THE ROLE OF FINANCIAL ACCOUNTABILITY IN THE PRIVATE SECTOR. A CASE STUDY OF EMENITE LIMITED, ENUGU

CHAPTER ONE

INTRODUCTION

GENERAL INDUCTION

Accountability as seen by Iwumunne (1982:56) is the goal of any business entity. A mismanaged form is a failure. The main aim of business is profit maximization. This cannot be achieved if financial mismanagement is enthroned in any form . in any business setting, the priority of management is to enable the firm to continue to finance its undertaking. This cannot be achieved without due regard to prudent financial administration According to Muola Otanka (1975) the spirit of continuity of a business is the careful administration that will administer the financial undertakings. Really, the issue of financial impropriety has made many business collapsed. There are many ways to check the menace in both public and private life. Any method used is subsumed in effective control system which primarily cues form internal control.

According to Jonah Jenny (198212) internal control can be perceived in the following ways: -Good record keeping of all transaction in the shop and factory -Shop and factory -Good stock control system -Well-coordinated channel of raw material procurement Articulate handling of organizational behaviour seen kin the enterprise -Effective trade union administration -Efficient redundancy control -Good personal administration -Avoidance of waste -Good structural organization -Acceptable party with government policies -control of acquisitions -Good pension scheme There, he said are not exhaustive. It is when management recognizes the necessity of effective internal control system management of material and resources is very much possible. Quoting the issue of bank distress.