Also competent accountants should be employed for proper maintenance of Tanesco funds are control of expenditure. And finally the staff should be supplies with adequate working tools for timely and accurate control of financial transaction and information.
This is an eight weeks field practical training report from 13th July to 30th September 2011 at Tanzania Electric Supply Limited (TANESCO) Head office Dar es Salaam where I had attached. As a result of an assignment issued by Institute of Finance management (IFM) requiring all first year students to attend the specific company for field practical training and then submitting the report within the December 2011. 1.2Historical Background
Tanzania Electric supply Limited (TANESCO) goes to 1908 when Germany established the first supply of electricity in Tanganyika at Dar es Salaam. Is a parastatal organization under the ministry of Energy and Minerals. The company generates, buys transmits, distributes and sell electricity to Tanzania Main land and sells bulk power to the Zanzibar Electricity Corporation (ZECO) which in turn sells it to the public in island Unguja and Pemba.The German...