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ABSTRACT
This research was aimed at finding out the impact of public sector accounting in Nigeria financial control system using Esan south east local government area of Edo state as a case study. The purpose was to find out if the control of public fund adopted by the local government is appropriate, to determine whether the public sector accounting principle applied by the local government is appropriate and effective and also to investigate whether the source of revenue to the local government is enough for them etc. The population size used was the staff and members of Esan south east local government area of Edo state, out of which the sample size was selected using the Taro Yamani‟s sampling techniques. Data for this study were primarily and secondarily sourced. Chi-square was used to analyze the responses gotten from the distributed questionnaires. The findings made in this study are; the public accounting principles applied by the said local government area is inappropriate and ineffective and the control of public fund measures adopted is also inappropriate etc, based on the findings, it was concluded that the public sector accounting principles applied by the local government is inappropriate and also the control of public fund measures adopted was inappropriate. Recommendations were also made based on the findings which are, an account committee should be set up to control the accounting system of the said local government and monitor their day to day activities etc and when this is met, the goal of creating the local government will be achieved.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Public sector is that sector of the economy established and operated by government and its agencies distinguishable from the private sector and are organized on behalf of the whole citizens while Public sector accounting is the process government agencies and municipalities use to record financial transactions. Mathias, (2004:78). Said, similar to private sector accounting in theory, the focus of public sector accounting is somewhat different. Most government agencies and municipalities need to track funds generated from tax revenues and expenditures related to projects or appropriations. In addition, nations may need to follow a set of standard of accounting principles different from private sector accounting rules. The creation of an international accounting standard helps nations to follow similar rules in other to present information in a similar manner. Government accounting typically uses a set of rules that tracks financial information. Rather than attempting to determine how much money a public sector entity has made, the entity must report financial information to interested parties, primarily constituents. The separation of money into these funds makes it difficult for government agency or municipality to spend money on unauthorized purposes. Elected officials or legislatures must create appropriations or spending authorizations to transfer funds amongst government fund accounts. This process attempts to restrict the spending of money on a free-will basis that will quickly deplete an agency‟s resources Similar to private sector accounting, public sector accounting principles often seek to lay a framework for accounting practices. Afolabi,( 2004:320). Said rather than creating a hard set of rules to follow, the principles allow for an application of basic principles to either large and small entities or municipalities. An international set of accounting principles is also necessary for smaller nations to learn and adopt rules that will enhance their internal national accounting process. Most times, developing nations cannot or do not have the resources capable to create and instil a framework for their public sector accounting practices. Adopting an international set of accounting rules will help them overcome this problem and typically helps them start on the path better infrastructure development. Another purpose of public sector accounting is to create a standard expectation of ethics and accountability for a nation‟s financial information. Standard public accounting principles will also make it easier for a nation to undergo an audit. it is also harder for countries to hide inappropriate financial transactions when using public sector accounting principles. This research study will therefore appraise the impact of public sector accounting in Nigerian financial control system focusing on Esan South East local government.
1.2 STATEMENT OF THE PROBLEM
The problems inherent in this research study as investigated by the researcher are;
1. INADEQUATE REVENUE: that is, the source of revenue available to Esan
South East Local Government authority most often is not enough for them,
as this invariably affects diverse activities that are carried out in
the local government area.
2. Poor administration of local government funds.
3. Another problem is the fact that the control of public fund adopted
by the local government is inappropriate. It is as a result of this that
there are still setbacks in the local government as regards to
infrastructural development.
4. The adoption of inappropriate and ineffective public sector accounting principles and guidelines.
5. Another problem is that the accounts of the local government are
characterized by inadequacies such as, improper maintenance and book
keeping of accounts and other necessary records, embezzlement of public
funds especially by the top officials.
1.3 OBJECTIVES OF THE STUDY
The main objective of this study is to appraise the impact of public
sector accounting in Nigerian financial control system and also to aid
local government improve on their revenue generation and collection to
that point where all collectable revenue are actually collected and
safely paid into the council treasury.
Other objectives include the following:
1. To investigate whether the sources of revenue available to Esan South East Local Government authority is enough for them.
2. To find out whether the revenue generated within the local government is put into good use.
3. To ascertain whether the control of public fund adopted by the local government is appropriate.
4. To determine if the accounts of the local government are
characterized by inadequacies such as, improper maintenance and book
keeping of accounts and other necessary records, embezzlement of public
funds especially by the top officials.
5. To examine if the public sector accounting principles applied by the
local government is appropriate and effective and also to recommend
strategies by which the local government can use in detailing out funds
and prevent revenue leakages.
1.4 RESEARCH QUESTIONS
The following research questions are formulated for the purpose of this research work:
1. Are the sources of revenue available to Esan South East Local Government authority enough for them?
2. Are the revenues generated within the local government put into good use?
3. Is the control of public fund by the local government appropriate?
4. Are the accounts of the local government characterized by
inadequacies such as improper book keeping and maintenance of other
records etc?
5. To what extent do the irregularities as regards to public fund in the
local government affect the diverse activities of the local government?
6. Are the public sector accounting principles applied by the local government appropriate and effective?
1.5 FORMULATION OF RESEARCH HYPOTHESES
The following hypotheses are formulated for the purpose of this research work:
HO: the public sector accounting principles applied by Esan South East
Local Government authority is inappropriate and ineffective
HI: the public sector accounting principles applied by Esan South East Local Government authority is appropriate and effective
HO: the sources of revenue available to Esan South East Local Government authority is not enough for them
H2: the sources of revenue available to Esan South East Local Government authority is enough for them
HO: the control of public fund by the local government is inappropriate
H3: the control of public fund by the local government is appropriate
1.6 SIGNIFICANCE OF THE STUDY
This research work will be of immense significance to the staff of Esan
East local government. It will go a long way in enlightening them on the
concept of public sector accounting as well as the best strategies to
be adopted to monitor its generated funds. This research work will as
well be of benefit to students and researchers because it will widen
their scope from the information contained in this research work and
lastly, it will help the entire nation in modifying the methods and
approaches used by different ministries, parastatals and other
inter-ministerial departments in their financial control system and also
it will help them in improving revenue generations and minimizes
expenditures since public sector is differentiate able from private
sector or bodies.
1.7 SCOPE OF THE STUDY
This research work on the impact of public sector accounting in Nigerian
financial control system is focused on Esan East local government of
Edo state.
1.8 LIMITATIONS OF THE STUDY
This research would have been generalized to all local government areas
in Nigeria but due to some numerous factors, I have decided to limit my
study to Esan south East local government area, Edo state.
The following are the constraints encountered in this research:
1. FINANCIAL CONSTRAINT: Finance is the key to the success of every
research work and the said finance was readily unavailable on my part as
at the time I was carrying out this research and as such, proper
research will not be carried out if I go about all local governments in
Nigeria.
2. TIME CONSTRAINT: The time stipulated for the submission of this work
was obviously too short and as such was unable to go about all local
government areas in Nigeria.
3. LACK OF KNOWLEDGEABLE AND SINCERE PERSONNEL: some of the officials
employed or appointed in most local governments in Nigeria including
that of Esan south East local government has no knowledge of what public
sector accounting is and they are also not approachable because they
placed themselves on a very high esteem and even when one is opportune
to interview them, there is sure to be
shortcomings arising from the basis such as, misinformation, and
deliberate distortion of facts and these is as a result of not letting
one know where revenue comes from and how it is been utilized.
4. LACK OF RESERCH FACILITIES: Research facilities such as
transportation makes research work easier and interesting but it is
noted that Nigeria has a poor transportation system especially in the
area were most local government secretariat are situated and this
restricted me from going about all local government areas and as such, I
was forced to focus my study on Esan south East local government area
though, the research was still very difficult to carry out.
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