Download complete project material on Financial Reporting And Accountability In The Public Sector from chapter one to five
ABSTRACT
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Financial reporting in any organization is associated with stewardship to supplier of finding to the organization and the nature of financial reporting varies from organization to organization in public sector, depending on the statutes and basis of accounting the organization in the public sector, financial reporting does not involve the issues of stewardship only but also accountability.
In view of the above, this project is purposed to write on financial reporting and accountability in public sector. Looking at the important of financial as a major way to check the activities of those of the project will be the introduction of the study propose in detail by specific background information an about public organization,
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the chapter two shall contain literature review for related authorities, chapter three is the research methodology, the chapter four is the data presentation, analysis and interpretation and the chapter five shall contain summary of findings, conclusion and recommendation that will be of benefit to the organization from under study and other organization outside either private or public.
 TABLE OF CONTENT
Title page
Approval page
Declaration
Acknowledgement
Abstract
Table of Content
 CHAPTER ONE
 1.0  Introduction
Background of the study
Statement of the problems
Objectives of the study
Research Hypothesis
Significance of the study
Scope of the study
Historical background of department of petroleum resources
Definition of terms
CHAPTER TWO
2.0Â Â Â Â Review of Related literature
2.1.1 History of Financial Reporting
2.1.2Â The Nature of Financial Reporting
3.1.3Â Legal Basis of Financial Reporting
2.1.3.1 Constitution
2.1.3.2 Audit act 1958 as Amended
2.1.3.3 Finance Control and Management act 1958 as amended
2.1.3.4 The Financial Regulation 1976
2.1.3.5 Treasury and Financial Circulars and circular Letter
2.1.4Â Fundamental Concepts of Financial Reporting
2.1.4.1 Efficiency
2.1.4.2 Effectiveness
2.1.4.3 Economy
2.1.5The basic objective of accounting and financial reporting in Public sector
2.1.6Â Difference between public and Private sector
2.1.7 Sources and Types of funds in Public Sector
2.1.7.1 General Fund
2.1.7.2 Special Revenue Funds
2.1.7.3 Capital Project Fund
2.1.7.4 Contingencies fund
2.1.7.5 Trust and Agency Fund
2.1.7.6 Enterprises Fund
2.1.7.7 Inter-Government Service fund
2.1.7.8 Special Assessment fund
2.1.8 Financial Reporting
2.1.10 Parties interpreted in Government Accounting Information
2.1.10.1 The Official Group
2.1.10.2 The Informed Group
2.1.10.3 The Income Group
CHAPTER THREE
3.0 Research Methodology
3.1 Introduction
3.2Â Population and sample size
3.3Â Sample Techniques
3.4Â Â Sources and Method of data collection
3.5Â Â Method of Data Analysis
3.6Â Justification for the choice of method of data analysis
CHAPTER FOUR
4.0Â Â Â Â Data presentation, Analysis and Interpretation
4.1Â Â Â Â Introduction
4.2Â Â Â Â Data Presentation
4.3Â Â Â Â Â Data Analysis and Interpretation
4.4Â Â Â Â Â Testing of Hypothesis and Interpretation
4.5Â Â Â Â Â Summary of Findings
CHAPTER FIVE
5.0Â Â Summary Conclusion and Recommendations
Summary
Conclusion
Limitations of the study
Recommendations
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1Â Â Â Â BACKGROUND OF THE STUDY
The profitability of any business depends largely upon the manner or the accountability and financial reporting of that organization or business.
Accountability and financial reporting has always been important or vital in any business or structure, ownership and size.
And despite the numerous laws, decree enactment and edicts form the various government or the federation, there has been increase in the number of reported case or fraud it is either embezzlement, misappropriation of funds by laments misapplication of fund by highly placed.
Officers, forgery or manipulation of figure there have been various panels of inquired set up have and there with little or not result. In most parastatals. It is apparent that virtually no little or no basis for which financial management can be reached and adequate financial control can be taken by the appropriate authorities.
Accountability is much more than just stewardship, it refers to the responsibility for one’s action to some ones, it is therefore much more than just Accountability.
To end this, financial reporting and accountability plays an important role both increased the operating maximum efficiency within the public sector organization.
1.2Â Â Â Â STATEMENT OF THE PROBLEMS
For years, financial reporting has been the major way to check activities of those in the management for proper accountability. In spite of all these, there is still increase in the number of reporting cases of all kinds of misappropriation of funds. There are allegation that the public sector organization true financial statement of these organization to the public and government.
In other words, who are to be blamed for the lack of stewardship accountability in the public organization is it the provision the law or the system of the organization or the management that do not know their work? This study seeks to look into problems and how the public sector organization report and stewardship function are being carried out.
OBJECTIVES OF THE STUDY
The research set the under listed objectives:
1. To examine how to make financial reporting and accountability in public sector.
2. To examine the major set of component and mode of financial reporting in public sector.
3. To examine the measures for ensuring proper accountability of government activities especially in the management of public funds.
4. To assess the relevance of sound financial report to the user of financial reports.
1.4Â Â Â Â RESEARCH HYPOTHESIS
A hypothesis is a preposition that is put forward to examine for it’s validity when the hypothesis is validated, it became a fact, when falsified, it becomes fallacy in order to guide and sensitize the researcher towards arriving adenoidal, solution and recommendation thus hypoesthesia showing H1 as working hypothesis H0 as the null hypothesis has been formulated.
Null Hypothesis (H0)
That there is no proper control and implementation on financial reporting and accountability in the organization set up.
1.5Â Â Â Â SIGNIFICANCE OF THE STUDY
The study is carried out to look at how department of petroleum Resource (D.P.R.) can improve their activities in terms of financial reporting and how to be accountable for every transaction being made by the Department.
The research will be a lot of help to the company and other organization that are required to give accurate financial report as at the end or neither any time of the year.
The research was primarily designed for the improvement of the activities of the company in other to give a true and fair view of financial statement and there ability to accountability, and it is secondly for other organization, student and other researcher that can use this study for references purpose.
1.6Â Â Â Â SCOPE OF THE STUDY
The study covers all activities of Department of petroleum Resources (DPR) as a case study, one financial reporting and accountability in public sector. It will identify growth and profitability of the business and the assumption that that the discoveries can be generally applied to manufacturing and trading companies. This time frame for the research is from 2008-2009.
1.7Â Â Â Â HISTORICAL BACKGROUND OF DEPARTMENT OF PETROLEUM RESOURCESÂ Â Â Â Â Â Â Â Â Â Â Â
The present day department of petroleum resources stated as a Hydrocarbon section of the ministry of Lagos Affairs in the early fifties. It is the first statutory agency set up to supervise and regulate the petroleum industry in the country. At the time, it reported to the government- General, later, the section was upgraded to a petroleum division within the then ministry of mines and power.
The division, in 1970, became the department of petroleum resources (DPR) in 1971, a new body, called Nigerian National Oil Corporation (NNPC) was credited to engage in commercial activities in the petroleum industry with the department continuing to perform the statutory supervision and control duties in the Oil Industry.
The Department was in 1975, constituted into the ministry of petroleum Resources (MPR) after energy matters were excised and transferred to another arm of government. Through the propagation of Decree 33 of 1977, NPR and NNOC were merged to form the Nigerian National petroleum Corporation (NNPC). This was in a bid to optimize the utilization of the then scarce local manpower resources in the public sector of the industry.
The Decree also created the petroleum inspectorate as an integral part of the corporation and granted it a semi-autonomous status, with its Head reporting to the minister of petroleum Resources, who also doubled as chairman of NNPC. The petroleum inspectorate continued to regulate the industry but was barred by the decree from engaging in any commercial transactions or being involved in the commercial decisions of the Corporations.
In 1985, a new ministry of petroleum Resources (MPR) was again created, while the petroleum inspectorate remained in the corporation and retained its regulatory functions, on the 23rd of March, 1988, with the commercialization of NNPC, the petroleum inspectorate was excised from the corporation, due to the non-commercial nature of its functions, and merged with the new MPR to form its technical arm.
The department ha continued to oversee all the activities of companies licensed to enamel in any petroleum activity in the country, with the objectivity of ensuring that oil companies carry out their operation are not thwarted and that oil companies carry out their operations according to international oil industry standard and practices. It keeps records and other data all activities and occurrences in the petroleum industry.
The company was realigned with ministry of energy in December, 2006 when the government merged ministries of petroleum Resources and power and mines together to form a single entity.
Without any prejudice to the forgoing, the Department of petroleum Resources is Vested with the necessary power by various legal provisions to discharge the following function and responsibilities.
1. Supervising all petroleum industry operation being carried out under license and leases in the country in order aggregate and in detail reflecting all transaction involving the receipts transfer and disposition of government funds.
2. CASH ACCOUNTING: Cash accounting involves recording revenue and expenses in the period in which the related cash receipt and payments occur. This provides a strong from of control over fiscal compliances.
3. FUND ACCOUNTING: Fund accounting is a method of accounting which report in terms of funds rather in terms of organization as a whole.
4. CONSOLIDATED REVENUE FUND (C.R.F.)
5. VOTE ACCOUNTING: Vote accounting is a form of receipt and payment accounting which shows how funds allocated by parchments are spent. This deals with fiscal compliance, and provides basic stewardships.
6. VEREMENT: This is an authority to issue out funds as result of circumstances which would not have been foreseen when the annual estimates were framed to ensure compliance with the applicable laws and regulations in line with good oil producing practices, enforcing safety and environmental regulations and ensuring that those operations conform to national and international industry practices and standards.
7. Keeping and understanding records on petroleum industry operation particularly on matters relating to petroleum services, production and exports of crude oil, gas and condensate, license and leases as well as rendering regular reports on them to Government.
8. Advising government and relevant Agencies on technical, maters and policies which way have impact on the administration and control of petroleum.
9. Processing all application for licenses so as to ensure compliance with laid-down guidelines before making recommendation to the honorable minister of petroleum resources.
10. Ensuring times and adequate payments of all rent and royalties as at when due.
11. Monitors government indigenization policy to ensure that local content philosophy is achievable.
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