Accounting And Internal Control System In Nigeria

Project and Seminar Material for Accountancy / Accounting

Accounting And Internal Control System In Nigeria


Chapter One


1.0 Introduction

The 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 records.

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 safeguarded.

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 the Nigeria 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

It 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 stewardship.

The 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”.


1.2 Objective of the Study

The 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.

Control is essential in management function that deals with the measurement or correction of o f the performance of subordinate with a view of achieving the organization object with maximum efficiency and at minimum cost.
Therefore, 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.

The 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.

Those 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

Having 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 suggestions.


1.3 Significance of the Study

The 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 efficient manner.

The 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.

In 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.


1.4 Scope and Limitation of the Study

The 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.

Also 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

Furthermore, 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.

While 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.

Finally management is the combination of human and material resources in the right proportion to active organization goals.


Chapter Five


5.0 Summary, Conclusion and Recommendation.

5.1 Summary

Internal control system have been seen to be essential ingredients for good management of book private and public establishment. The present economic depression facing the country as emphasized more than the need to have an efficient and effective control system in both the private and public sector. This is the appropriate time to overhaul, and evaluate and appraise the establishment of which university is one.

Experience has show most Nigeria business loss a substantial amount through miss management and other associate malpractice. Therefore, effective internal control system and some of those means by which problem could be minimized. Bearing in mind the roles of university in national development and the increase size of department units mediate the use of internal control which are of paramount importance.

There are some peculiar features that must be present in any briefly as follows:

Every individual in an organization must be given authority, responsibility and duties that commensurate with his ability, interest, experience and reliability.

Duties in which internal control is involve should be specifically prescribed, by written instructions, this aspect brief the aspect of striation of an organization separation of duties should be left out, this mean that specific functions should be made responsible for the work assigned to him. The work should be planed that no one person has complete control of one transaction through all if its phases.

Another feature of control is proper authorization all transaction should require authorization by an appropriate responsible person and these transaction should confirm to terms of authorization, proof measure should not be forgotten when discussing internal control system in the university. This supply means that the work of an officer should be also be measure as checking the arithmetical accuracy of the records, this ensure that no officer should be allowed to carry on a transaction from the begging to the end.

To enhance high degree of efficiency only highly qualified and competent people should employed for the work, which is the personal aspect of the control. To ensure that the personnel have capabilities, it is necessary that there should be proper procedure for selecting training, promotion and assigning specific duties to all level of staff.
Finally, the safeguarding of assets, these include safe, book, cash register and secure premises and other which can be attributed to protective devices is part of the feature which should be summarized too


5.2 Conclusion

The internal control of the University of Ilorin have been analysis. This shows that control are effective due to the management function which are well established and adhere to the activities relate with achieving of the university aims and are well performed by means of supervision especially in bursar department of the university. It is a great achievement that cannot be left out without mentioning especially is allowed to be responsible for more than one function and each employee is responsible to the section head to whom he reports.

The insurance of all insurable aspect of the university has brought about effective protection from losses on the university there by acting as an essential tool of internal control.

Furthermore, the staff development award, which is the training staffs as a guard towards creating adequate knowledge.

In conclusion, the university of Ilorin maintains effective accounting system by keeping the book, of account safety and the method supervision ensure the reliability of such books and records.


5.3 Recommendation

It is recommended that staff salary should be reviewed upward to improve the moral of staff. Staff development awards should be encourage both locally and abroad to train members of staff on new techniques, abroad staff training should not limited to senior staff only.

Fraudulent member of staff should be fished out from time to time and appropriate disciplinary acting should be against them.

There is need for the government to enact law against bush burning as it result in loss of assets to the university especially of Ilorin commercial farm.


Accounting And Internal Control System In Nigeria


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