INTERNAL AUDITING AS AN INSTRUMENT FOR EFFECTIVE MANAGEMENT AND ACCOUNTABILITY OF FINANCIAL RESOURCES IN THE PUBLIC SCROD
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Recently effective management and accountability of financial resources vike cash in the public sector has begun to receive much emphasis primarily in response to increase in fraud and high inflations rate that devalue idle or unaccounted cash and most especially defeat of aims of establishing such emprises and extra ministerial department most government establishments are tightening their internal control system to ensure strategic management planning and transparency in the affairs of the department
This duty call made imperative due to the near collapse of government institutions occasioned by misuse of cash and its vulnerability to corrupt official who are ever at work to defraud and Erich themselves from the orgnaization. In order to protect its financial resources from being plundered an organization must know exactly its income and expenditure vouching system accounting system and basis authorization procedure cash control system etc. with respect to cash inflows and outflows. This explains the geometric rise in the embezzlement of public funds by official and government technocrats who are supposed to secure such funds.
It is patients to recall that cash and other near-money resources either real or financial is the most improvement current asset for the smooth running of her machineries. It is input needed to keep the business on continuous basis such resources are needed for payment of salaries payment for contacts and other infrastructural development need to make for a good standard of living.
An integral part of real and fiancnail assets administration is concerned with the effective utilization of corporate fund. The planning and control of such activity is made possible by stringent internal auditing which embodies strict internal controls observation of accounting standards and principle vouching and authorization procedure. This is made necessary by the fact that business is cyclical in nature with dwindling government revenue and a considerable amount of time during which factors inputs must be purchased and wages paid elapses between the receipt of an order its shipment and the banking of cash. An investment in cash and real assets is required in order to meet with pressing operational demand the uneven flow in the receipt and disbursement of fund causes seasonal fluctuations and so on moreover the receipt and disbursement of fund is useable in daily basis and within the month with a strong cash management and control system (models) recognize the uncertainty inherent in forecasting both cash inflows and outflows.
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