ABSTRACT
The subject
matter of this study is problem and prospect of
financial control in organisation public sector in Owerri North Imo State.
A
research on this topic could not be more appropriate than new since all the
workers in the civil services especially those involve in government finance
operations are well acquainted with
financial control. Therefore, the main
motive of research was to look into the financial control in public sectors
organistion.
Public
accountability is not a new phenomenor, it is old as man in his social
relational with his fellowman. There was
an element of answer which illustrate stewardship of accountability in
government.
Moreso,
in this research work secondary were used only in collecting data. This method was done by collecting the
existing literature or desk research method.
The
researcher now presented and analyse all the facts she had collected that are
related to the research work.
Finally,
based on the above data analysis in chapter four and five, the researcher made
some finding and recommendation and also conclusion, which would alleviate the
difficulties uncounted by the public sector organisation.
TABLE OF CONTENTS
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2
STATEMENT
OF PROBLEMS
1.3
OBJECTIVE
OF STUDY
1.4 STATEMENT
OF HYPOTHESIS
1.5 SCOPE
AND LIMITATIONS OF STUDY
1.6 SIGNIFICANCE OF THE STUDY
1.7 DEFINITION
OF TERMS
REFERENCE
CHAPTER TWO
2.0 LITERATURE
REVIEW
2.1 THE
MEANING OF MANAGEMENT FUNCTION, AND THEORY
2.2 THE PUBLIC ENTERPRISES FUNCTION AND FEATURES
2.3 FEATURES
OF PUBLIC ENTERPRISES
2.4 FACTORS
THAT CAN LEAD TO BUSINESS FAILTURE OF PUBLIC ENTERPRISES MANAGEMENT
2.5 THE
MEANING AND DEFINITION OF MANAGEMENT PROBLEM OF PUBLIC ENTERPRISES (PHCN)
2.6 PROBLEMS OF PUBLIC ENTERPRISES CAUSED BY
CUSTOMERS AND USERS OF FACILITIES.
REFERENCES
CHAPTER
THREE
3.0 RESEARCH METHODOLOGY
3.1 RESEARCH DESIGN
3.2
METHOD OF
DATA COLLECTION
3.3
SAMPLE SIZE
3.4
SAMPLE TECHNIQUES
3.5
DATA
ANALYSIS TECHNIQUES
CHAPTER
FOUR
4.0 PRESENTATION AND ANALYSIS OF DATA
4.1 DATA PRESENTATION
4.2
DATA
ANALYSIS
4.3 RESEARCH
FINDINGS
CHAPTER FIVE
5.0
SUMMARY,
RECOMMENDATION AND CONCLSION.
5.1 SUMMARY
5.2
RECOMMENDATION
5.3 CONCLUSION
APPENDIX: QUESTIONNAIRE
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF 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 include:
(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.
1.2 HISTORICAL
BACKGROUND OF THE CASE STUDY
Owerri North is a Local Government Area
of Imo State, Nigeria.
Its headquarters are in the town of Orie Uratta. It has an area of 198 km²
and a population of 175,395 at the 2006 census. The postal code
of the area is 460 Owerri North is a Local Government Area of Imo State,
Nigeria. Its headquarters are in the town of Orie Uratta. It has an area of 198
square km and a population of 175,395 at the 2006 census. The postal code of
the area is 460.
Owerri North is semi-urban government area. It encircles Owerri Municipal like
a peninsular. Six major roads that lead out of the municipal cuts across Owerri
North Communities. In the North, Orlu road leads to Amakaohia and Akwakuma
communities. In the East, Okigwe road leads to Orji Community. In the West, MCC
road off Wetheral to Obibi Uratta and Ihitaoha communities. In the South,
Mbaise road leads to Egbu and Emekuku communities, while Aba road leads to
Nazi, Agbala and Ulakwo communities.
Natural & Agricultural Resources
- Palm Products/Palm Oil, Nuts
- Maize
- Cassava
- Crude Oil
Businesses & Investments
- Palm Oil Null
- Food Processing
- Fruit Processing
- Refinery
1.2 STATEMENT OF
THE PROBLEM
There is a general notion that
government finance is fraught with numerous problems ranging from frivolous
expenditure, lack of fraught to embezzlement and mismanagement of public
funds. This situation calls for adequate
financial control measure.
Some of the identified problems and prospect of financial control in the public sector organization in owerri
North includes:
1. Lack of
effective internal control and audit system.
2. Indifference to
revenue generation.
3. Failure to
conform to financial instructions and regulations.
4. Late auditing of
ministerial accounts
5. Late finalization and publication of account and poor keeping
of internal accounting records.
6. Personal problems involving lack of knowledge and expertise
among government accountants occupying higher levels of responsibility
7. Excess authorization of expenditure.
1.3 OBJECTIVES OF THE STUDY
The main objectives of
this research work include the following:
1. To know the extent of financial control and prospect of
financial control in public sector in owerri North.
2. To highlight the need for financial control and public sector organization.
3. To ascertain the prospects and problems occurred in the system.
4. To review what financial control and public sector problem and
prospect.
1.4 SIGNIFICANCE OF THE STUDY
We gain nothing in saying that owerri
North as an organized public sector has enormous need for a sound and good accounting
system. To say the least, government
occupies a pivotal position on any economy.
Award that the pattern of expenditure determines the extent to which
allocation can be made to a ministry, it is therefore of practical importance
that an effective control system and machinery for accountability are
installed. There is also the need for
every public sector organization to establish and maintain an effective
accounting information system, which could be timely, reliable and compatible
with decision making and management control.
The accounting information system
should be understandable and disclose government financial condition as well as
results of its operations. The question
now and: is there a system of financial control in owerri North Local Government Imo State
Ministry of finance? If no; why? Yes the effective is the financial control
system already in operation. What is the
possibility of putting one in place?
1.5 LIMITATION OF
THE STUDY
The scope of study is limited to the Owerri
North Imo state ministry of finance. The
study will look into problem and prospect of financial control and public
sector organization and final ways of achieving it where none exists. The word will attempt to evaluate the
effectiveness and efficiency of the internal control system on the ministry
with reference to the imo state financial instruction volume 1. The investigation will highlight the impact
of the state audit department and public accounts counted on the process.
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