TABLE OF CONTENT
1.1 STATEMENT OF THE PROBLEM
1.2 OBJECTIVE OF THE STUDY
1.3 SIGNIFICANCE OF THE STUDY
1.4 SCOPE AND LIMITATION OF THE STUDY
1.5 RESEARCH METHODOLOGY
1.6 PLAN OF THE STUDY
1.7 DEFINITION OF TERM
2.1 REVIEWS OF ACCOUNTING POLICIES
2.2 INTERNAL CONTROL SYSTEM REVIEW
2.3 INTERNAL AUDITOR AND THE WATCH DOG ROLE
2.4 ESSENTIAL ELEMENTS OF INTERNAL CONTROL ORGANIZATION PLAN
3.0 RESEARCH METHODOLOGY
3.1 POPULATION OF THE STUDY
3.2 SAMPLING OF METHOD
3.3 SOURCE OF DATA AND
3.4 METHOD OF DATA ANALYSIS
3.5 PROBLEM OF THE STUDY
4.1 DATA ANALYSIS
4.2 INTERPRETATION OF DATA
4.3 INTERPRETATION OF THE FINDING
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
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
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
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.
1.1 STATEMENT OF THE PROBLEM.
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
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”.
OF THE STUDY.
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.
is essential in management function that deals with the measurement or
correction of the performance of subordinate with a view of achieving the
organization object with maximum efficiency and at minimum cost.
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.
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.
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
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
OF THE STUDY.
significance of the study is mainly concern with the appraisal of control,
compliance, verification, recording and reporting of economic transaction
appraisal of performance and recommendations for operation improvement of the
whole system of controls, financial, otherwise establishment by educational
administrations is order to carry on the universities affairs in orderly
significance is also premised on the benefits to be derived from the study. The
study is set out also to find out when there are frauds and why internal
controls system are to be sound and strong and need for educational
administration to employ the strategic technical and operation management of
the institution on the accounting and internal control system.
addition, it is strongly believed that the study contribute by away of opening
a new insights and idea for further findings that may be embarked upon in the
future for the purpose of partial fulfillment of the requirements for the award
of Higher National Diploma.
AND LIMITATION OF THE STUDY.
study is not introduce complexities into the accounting and internal control
system but to simplify the method by analyzing evaluating innovation for the
purpose of yielding fruitful result through effective participation and
utilization of scarce resource in the university social, cultural and moral
institutions, promotion of scholarship and research.
among the objective of universities are to promote the national unity, self
reliance, the evaluation of a just and egalitarian society, industrialization
of improvement of the people. Correction of education in balance and developing
faculties according to the economic pre-occupation of the area.
accounting is a means of recording and reporting the economic transactions of
an entity. It is aimed at measuring economic entity with a view to providing
information and has been called the business. Since it serve to record and
communicate economic phenomenon in order to provide a basis for policy.
accounting control has been defined as the method and procedures that are
mainly concerned with the authorization of transactions, the safeguarding of
assets and the accuracy of the financial records.
management is the combination of human and material resources in the right
proportion to active organization goals.