ABSTRACT
The subject
matter of this study is financial control and accountability in public sector
organisation in Enugu
State ministry of
finance.
A research on this topic could not be
more appropriate than new since all the workers in the civil services
especially those involve in government finance operations are well acquainted with financial control. Therefore, the main motive of research was to
look into the financial control and accountability in public sectors
organistion.
Public accountability is not a new
phenomenor, it is old as man in his social relational with his fellowman. There was an element of answer which
illustrate stewardship of accountability in government.
Moreso, in this research work
secondary were used only in collecting data.
This method was done by collecting the existing literature or desk
research method.
The researcher now presented and
analyse all the facts she had collected that are related to the research work.
Finally, based on the above data
analysis in chapter four and five, the researcher made some finding and
recommendation and also conclusion, which would alleviate the difficulties
uncounted by the public sector organisation.
TABLE OF
CONTENT
Title page
Approval
page
Dedication
Acknowledgement
Abstract
CHAPTER
ONE
INTRODUCTION
1.1
Background of the study
1.2
Statement of problems
1.3
Objectives of the study
1.4
Significance of the study
1.5
Scope and limitation of the study
CHAPTER
TWO
2.0 Review
of related literature
2.1 What financial control and public sector
accountability in our public sector
2.3 Prospects of financial control and
accountability in public sector
CHAPTER
THREE
3.0 Research design and methodology
3.1
Source of data: secondary source
3.2
Location of data
3.3
Method of data collection
CHAPTER
FOUR
4.0 FINDINGS
CHAPTER
FIVE
5.1
Recommendations
5.2
Conclusion
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Financial
control and accountability as the name implies means the proper management and
control of financial aspects, the efficiency effective and management of
finance of the organisation. The finance
control and management law 1968 is designed for control and management for the
public financial and maters connected there with and it stipulates under
section 33 that the accountant general shall under to the auditor general
accounts showing the financial position of the state at the end of every
financial year and these include:
(a) Statement showing the sums estimated to be
received as revenue into the consolidated revenue fund and sums actually so
received in the period of account.
(b) Statement of assets and liabilities.
(c) A statement showing the sums estimated to
be issued out of the consolidated revenue fund and the sums actually so issued
in the period of accounts.
So in every organisation or public
sector, there is the need for control and accountability.
Therefore, Engu state ministry of
finance should not be an exception.
Every staff of the ministry is involved to some extent in controlling of
financial as well answerable to their conduct.
Almost all the workers in the civil
services especially those involved in government financial operation and well
acquainted with and an updated knowledge of the principles of financial
controls. Financial control is linked
with financial planning. This is not
withstanding control parameter are outcomes of financial planning decisions.
However, systematic planning in
itself requires a degree of control in terms of its process and
procedures. In most cases, government
constitutes largest single business entity and in many places, the core of the
economy.
Its pattern of expenditure or
manner of resources allocation determines the extent to which accountability
for economy, efficiency and effectiveness can be achieved.
1.2 STATEMENT OF
THE PROBLEM
There is a
general notion that government finance is fraught with numerous problems
ranging from frivolous expenditure, lack of fraught to embezzlement and
mismanagement of public funds. This
situation calls for adequate financial control measure and accountability.
Some of the identified problems of the public sector
accounting system includes:
1. Lack of
effective internal control and audit system.
2. Indifference to
revenue generation.
3. Failure to
conform to financial instructions and regulations.
4. Late auditing
of ministerial accounts
5. Late finalization and publication of
account and poor keeping of internal accounting records.
6. Personal problems involving lack of
knowledge and expertise among government accountants occupying higher levels of
responsibility
7. Excess authorization of expenditure.
1.3 OBJECTIVES OF THE STUDY
The main
objectives of this research work include the following:
1. To know the extent of financial control
and accountability in Enugu State Ministry of finance.
2. To highlight the need for financial
control and public sector accountability in our public sector.
3. To ascertain the prospects and problems
occurred in the system.
4. To review what financial control and
public sector accountability is all about.
1.4 SIGNIFICANCE OF THE STUDY
We gain nothing in saying that Enugu state Government as
an organized public sector has enormous
need for a sound and good accounting system. To say the least, government occupies a
pivotal position on any economy. Award
that the pattern of expenditure determines the extent to which allocation can
be made to a ministry, it is therefore of practical importance that an
effective control system and machinery for accountability are installed. There is also the need for every public
sector organization to establish and maintain an effective accounting
information system, which could be timely, reliable and compatible with
decision making and management control.
The accounting information system
should be understandable and disclose government financial condition as well as
results of its operations. The question
now and: is there a system of financial control and accountability in Enugu
State Ministry of finance? If no;
why? Yes the effective is the financial
control and accountability system already in operation. What is the possibility of putting one in
place?
1.5 LIMITATION OF
THE STUDY
The scope
of study is limited to the Enugu
state ministry of finance. The study
will look into financial control and public sector accountability and final
ways of achieving it where none exists.
The word will attempt to evaluate the effectiveness and efficiency of
the internal control system on the ministry with reference to the Enugu state financial
instruction volume 1. The investigation
will highlight the impact of the state audit department and public accounts
counted on the process.
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