Effects Of An Internal Control Of Financial Accountability In The Nigerian Public Sector

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Effects of an Internal Control of Financial Accountability in the Nigerian Public Sector

Author : John Joseph
Publisher : GRIN Verlag
ISBN 13 : 3668718903
Total Pages : 23 pages
Book Rating : 4.6/5 (687 download)

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Book Synopsis Effects of an Internal Control of Financial Accountability in the Nigerian Public Sector by : John Joseph

Download or read book Effects of an Internal Control of Financial Accountability in the Nigerian Public Sector written by John Joseph and published by GRIN Verlag. This book was released on 2018-06-06 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2018 in the subject Business economics - Controlling, grade: 3'81, , language: English, abstract: This study examines the effect of internal controls on financial accountability in the public sector. The study adopts a survey design method with a population of sixty respondents consisting of staff of the Accountant General Office in Benue state, Nigeria using questionnaire in generating primary data from respondents. The statistical tool used for testing the hypotheses is the Chi-square statistics. The findings revealed that internal controls instituted in public sector are in compliance with COSO integrated framework which is used in detecting errors and fraud. The study also revealed that internal controls have significant role in the management of financial resources allocated to public sector and that management staff in public sector interfere with the effective administration of internal control procedures. In line with these findings, we recommend that the internal control in Nigerian Public sector be constantly reviewed by management so as to be in line with national and international best practices in order to reduce irregularities, inaccuracies, fraud and errors; All employees and those in charge of managing financial resources should constantly be schooled – workshops, seminars, as well as in-service trainings so as to enable them to be conversant with matters relating to internal controls; Management staff interfering with the internal control should be sanctioned accordingly to serve as a deterrent to others to desist from such acts; and finally, auditors should be encouraged to expose wrong doings and apply the rules as and at when the situation demands.

Financial Accounting Practices and Their Impact on Different Financial Institutions in Africa

Author : Omimakinde J. A, Denson Muvandi, Dr. John Baguma Muhunga Kule, Calystus Ayodi
Publisher : AJPO Journals USA LLC
ISBN 13 : 9914745849
Total Pages : 86 pages
Book Rating : 4.9/5 (147 download)

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Book Synopsis Financial Accounting Practices and Their Impact on Different Financial Institutions in Africa by : Omimakinde J. A, Denson Muvandi, Dr. John Baguma Muhunga Kule, Calystus Ayodi

Download or read book Financial Accounting Practices and Their Impact on Different Financial Institutions in Africa written by Omimakinde J. A, Denson Muvandi, Dr. John Baguma Muhunga Kule, Calystus Ayodi and published by AJPO Journals USA LLC. This book was released on 2023-01-03 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: TOPICS IN THE BOOK Impact of Corporate Governance on Accounting Standards’ Compliance in Nigerian Public Institutions The Influence of Contemporary Neo-Liberal Capitalistic Practices to the Accountants’ Conceptualization of Business Ownership: Towards a Common Good Centric Ethical Critique Financial Accountability and Financial Performance of Savings and Credit Cooperatives in Mid-Western Uganda The Mediating Role of Financial Accountability in the Relationship between Internal Control Environment and Financial Performance of Savings and Credit Cooperatives in Mid-Western Uganda Cash Management and Financial Value of Commercial Banks in Kenya

Balanced Scorecard

Author : Paul R. Niven
Publisher : John Wiley & Sons
ISBN 13 : 1118045262
Total Pages : 389 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Balanced Scorecard by : Paul R. Niven

Download or read book Balanced Scorecard written by Paul R. Niven and published by John Wiley & Sons. This book was released on 2011-01-04 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an easy-to-follow roadmap for successfully implementing the Balanced Scorecard methodology in small- and medium-sized companies. Building on the success of the first edition, the Second Edition includes new cases based on the author's experience implementing the balanced scorecard at government and nonprofit agencies. It is a must-read for any organization interested in achieving breakthrough results.

Internal Control

Author : Olof Arwinge
Publisher : Springer Science & Business Media
ISBN 13 : 3790828823
Total Pages : 205 pages
Book Rating : 4.7/5 (98 download)

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Book Synopsis Internal Control by : Olof Arwinge

Download or read book Internal Control written by Olof Arwinge and published by Springer Science & Business Media. This book was released on 2012-11-07 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of internal control has developed along with audit practice. As demands have been made for greater accountability in corporate governance, the significance of internal control systems in companies has increased. Traditionally internal control has had a fairly direct relationship to financial reporting quality but wider approaches to internal control have expanded those boundaries much further. Stakeholders are increasingly concerned with the effectiveness of internal controls, and disclosure requirements are making firms to go public with regard to their internal control systems. From a design perspective, current research suggests that internal control designs are contingent upon variables such as company strategies, risk appetite, regulatory characteristics, and organizational size. Also there is much to learn about internal control quality, and the way internal control quality is associated with overall corporate governance quality. This book fills that gap.

Nigeria - State of Lagos

Author : Weltbank
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Nigeria - State of Lagos by : Weltbank

Download or read book Nigeria - State of Lagos written by Weltbank and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The main elements of government financial management systems are present in Lagos State. They include budgeting, internal control, accounting, Treasury management, financial reporting, and auditing arrangements. The current Lagos State Government is reform-oriented. In keeping with this orientation, it already has taken some giant steps to improve FM systems in the State. An Oracle-based financial management system has been procured and is being installed. It will improve the State's budgeting, accounting, and financial reporting arrangements. The computerized system will put the State of Lagos clearly ahead of most, if not all, State Governments in Nigeria in FM system modernization. The State Government has developed and implemented procedures to improve the effectiveness of tax revenue collection and monitoring. These efforts have begun to show marked results. Additional financial management staff has been recruited; many of them are professionally qualified. In addition, accounts that were in arrears for several years under the Military have been brought up to date. However, some critical aspects of financial management still need to be addressed. Financial accountability is weak, and significant risks of misuse of funds and waste remain. There are also risks that financial records do not present accurate records of transactions. The risk arising from the outside environment also is assessed as high. Given such an environment, strong controls are necessary to prevent wrongful use of public funds; but, in reality, controls are weak, leaving dangerous gaps in FM and accountability systems. The overall risk to public funds therefore is assessed as high. The main recommendation made in the report is that the State of Lagos should strengthen its public financial management arrangements. Specific actions regarding the legal framework, budgetary control, debt management, financial reporting and fiscal transparency, internal controls, external audit, Parliamentary oversight, global computerizations, and management of public enterprises are proposed.

Public Budgeting Systems

Author : Robert D. Lee
Publisher : Jones & Bartlett Learning
ISBN 13 : 0763746681
Total Pages : 773 pages
Book Rating : 4.7/5 (637 download)

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Book Synopsis Public Budgeting Systems by : Robert D. Lee

Download or read book Public Budgeting Systems written by Robert D. Lee and published by Jones & Bartlett Learning. This book was released on 2008 with total page 773 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete and balanced reference, Public Budgeting Systems, Eighth Edition surveys the current state of budgeting throughout all levels of the United States government. The text emphasizes methods by which financial decisions are reached within a system as well as ways in which different types of information are used in budgetary decision-making. It also stresses the use of program information, since, for decades, budget reforms have sought to introduce greater program considerations into financial decisions. This updated text includes more cases studies and practical information, figures and charts to make the information more accessible, as well as additional student problems. Using this text, students will gain a first-rate understanding of methods by which financial decisions are reached within a system, and how different types of information are used in budgetary decision-making.

Nigeria

Author : Weltbank
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Nigeria by : Weltbank

Download or read book Nigeria written by Weltbank and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Government of Nigeria retains the vestiges of good systems for planning, budgeting, managing and controlling public resources. But their performance has deteriorated to such an extent that they provide negligible assurance that moneys are used entirely for their intended purpose. The same is true at the state level. To return to an acceptable level of financial accountability will require sustained action over several years. In the interim, risks of waste, diversion and misuse of funds are assessed as high. This has clear implications for both Government and the Bank: the former needs to improve financial accountability along the lines outlined in this report; and the latter needs to support this process and in the meantime to build explicit risk minimization actions into all its Nigerian operations. Among the recommendations presented for the public sector are to address: the calculation, control, management, protection, reporting and disclosure of national oil revenues; the adequacy of procedures for drawing money from the Consolidated Revenue Fund and for ensuring that transactions on accounts held at the Central Bank are properly authorized, managed and audited; the legal provisions requiring the public disclosure of assets and other valuable interests of public officials and politicians and the recovery of public sector assets illegally acquired; implementation and enforcement of the Anti-Corruption Act; and the legal provisions and enforcement arrangements for combating money laundering including the adequacy of central bank controls over commercial banks. Among the recommendations made to improve private sector participation are to: conduct a review of corporate governance and private sector financial accountability along the lines of the King Committee in South Africa; update the Companies and Allied Matters Act so that it reflects such principles and strengthens company audit; accelerate the issuance of accounting standards in areas where there are none at present but are available under International Accounting Standards (IASs) promulgated by the International Accounting Standards Committee (IASC); establish monitoring and enforcement mechanisms to ensure that all listed companies comply with national and IASs. In this regard, there is need to sufficiently strengthen the NASB's technical and professional capabilities; and ensure that the procedures for filing company information and providing public access to it are adequate.

PEFA, Public Financial Management, and Good Governance

Author : Jens Kromann Kristensen
Publisher : World Bank Publications
ISBN 13 : 146481466X
Total Pages : 168 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis PEFA, Public Financial Management, and Good Governance by : Jens Kromann Kristensen

Download or read book PEFA, Public Financial Management, and Good Governance written by Jens Kromann Kristensen and published by World Bank Publications. This book was released on 2019-11-24 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This project, based on the Public Expenditure and Financial Accountability (PEFA) data set, researched how PEFA can be used to shape policy development in public financial management (PFM) and other major relevant policy areas such as anticorruption, revenue mobilization, political economy analysis, and fragile states. The report explores what shapes the PFM system in low- and middle-income countries by examining the relationship between political institutions and the quality of the PFM system. Although the report finds some evidence that multiple political parties in control of the legislature is associated with better PFM performance, the report finds the need to further refine and test the theories on the relationship between political institutions and PFM. The report addresses the question of the outcomes of PFM systems, distinguishing between fragile and nonfragile states. It finds that better PFM performance is associated with more reliable budgets in terms of expenditure composition in fragile states, but not aggregate budget credibility. Moreover, in contrast to existing studies, it finds no evidence that PFM quality matters for deficit and debt ratios, irrespective of whether a country is fragile or not. The report also explores the relationship between perceptions of corruption and PFM performance. It finds strong evidence of a relationship between better PFM performance and improvements in perceptions of corruption. It also finds that PFM reforms associated with better controls have a stronger relationship with improvements in perceptions of corruption compared to PFM reforms associated with more transparency. The last chapter looks at the relationship between PEFA indicators for revenue administration and domestic resource mobilization. It focuses on the credible use of penalties for noncompliance as a proxy for the type of political commitment required to improve tax performance. The analysis shows that countries that credibly enforce penalties for noncompliance collect more taxes on average.

Contemporary Journal of Education and Business (CJEB)

Author :
Publisher : NDALAHWA MUSA MASANJA
ISBN 13 :
Total Pages : 252 pages
Book Rating : 4./5 ( download)

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Book Synopsis Contemporary Journal of Education and Business (CJEB) by :

Download or read book Contemporary Journal of Education and Business (CJEB) written by and published by NDALAHWA MUSA MASANJA . This book was released on 2024-07-02 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Contemporary Journal of Education and Business (CJEB) is bi-annual professional publication that publishes information, views, opinions and well- researched articles in contemporary issues in education and business. These scholarly articles are useful for scholars, students, researchers, business executives, educators and business practitioners. The articles published observe to high quality and context that the Editorial Board believes would be a significant contribution to the international community of scholars and readers.

Nigeria

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484304446
Total Pages : 132 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Nigeria by : International Monetary Fund. African Dept.

Download or read book Nigeria written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-05-28 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Financial Sector Stability Assessment on Nigeria discusses the macroeconomic performance and structure of the financial system. Although Nigerian economy experienced both domestic and external shocks in recent years, the economy continued to grow rapidly, achieving more than 7 percent growth each year since 2009. The performance of financial institutions has begun to improve, though some of the emergency anti-crisis measures continue to be in place. However, the regulatory and supervisory framework has gaps and weaknesses. In sum, the Nigerian economy has emerged from the banking crisis, and has the potential to enjoy an extended period of strong economic growth.

Expenditure Control

Author : Sailendra Pattanayak
Publisher : International Monetary Fund
ISBN 13 : 1513574639
Total Pages : 32 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Expenditure Control by : Sailendra Pattanayak

Download or read book Expenditure Control written by Sailendra Pattanayak and published by International Monetary Fund. This book was released on 2016-04-20 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper defines and explains key stages of the government expenditure chain and describes the controls applied at each stage, including their objectives and key features as well as centralized vs. decentralized approaches in application of those controls. The paper also examines the influence of different administrative traditions on types of expenditure controls, including the authority and responsibility of various institutional actors. Finally, it discusses typical weaknesses/problems associated with different traditions of expenditure control and suggests specific measures for strengthening the control framework. While providing examples of expenditure control practices from more than 32 countries, the paper points out that more than two-thirds of the 85 low and middle income countries covered by the publicly available Public Expenditure and Financial Accountability (PEFA) assessments have weak systems of expenditure control that are also associated with higher levels of expenditure arrears and a lack of budget credibility. This paper will help public financial management practitioners to evaluate budget execution systems and identify priorities for strengthening expenditure controls. It will also usefully guide technical assistance work related to modernization of government budget execution and expenditure control systems, including the design and implementation of IT-based financial management information systems.

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Author : El Bachir Boukherouaa
Publisher : International Monetary Fund
ISBN 13 : 1589063953
Total Pages : 35 pages
Book Rating : 4.5/5 (89 download)

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Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa

Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

Public Sector Transparency and Accountability Making it Happen

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264176284
Total Pages : 200 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Public Sector Transparency and Accountability Making it Happen by : OECD

Download or read book Public Sector Transparency and Accountability Making it Happen written by OECD and published by OECD Publishing. This book was released on 2002-09-12 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication presents the papers discussed at the Latin American Forum on Ensuring Transparency and Accountability in the Public Sector that took place on 5-6 December 2001. The Forum approved policy recommendations that reflect the shared experience of Member countries of the OECD and the OAS.

Principles of Auditing and Other Assurance Services

Author : Ray Whittington
Publisher : McGraw-Hill College
ISBN 13 : 9780073379654
Total Pages : 833 pages
Book Rating : 4.3/5 (796 download)

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Book Synopsis Principles of Auditing and Other Assurance Services by : Ray Whittington

Download or read book Principles of Auditing and Other Assurance Services written by Ray Whittington and published by McGraw-Hill College. This book was released on 2010 with total page 833 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Implementing Accrual Accounting in the Public Sector

Author : Ms.Suzanne Flynn
Publisher : International Monetary Fund
ISBN 13 : 1475521758
Total Pages : 59 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Implementing Accrual Accounting in the Public Sector by : Ms.Suzanne Flynn

Download or read book Implementing Accrual Accounting in the Public Sector written by Ms.Suzanne Flynn and published by International Monetary Fund. This book was released on 2016-08-05 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note and manual (TNM) explains what accrual accounting means for the public sector and discusses current trends in moving from cash to accrual accounting. It outlines factors governments should consider in preparing for the move and sequencing of the transition. The note recognizes that governments considering accounting reforms will have different starting points across the public sector, different objectives, and varying coverage of the existing financial statements, it therefore recommends that governments consider each of these, and the materiality of stocks, flows and entities outside of government accounts when planning reforms and design the sequencing and stages involved accordingly. Building on international experiences, the note proposes four possible phases for progressively increasing the financial operations reported in the balance sheet and operating statement, with the ultimate aim of including all institutional units under the effective control of government in fiscal reports.

Assessment of Leadership Challenges in Leading Organizational Performance in the Public Sectors

Author : Israel Endale
Publisher : GRIN Verlag
ISBN 13 : 3668770530
Total Pages : 76 pages
Book Rating : 4.6/5 (687 download)

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Book Synopsis Assessment of Leadership Challenges in Leading Organizational Performance in the Public Sectors by : Israel Endale

Download or read book Assessment of Leadership Challenges in Leading Organizational Performance in the Public Sectors written by Israel Endale and published by GRIN Verlag. This book was released on 2018-08-10 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Case Study from the year 2016 in the subject Politics - Methods, Research, grade: A, , language: English, abstract: Leadership is an important task which is concerned with the process of influencing the behavior of subordinates in the direction of goal attainment. Hence, the performance of public sector organizations basically depends, largely on their leadership. However, the performance of public sector organizations of Addis Ababa City Government highlighted sorts of implementation deficiencies in leading organizational performance. Accordingly, the general objective of this study was to assess challenges of leadership in leading organizational performance in Addis Ababa City Government with 4 specific objectives; those were to identify leadership challenges in leading organizational performance; to describe leadership mindset in leading performance; to assess attitudes of employees towards managing performances and assess to what extent leadership is effective in implementing good governance principles so as to enhance organizational performance. The study employed an explanatory research design with a composite of qualitative and quantitative approaches. Employees and process owners from Micro & Small Enterprise, Education, Health, Construction and Trade bureaus were selected through simple random sampling technique, while bureau heads were selected through availability sampling techniques. The data were gathered through questionnaire, interview and focus group discussion. Then, 142 sample population were selected as a sample; 136 of them were found to be valid for the analysis, as well 5 bureau heads were incorporated in the interview. Also 10 individuals of FGD were employed with process owners of the selected bureaus of the city government. Mann-Whitney U test was used to compare ordinal data across groups (leaders and employees).

Public Management

Author : Laurence J. O'Toole, Jr
Publisher : Cambridge University Press
ISBN 13 : 1139502875
Total Pages : 333 pages
Book Rating : 4.1/5 (395 download)

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Book Synopsis Public Management by : Laurence J. O'Toole, Jr

Download or read book Public Management written by Laurence J. O'Toole, Jr and published by Cambridge University Press. This book was released on 2011-04-14 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: How effective are public managers as they seek to influence how public organizations deliver policy results? How, and how much, is management related to the performance of public programs? What aspects of management can be distinguished? Can their separable contributions to performance be estimated? The fate of public policies in today's world lies in the hands of public organizations, which in turn are often intertwined with others in latticed patterns of governance. Collectively, these organizations are expected to generate performance in terms of policy outputs and outcomes. In this book, two award-winning researchers investigate the effectiveness of management in the public sector. Firstly, they develop a systematic theory on how effective public managers are in shaping policy results. The rest of the book then tests this theory against a wide range of evidence, including a data set of 1,000 public organizations.