ACCOUNTING IN THE NIGERIA PUBLIC SECTOR, PROBLEMS AND PROSPECTS

(A CASE STUDY OF SELECTED GOVERNMENT ESTABLISHMENT IN OKPE LOCAL GOVERNMENT AREA OF DELTA STATE)

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ABSTRACT

In order to successfully accomplish the purpose for this research study, on the role of the Nigeria accountant question were formulated and a questionnaire comprising statement drawn from the research questions were prepared as well from the following problems are be setting public sector. Appointment of unqualified accountants to act as account supervisor, negative attitude of most accountants to wards account ability resulting to inadequate keeping of financial and accounting records are stipulated by the financial regulations and treasuring circulars.

Accounting in the Nigeria public sector, problem and prospects is the project topic and a case study of selected government establishment in Okpe local government Area of Delta state, the research involve five (5) chapters.

In chapter, it entails the introduction/ background of study, statement of problem, purpose of the study, significance of study, scope and limitation of the study and research question.

Chapter two involved the literature review, who is an accountant, accountant is defined, book-keeping and account differentiated, government accounting defined, objectives of accounting in the public sector, legal basis, the nature of Nigeria public sector accounting government and some identified problems of the Nigeria public sector accounting.

Chapter four, involved data analysis, data presentation of demographic characteristics, assessment of accounting system of the public sector, testing of research questions and major findings.

Chapter five, involved the summary, recommendation and conclusion more so suggestion for the area of further research.

The research various recommendation as remedies if fully implemented, will enhance government accounting system and records and ensure prudence in the conduct of government financial transaction.

CHAPTER ONE

• Introduction/Background of Study 1
• Statement of Problem 3
• Purpose of Study 5
• Significance of Study 6
• Scope and Limitation of Study 7
• Research Question 8

CHAPTER TWO

• Literature Review 9

2.1     Who is an Accountant?                                                                9

2.2     Accounting Defined                                                                    9

2.3     Books-Keeping and Account Differentiated                                12

2.4     Government Accounting Defined                                                13

2.5     Objective of Accounting in the Public Sector                              14

2.6     Legal Basis                                                                                  17

2.7     The Nature of Nigerian Public Sector Accounting                       19

2.8     The Scope of Public Sector Accounting                                      22

2.9     Government and Commercial Accounting Compared                  26

2.10   Some Identified Problem of the Nigeria

Public Sector Accounting                                                            29

CHAPTER THREE

3.0     Research Methodology                                                                35

3.1     Study/ Research Design                                                               35

3.2     Population of Study                                                                     35

3.3     Sample Size                                                                                 36

3.4     Method of Date Collection                                                           36

CHAPTER FOUR

• Data analysis 40
• Data presentation 41
• Interpretation of Demographic characteristics                            42
• Assessment of the Accounting System of the Public Sector 43
• Testing of Research Question                                                   44
• Major Findings 61

CHAPTER FIVE

• Summary, Recommendation and Conclusion 63

5.1     Summary                                                                                     63

5.2     Conclusion                                                                                  65

5.3     Recommendation                                                                         66

• Suggestion for Area of Further Research 67

Bibliography                                                                                68

Appendix                                                                                     70

CHAPTER ONE

1.1     INTRODUCTION/BACKGROUND

Accounting has often been described as the language of business and accounting profession as the back bone of organization. This is because accounting besides duties plays the role of custodian of the finances of such organization and also serves as the vehicle for employing these funds in such ventures as to promote survival and growth. But accounting is a dynamic profession. Like language it is not static it grows, embracing additional roles in its development trail. The accounting profession, as it affects the public sector of the economy, provides figures and information on the past performance of  this sector for planning for the future. Government budgets depends on information supplied through accounting

It is a thing of joy that an accounting body in Nigerian, the institute of chartered accountant s of Nigerian (ICAN), and the association of National, Accountants of Nigerian (ANAN), has lately accredited two institutions as recognized training centre for the purpose of training accountants solely for the public sector. Today a new scheme, the accounting technicians scheme (ATS).

The Nigerian college of accounting, Joy has been designed to train and develop the manpower required for the public sector. However, laudable as this innovation is the content of the is the ATS is grossly inadequate to turn out the required manpower for the public sector. The truth is that the curriculum for government accounting is yet to be fully developed and integrated into the accountancy programmes of our institutions. Beside, there is a great dealt of textbook on government  accounting in the country, which almost makes the ATS NON-starter. These are problems that must be promptly tackled.

The government treasury schools has provide the public sector accountant the technical skill, but awards no certificates. As a result of various development over the years, the complex system of federal, STATE AND LOCAL GOVERNMENT departments and training organizations as well as various public sector organisations, operating at national, state and local level.

These organisations, which are non-proprietary in nature provides goods and services, , which are often decided no political and collective basis of what is thought to be needed or signals.

Government establishment are set up to provides social goods and services for public welfare, since this establishment finances their activities principally from governments sub venture which are derived directly and indirectly from governments various sources of revenue (such as fees, charges, central or local taxation and borrowing ), the need for a good book-keeping and accounting system, together with proper accountability for public funds at the operations disposed cannot be over emphasized.

The problems often encountered by operators of government establishment in maintaining a good accounting system with a view of enhancing accountability and the prospect accounting in these establishment is the object of this research work.

1.2     STATEMENT OF PROBLEM

It is worthy to note that accounting information often sufferer a lots of distortion due to clerical technical and non-professional errors consequently, most operators or practitioners of accounting information desired for management decisions.

Although, these problems are common to the private and public sector suffer more

Among the problems common to the government accounting unit are

• Delay in receiving reports from out stations which subsequently delay the preparation of financial report.
• Delay in presentation and preparation of annual financial statement
• Actual values of expenditures are not reported due to tack of technical skills amongst most of the accountants in the various sub-sectors