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ACCOUNTING AND INTERNAL CONTROL SYSTEM IN NIGERIA



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ACCOUNTING AND INTERNAL CONTROL SYSTEM IN NIGERIA



TABLE OF CONTENT

 

TITLE PAGE

 

CERTIFICATION

 

DEDICATION

 

ACKNOWLEDGEMENT

 

          CHAPTER ONE

 

1.0    INTRODUCTION

 

1.1    STATEMENT OF THE PROBLEM

 

OBJECTIVE OF THE STUDY

SIGNIFICANCE OF THE STUDY

SCOPE AND LIMITATION OF THE STUDY

RESEARCH METHODOLOGY

PLAN OF THE STUDY

DEFINITION OF TERM

          CHAPTER TWO            

 

REVIEWS OF ACCOUNTING POLICIES

INTERNAL CONTROL SYSTEM REVIEW

INTERNAL AUDITOR AND THE WATCH DOG ROLE

ESSENTIAL ELEMENTS OF INTERNAL CONTROL ORGANIZATION PLAN

          CHATPER THREE

 

RESEARCH METHODOLOGY

POPULATION OF THE STUDY

SAMPLING OF METHOD

 SOURCE OF DATA AND COLLECTIONS TECHNIQUES.

METHOD OF DATA ANALYSIS

PROBLEM OF THE STUDY

          CHAPTER FOUR

 

DATA ANALYSIS

INTERPRETATION OF DATA

INTERPRETATION OF THE FINDING

          CHAPTER FIVE

 

SUMMARY

CONCLUSION

RECOMMENDATION

          REFERENCE

 

CHAPTER ONE

 

INTRODUCTION

The established of universities constitution part of the infrastructure of the country within which development and the role of accounting is this whole system of control, financial and otherwise established by the organization in an orderly and efficient manner, ensure adherence to management policies, safeguard the asses and secure as for possible the completeness and accuracy of records.

 

          In order to allow for better administration in the universities, the executive arm of the education administration is divided in appropriate and each is change with specific duties. They are required to render an account of their stewardship on how the assets and obligations of the students, staff and government have been safeguarded.

 

          The question that readily came to mind is, how far has this stewardship role been performed? Case of embezzlement and misappropriation of public funds are rampart these days. Fraud have taken many forms in this country within the education institution in areas as, financial fraud which include embezzlement of case pure by cashiers ratification or wrongful manipulation of account materials and commercial fraud in state of government properties. Personal fraud include the existence of ghost workers forging of certification and use of workers and university’s time for private jobs while on payroll of two or more determents. Drawing wage cheque for a greater amount than actual wage. Buttering factious names of relating to the name of previous employees on the payroll.

 

          Outright Burglary, breaking in and stealing of materials and universities promises.

 

          It should be noted these fraud device have a lot of effect on the operation efficiency of the universities and the fraud could have been prevented if there is effective and accurate accounting role and procedure.

 

          In view of the light role of fraud in the Nigeria public sector, it becomes necessary to develop satisfactory and efficient system of internal controls of safeguard public money and other asset. This could be reinforced by drastic  law and regulation against frauds which the formal president of Nigeria, chief Olusegun Obasanjo had stated there is fraud where there is a poor accounting role system. A good system of accountability on internal control system will ensure that every transaction correctly recorded, and that the responsibilities or duties are adequately segregate, so that the some person do not receive money, make entries, and make payment.

 

          Lack of inadequacy of internal control methods result in the mismanagement of the economy, lack of public accountability, insensitivity of the political leadership and general determination of the standard of living hence there is need for positive action for fraudulent accounting.

 

STATEMENT OF THE PROBLEM.

          It would appear that inadequate accountability has been one of the problems of the Nigeria society since independence. It is arguable that hot public officer holder have not proved to be quiet successful in accounting effectively of year stewardship.

 

          The inadequate accountability and stewardship of public officers and politicians did sustain and aggravate economic problem which directly increase unemployment, austerities, inflation scarcities of fuel. Local and imported goods falling of standard of living which generally in going for fairly used material which is popularly known as “Tokunbo”.

 

OBJECTIVE OF THE STUDY.

          The role of accounting system which is regarded as the central or most important part of every educational establishment, therefore its efficient organization means that the education establishment is carrying out its objective effectively with specific regards to laid down rules and regulations.

 

          Control is essential in management function that deals with the measurement or correction of o f the performance of  subordinate with a view of achieving the organization object with maximum efficiency and at minimum cost.

 

          Therefore, the objective of the study is to study the role of function of accounting, principles in existence of university of Ilorin and see how effective these accounting dements are. In other words evaluation will be made as to whether the system of accounting in operation of the university of Ilorin is sound and reliable.

 

          The competent honest, dedicate and imaginative staff with clear line of authority and responsibility can almost perform at a high level and general reliable vouchers even than there are few other control to support them. The existence of an effective system of accounting will require and adequate separation of duties If the records kept are to be relied upon.

 

          Those who have custody asset should not be made responsible for maintaining accounting records of such assets as combination both functions increase the risks of man-detection of such frauds

 

          Having ascertained the existence of these characteristic of internal controls, compliance test will be carried out to ensure that accounting procedures are applied as prescribed, while the objective will be to make recommendation and suggestions.

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ACCOUNTING AND INTERNAL CONTROL SYSTEM IN NIGERIA


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The established of universities constitution part of the infrastructure of the country within which development and the role of accounting is this whole system of control, financial and otherwise established by the organization in an orderly and efficient manner, ensure adherence to management policies, safeguard the asses and secure as for possible the completeness and accuracy of records. In order to allow for better administration in the universities, the executive arm of the education administration is divided in appropriate and each is change with specific duties. They are required to render an account of their stewardship on how the assets and obligations of the students, staff and government have been safeguarded. The question that readily came to mind is, how far has this stewardship role been performed? Case of embezzlement and misappropriation of public funds are rampart these days. Fraud have taken many forms in this country within the education institution in areas as, financial fraud which include embezzlement of case pure by cashiers ratification or wrongful manipulation of account materials and commercial fraud in state of government properties. Personal fraud include the existence of ghost workers forging of certification and use of workers and university’s time for private jobs while on payroll of two or more determents. Drawing wage cheque for a greater amount than actual wage. Buttering factious names of relating to the name of p.. Click here for more

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