This is a complete project materials on Role Of Accounting And Internal Control System In Nigeria from chapter one to five. Download now
CHAPTER ONE
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INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Accounting is defined as the collection of financial data about the organization and the analysis, measurement, recording and reporting of the information to decision maker as defined by Glenn A. Welsch. There is need to collect accounting data in order to measure the efficiency of the organization, for decision making and taking such decision as a basis for future grow and development of the enterprises.
There is the need to make use of the accounting data as a measuring parameter of efficiency. The management of an organization now believe that the fundamental to a dynamic and successful organization lies in his ability to measuring and report it’s accomplishment, undergo ethical self analysis and through sound decision to renew itself and grow.
In order to plan an organization needs full, reliable and accurate information about the workings of the business. The basis for this planning is accounting system. The basic principle of accounting is the concept and convention which serve as a basis for preparation of accounting data the major accounting book that is used as the income statement and balance sheet.
The establishment of universities constituting part of the infrastructure of the country within which development and the role of accounting is the whole system 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 as 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 as appropriate and each is charged with specific duties. They are required to render an account of their steward ship on how the asset and obligations of the students, staff and government have been safeguarded. The question that readily comes to mind is, how far has this stewardship role been performed.
Case of embezzlement and misappropriation of public fund is rampart these days. Frauds have taken many forms in this country within the educational institution in the areas as, financial frauds which include embezzlement of each by cashiers falsification or wrongful manipulation of accounts material and commercial frauds in stole of government properties.
Personal frauds include the existence of ghost workers forgoing of certificates and uses of workers and universities time for private jobs while on payroll. Retaining of employees names in the payroll officers older have not proved to be quiet successful in accounting effectively of their stewardship.
The Important Of Internal Control System Of Organization
The Impact Of Ratio Analysis On Management Decision Making In An Organisation
The inadequate accountability and stewardship of public officers and policing did sustain and aggravate increase unemployment austerities, inflation, scarcities of fuel. Local and imported goods fallings of standard of living which generally resulted in going for fairly used materials popularly know Tokunbo.
1.2 STATEMENT OF THE RESEARCH PROBLEM
In the course of data collection several problems were encountered some of the problems are as follows.
It is quite unfortunate to state that access to central computer unit was not granted.
It took me sometime before I could be able to see the state that attended to me for the oral interview. The staff I met was unable to disclose the information they are busy.
The time granted for the interview was short and the staff while explaining some issue to me, Telephone can ring or some of their staff can come to discuss some issue with him in which this bring problem and it even extend the numbers of days that I went for this data collection.
1.3 OBJECTIVE OF THE STUDY
The role of accounting system which is regard as the central or most important part of every educational establishment is carry out its objective effectively with specific regard to laid down rules and regulations.
Control is essential in management function that deals with the measurement and correction of the performance of subordinates with view to achieving the organization object with maximum efficiency at minimum cost.
Therefore the objective of this study is to study the role of function of accounting principles in existence of university of Ilorin and see how effective these accounting elements are. In other words, evaluation will be made as to whether the system of accounting in operation at the University of Ilorin is sound and reliable.
The competent, honest, dedicated and imaginative staff with clear lines of authority and responsibility can almost performs at high level and general reliable vouchers even when there are few other controls of support them. The existence of an effective system of accounting will require an adequate separation of duties is the records kept are to be relied upon those who have custody assets should not be made responsible for maintaining accounting record of such asset as combination of both functions increase the risk of man detection of such frauds.
Having sustained the existence of these characteristic of internal controls, compliance test will be carried out to ensure that accounting procedures are being applied as prescribed, while the objective, will be make recommendation and suggestions.
1.4 SIGNIFICANCE OF THE STUDY
The significance of the study is mainly concerned with the appraised of controls compliance, verification and recording and reporting of economic transaction appraisal of performance and recommendations for operating improvements of the whole system of controls financial otherwise establishment by educational administrators in order to carry on the universities affairs in order and efficient manner.
The contribution of the study is also premised on the benefits to be derived from the study. The study is set out also to find out why there are frauds and the educational administrators to employ the strategic technical and operational management of the institution on the accounting and internal control system.
In addition, it is strongly believed that this study contribute by way of opening a new insight and ideal for further finding that may be embarked upon in the future for the purpose of partial fulfillment of the requirement for the award of higher National Diploma.
1.5 RESEARCH METHODOLOGY
This chapter will deal with various methods used in collecting the information needed to the purpose of this study. The includes design, data collection, and identification of population determination of sample size, questionnaire assumption and design.
1.6 SCOPE OF THE STUDY
The study is not to introduce complexities in to the accounting and internal control system but to simplify the method by analyzing and evaluating the present system and bringing in their innovation for the purpose of yielding fruitful result through effective participating and utilization of scarce resource in the universities. Therefore the study is limited to Nigeria universities and Unilorin specific. The choice of Unilorin is due fact that the same accounting principle and conventions apply to all Nigeria universities and they jointly rely on government subversion and internally generated revenue top meet their capital and current expenditure, the condition and generalization of this study may be applied to all the Nigeria universities. If adequate adjustment are made.
1.7 LIMITATION OF THE STUDY
It is observed that the limitation with Government document is that they are always restricted and classified as secret confidential, hence they are difficult to obtain for research purpose
1.8 PLAN OF THE STUDY
For the study and proper understanding the study is planned and organized in to five chapters.
In chapter two contained Literature review.
In chapter three, historical profile of the ease study, research hypothesis of the specification, method of data collection population and simple size, sampling techniques method of data analysis.
In chapter four, data presentation and analysis, discussion of the analysis hypothesis testing and discussion of findings.
In chapter five, summary conclusion and recommendation with bibliography as offered.
1.9 DEFINITION OF KEY TERM
ENTITY: – In every economic unit regardless of it legal accounting form of existence is treated as a separate entity in accounting form parties having property or economic interest in it.
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