BACKGROUND TO THE STUDY
Financial control 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
(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 financial control. Therefore, owerri North 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.