Impact Factor(JCC): 1.5432-This article can be downloaded from www.impactjournals.us ABSTRACT Internal control system is the process by which an organization governs its activities for effective and efficient operation, reliability of financial accountability and compliance with applicable law and regulation. This study attempts to investigate a deep understanding of effective internal control system for good financial accountability at the local government council level in Nigeria. The study was carried out in some selected local government council area of Oyo State, Nigeria. Data obtained were coded and analysed using frequency table and percentage, moreso, non-parametric statistical test, Chi-square was used to test the formulated hypothesis using STATA 10 data analysis package. The result of the finding shows that internal control system is positively significant for the good financial accountability in the local government area council in Nigeria. The study therefore, recommends that local government authority should increase an effort to ensure proper and highly effective internal controls system is put in place within local government to enhance their financial accountability.
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European Journal of Accounting, Auditing and Finance Research
The research work examined the usefulness of financial control and accountability in the public sector institutions in Nigeria. The objectives of the study were to investigate if the control of public funds is appropriate and to find out whether necessary accounts are kept and to examine the proper administration of government funds. The research was carried out, using the Federal Medical Centre, Owo, Ondo State as the case study. Primary Data was collected through convenience sampling method and using self-administered questionnaires for 40 respondents. They included Staff in the Audit and Account department. Also, Secondary data was retrieved from the Central Bank of Nigeria Statistical Bulletin on federally generated revenue and expenditure incurred (Capital and Revenue). Chi-Square was used to test the hypotheses. Simple Linear Regression was used to analyze the secondary data to test for the relationship between the revenue generated by federal government and expenditure incurred. From the findings, it was found that financial controls and accountability exist in the public sector. The researcher also found that a positive relationship exist between revenue generated by federal government and expenditures incurred. This study concluded that financial control and accountability is effective and efficient. Therefore, the study recommends that existing financial controls should be strengthened to improve accountability in the public sector in Nigeria.
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