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.