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Format: MS WORD
| Chapters: 1-5
| Pages: 77
IMPLICATION OF ACCOUNTING AS AN INTERNAL CONTROL MECHANISM IN THE GOVERNMENT MINISTRIES
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY:
One problem of management is planning but planning is useless if it is not implemented. The success of any plan is based on adequate control and monitoring of the resources of the disposal in order to achieve the required objective. However, this is research on the implication of accounting as an internal control mechanism in Enugu State Ministries.
Accounting is defined as art of recording and giving result of business transaction to the client. There is a need for the establishment of internal control mechanism to ensure the safety and authencity of accounting records from the point of collection of cash or material in final uses.
Internal control therefore means the whole system of controls, financial and otherwise established by the management in order to carry on the efficient manner, ensure adherence to management policies safeguard its assets and secure as far as possible the accuracy and retaliation of its records. Traditionally, most of our constitution and institutions arrangement has been the management and accounting of public funds. As a result of this, various rules, regulations and instructions are instituted to guide public officers in the proper conduct of the finance entrusted in their care. The constitution generally sets out total financial management and accounting of the public funds which has been in demand to the public sector more so the rendering or proper stewardship of income and expenditure of public funds.
Management involves responsibility of effective and economically planning and regulation of the operation of the operation of an enterprise which entails controls of the established pattern of accountability over receipts and expenditure of public funds. Public funds should be use for the public purpose so as to obtain proper value for money spent.
Government in the recent times believes at the demand of public financial management that is by ensuring that all financial transaction are properly document and conducted in accordance with providing rules and regulation, but this has proved wrong because public funds can be and quite often sophisticated and embezzled within the frame work of laid down procedures through inflated contract and over statement of bills and the accounting system. The value of law or the system of the organization or the management that do not know and do their works. This work seeks to look into problems and stewardship being carried out.
1.2 STATEMENT OF THE PROBLEM
There is a lot of lapses in cash and payroll sectors of many government ministries. Cases of fraud and pressing of files containing important document and so on. Recording of materials that were not supplied and issuing store received voucher to contractor, not complying with state financial instructions in accounting system and other cases. Due to all these mentioned above, the topic of this research was chosen not only to look at the causes and effects but also to give appropriate recommendation which will help to reduce it.
1.3 PURPOSE OF THE STUDY
THE PURPOSE OF THIS STUDY ARE AS FOLLOWS:-
-To ascertain the effectiveness of accounting as an internal control mechanism in Enugu State government ministries.
-To review the function of internal audit departments of many government departments with the view of finding out the extent to which they have been able to restore their duties.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY:
One problem of management is planning but planning is useless if it is not implemented. The success of any plan is based on adequate control and monitoring of the resources of the disposal in order to achieve the required objective. However, this is research on the implication of accounting as an internal control mechanism in Enugu State Ministries.
Accounting is defined as art of recording and giving result of business transaction to the client. There is a need for the establishment of internal control mechanism to ensure the safety and authencity of accounting records from the point of collection of cash or material in final uses.
Internal control therefore means the whole system of controls, financial and otherwise established by the management in order to carry on the efficient manner, ensure adherence to management policies safeguard its assets and secure as far as possible the accuracy and retaliation of its records. Traditionally, most of our constitution and institutions arrangement has been the management and accounting of public funds. As a result of this, various rules, regulations and instructions are instituted to guide public officers in the proper conduct of the finance entrusted in their care. The constitution generally sets out total financial management and accounting of the public funds which has been in demand to the public sector more so the rendering or proper stewardship of income and expenditure of public funds.
Management involves responsibility of effective and economically planning and regulation of the operation of the operation of an enterprise which entails controls of the established pattern of accountability over receipts and expenditure of public funds. Public funds should be use for the public purpose so as to obtain proper value for money spent.
Government in the recent times believes at the demand of public financial management that is by ensuring that all financial transaction are properly document and conducted in accordance with providing rules and regulation, but this has proved wrong because public funds can be and quite often sophisticated and embezzled within the frame work of laid down procedures through inflated contract and over statement of bills and the accounting system. The value of law or the system of the organization or the management that do not know and do their works. This work seeks to look into problems and stewardship being carried out.
1.2 STATEMENT OF THE PROBLEM
There is a lot of lapses in cash and payroll sectors of many government ministries. Cases of fraud and pressing of files containing important document and so on. Recording of materials that were not supplied and issuing store received voucher to contractor, not complying with state financial instructions in accounting system and other cases. Due to all these mentioned above, the topic of this research was chosen not only to look at the causes and effects but also to give appropriate recommendation which will help to reduce it.
1.3 PURPOSE OF THE STUDY
THE PURPOSE OF THIS STUDY ARE AS FOLLOWS:-
-To ascertain the effectiveness of accounting as an internal control mechanism in Enugu State government ministries.
-To review the function of internal audit departments of many government departments with the view of finding out the extent to which they have been able to restore their duties.
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