PUBLIC SECTOR ACCOUNTING IN NIGERIA (A CASE STUDY OF FINANCIAL CONTROL SYSTEM IN ENUGU SOUTH LOCAL GOVERNMENT AREA)
One of the most researched and least understood variables of public sector accounting is how the accountability and stewardship of financial control is conducted. People have been speculating on how the funds generated are managed but now researchers have conducted systematic investigation of funds and leakage in local government revenue system. Even with this, there is still an increasing difficulty and doubts in establishing the fact that the revenue generated are put in good use. There is also an evaluation of the source of revenue to the local government, and the impact of financial control system in the local government revenue system particularly the revenue collection points where all derivable revenues are kept for safe custody. Secondly, to find out if really there is grant from the federal and state government to the local government areas and how it’s being spent. Finally to know the reason, the local government cannot employ their resources in funding projects. Findings and recommendations have gone a long way to establish proper financial control system in local government and it’s improvement.
The following findings we made
The findings researcher was able to find out that there is enough evidence to show that there is grant form the federal and state government to the local government.
That they are inadequate financial control system in the local government area.
That accountability and stewardship of the generated revenue is totally inadequate.
The following recommendations were made:
The grant given to the local government should be looked into.
The federal and state government should regulated the actions of the local government
The revenue leakage of the local government should be checked.
A committee should be set up to control the accounting system.
The local government should take effective planning cost control measures and product management of their resources.
TABLE OF CONTENTS
Purpose of the study 9
Significance of the study 10
Statement of the problems 12
Hypotheses formulation 14
Scope and limitation 14
Definition of terms 15
2.0 Review Of Related Literature 18
Financial Regulations 22
Cash Accounting 23
Local Government Reform 23
Local government accounting functions 26
Sources of revenue to the local government 30
Rural development functions 32