IMPORTANCE OF AN EVALUATION OF ACCOUNTING SYSTEM IN THE MANAGEMENT OF NIGERIA UNIVERSITIES


IMPORTANCE OF AN EVALUATION OF ACCOUNTING SYSTEM IN THE MANAGEMENT OF NIGERIA UNIVERSITIES

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IMPORTANCE OF AN EVALUATION OF ACCOUNTING SYSTEM IN THE MANAGEMENT OF NIGERIA UNIVERSITIES
IMPORTANCE OF AN EVALUATION OF ACCOUNTING SYSTEM IN THE MANAGEMENT OF NIGERIA UNIVERSITIES

CHAPTER ONE

INTRODUCTION

          The establishment of universities constitutes part of the infrastructure of the country within which development and an evaluation of accounting is the whole system of control. Financials and otherwise established by the organization in an orderly and efficient manner, ensures adherence to management policies, safeguard the asses and secure as far as possible the completeness  and accuracy of records.

          In order to allow for better administration in the universities, the executive arm of operate and each is charge with specific duties. They are required to render an account of their stewardship on how the asset and obligation of the students, staff and government have been safeguarded. The question that readily comes to mind is, how far has this stewardship roles been performed.

          Case of embezzlement and misappropriation of public funds are main part these days. Frauds have been taken many forms in this country within the educational institution in the area financial frauds which include embezzlement of cash parse by cashiers falsification or wrongful manipulation of accounts. Materials and commercial frauds in stole of government parties.

          Personal fraud in duties the existence of ghost workers forgoing of certificates and use of workers and universities time for private jobs while on payroll. Retaining of employees names in the payroll of two or more departments drawing wages cheques for a greater amount than actual wages, buttering of fractious names or retaining the names of previous employees on the payroll.

          Outright burglary, breaking in and stealing of materials and requirements such as typewriters, photocopy machines and cash form universities premises. It should be noted that these fraud devices have a lot of effect on the operational efficiency of the universities and the frauds could have been prevented of these are effective and accurate accounting role procedures. In view of the light rate of frauds in the Nigerian public sector, it become necessary to develop satisfactory and efficient system of internal control to safeguard public money and other assets. This could be reinforced by drastic law and regulations against frauds which the past military administration of general Abubakar has stated.

There is fraud were there is a poor accounting role system. A good system of accountability or internal control system will ensure that every transaction is correctly recorded and that responsibilities or duties are adequately segregated so that the same person do not receive money, make entries, and make payment.

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

ON ACCOUNTABILITY          

It would appear that inadequate accountability has been one of the problems of the Nigerian society since independence. It is arguable that most public officers holders have not proved to be quiet successful in accounting efficiency of the stewardship

The inadequate and stewardship of public officers and politicians did sustain and aggravate economic problem which directly or indirectly increase unemployment, austerities, inflation  scarcities of full local and imported goods, falling of standard of living which generally resulted in going for fairly used materials popularly known as Tokunbo.

  • BACKGROUND OF THE STUDY

The university of Ilorin was established by decree of the federal military government in august 1975. This step taken to implement one of the education directives of the country third national development plan.

The university were considered to have special responsibility themselves, also that they could guarantee their future awareness of these responsibilities should be expressed in efficiency, in being due able to fashion curricular which can easily merge with existing system, developing postgraduate programmes, publishing standard ability to attract and retails staff originate in curriculum and introducing new concepts engaging in problem articulated research, maintaining `academic standard, coordinating with lower lever institutions and laborating democratic internal governance for the universities to achieves the universal.

A society which is free from corruption and exploitation and which is led by able leaders imbised with a sense of justice to all a nation which has educated man and woman oriented towards services to their localities, country and the under society.

Degree of control by the government is due to interference in the activities of the universities section by people in government with litter or no knowledge at all about the operations of the section is causing a serious problem in the section.

University is institution for the problem and dissemination of advance leaving, offering degree and engaging in academic research. University in a developing country roles and functions are seen to train highly skill staff to satisfy national man power requirement, promotion, and preservation of and enhance of social, cultural and moral institution.  

  1.  STATEMENT OF RESEARCH PROBLEM

The checking on day transaction which operate continuously as part of the routine system whereby the work of one person is proved independently or is complimentary to the work of another. The objectives being the prevention or clearly detection of error and fraud.

Arithmetical and accounting controls fall within the recording function which checks that the transactions to be recorded and processed have been authorized and that they are all including of arithmetical accuracy, reconciliations control accounts and the trial balances.

Internal check should not involve the duplication of duties by two or more persons and the division of duties must be maintained at all stages. It should also be noted that all transaction should authorization or approval by an appropriate and responsible person.

Custody procedures and physical controls are concerned mainly with the custody of assets and involve procedure and security measures designed to ensure that process to assets is limited to authorized personnel. This includes both direct access and indirect access via documentation. To signify their initial for their part in the payment voucher with space for responsible officials to signify their initial for their part in the payment of cash and cheque pass responsibility down to individual for instance, persons responsible for have space on the payment voucher for their initial with additional space for others information like LPO number, cheque number, invoice number and account change for such expenditure. The uses of accounting machines also permit the simultaneous preparation of several documents with similar information and thus prevent errors in recopying.

If function by measuring and evaluating the effectiveness of other of control. It could be regarded as the watching for management because it prints out areas out of deficiencies in the operation of organization.   

  • OBJECTIVE OF THE STUDY

IMPORTANCE OF AN EVALUATION OF ACCOUNTING SYSTEM IN THE MANAGEMENT OF NIGERIA UNIVERSITIES

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There is fraud were there is a poor accounting role system. A good system of accountability or internal control system will ensure that every transaction is correctly recorded and that responsibilities or duties are adequately segregated so that the same person do not receive money, make entries, and make payment. Lack of inadequacy internal control method result in the mismanagement of the economy, lack of public accountability, insensitivity of the political leadership and general deterioration of the standard of living, hence there is need for positive action for fraudulent actions. ON ACCOUNTABILITY It would appear that inadequate accountability has been one of the problems of the Nigerian society since independence. It is arguable that most public officers holders have not proved to be quiet successful in accounting efficiency of the stewardship The inadequate and stewardship of public officers and politicians did sustain and aggravate economic problem which directly or indirectly increase unemployment, austerities, inflation scarcities of full local and imported goods, falling of standard of living which generally resulted in going for fairly used materials popularly known as Tokunbo... accounting project topics

IMPORTANCE OF AN EVALUATION OF ACCOUNTING SYSTEM IN THE MANAGEMENT OF NIGERIA UNIVERSITIES

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