THE ROLE OF FINANCIAL ACCOUNTABILITY IN A PUBLIC LIMITED COMPANY

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Abstract

The mismanagement of every organization emanates from the ability of the financial accountability to administer the financial undertaken in order to achieve its profit maximization.

 

Business collapsed, is characterized by negligence to adhere to effective control system, which primarily comes from internal control.

 

An organization encounters problems, which often times result to financial impropriety, which has made many firm to collapse. Some of these problems lie largely outside the control of the organization. These are the problem to be solved by the financial accountability in the interest of effective control system of the organization while other problems arise from the organization’s limitation in his financial undertakings.

 

An analysis of factors that contributed to this fact would be highlighted and useful recommendation towards resolving these problems would be made.

 

This researcher is optimistic in view of the fact that if these recommendations are adhered to, they will go a long way in achieving the objectives of this research work.

 

 

 

 

 

 

 

 

Table of content

CHAPTER ONE

• Introduction

1.1     Statement of the study

• Purpose of the study
• Significance of the study
• Statement of hypothesis
• Scope of the study
• Limitations of the study
• Definition of terms

 

CHAPTER TWO

2.0     Review of related literature

• The Network of the internal control system
• Internal checks and Auditing practices
• Responsibility sharing as a control system
• Accountability and general economic growth.
• Enhancing financial accountability by human resources planning.

 

CHAPTER THREE

3.0     Research design and methodology

• Sources of data

• Primary data
• Secondary data
  • Sample used
  • Method of investigation

 

CHAPTER FOUR

4.0     Data presentation and analysis

• Data presentation and analysis
• Test of hypothesis

 

CHAPTER FIVE

5.0     Summary of findings, conclusion and recommendation

• Findings
• Conclusion
• Recommendation

BIBLIOGRAPHY

APPENDIX

Chapter one

1.0     introduction

Accountability as seen by Iwumenne (1982: 56) is the sole of any business continuity. A mismanaged economy cannot sustain her subjects. In the micro sense, a mismanaged firm is for failure. The main aim of business is profit maximization. This cannot be achieved if the financial mismanagement is endowed in any form. In any business setting, the priority of management is to enable the firm to continue to finance its undertakings. This cannot be achieved without due regard to the prudent financial administration.

 

According to Muoha Otanka (1975:4)². The spirit of continuity of a business is the careful administration that well administers the financial undertakings. Really, the issue of financial importriety has made many a business, collapse. There are many ways to check the menace in both public and private life. Any method used in subsumed in effective control system which primarily cue’s from internal control.

 

According to Jonah Jenny (1982.12)³, internal control can be perceived in the following ways.

• Good record keeping of all transactions in the factory.
• Good stock control system.
• Well co-ordinate channel of raw material procurement.
• Efficient redundantly control.
• Good personal administration
• Avoidance of waste.
• Control of acquisitions
• Effective trade union administration.

There, he said are not exhaustive, it is whom management recognizes the necessity of effective internal control system, management of materials and resources is very much possible.

 

Akinloye Oyibanji (1999 : 86)⁴ observed that many factors contributed to the reason why banks failed. The banks collapsed due to lack of financial prudence which is a clear out example of management incapacitation.

 

To have effective control of materials, men, and machine, management needs grassroots control affected through monitoring of any financial disbursement. The issue at stake is that good internal control is a necessary condition for efficiency of any organization.

 

To state it differently, any organization that opts for a continued business entity must be prepared to timely check the personal, procure the right type of personnel, train them on the technical aspect of the work and teach equity and justice in financial appropriation. The financial manager must be a model of sound background of prudent handling of money.

 

The subject of financial accountability has been a controversial issue even among the early philosophers.

 

Plato condemned using, (i.e. the use of money in trade) according to him, for the attendant “social ills” and “unethical” reasons.

 

In addition to the above, the peculiar nature of the Nigeria economy has made any topic in accountability, financial or otherwise, worth discussing. Nigeria has had her fair share of financial impropriety both in the public and private sector, not quite unconnected with her political set ups, the history of the evolution of her financial institutions and level of the country’s development.

 

The research has therefore been reduced to the firm (micro) level and Nigeria breweries Plc, Enugu has been carefully selected to be used in drawing a line of parallel between the level of accountability in the public and private sectors.

Control is an adjunct of accountability. The extent of financial accountability therefore should be reflected to the extent of the working control mechanisms within the particular organization.

 

The fact that both public and private sectors need and make use of control measures is undisputable. The extent to which they employ this and how it has improved their finances is called to question. The effective means, by which they employ internal control to safeguard assets, collect debts or pay creditor, etc is the issue at stake.

 

In the words of a management experts, “internal control comprises the plan of organization to co-ordinate method and measures adopted within a business to safeguard its assets, check accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial policies.

 

Apparently, the general conception of internal control here is that it should be effective enough to cause probity in all the organizations activities with a resultant disciplined financial atmosphere in the organization.

 

1.1     STATEMENT OF PROBLEM

Every policy formulated in boardrooms would have been a success, if they were being carried out there too. Unfortunately, adherence to planned policies by employees is the problem of many management of some companies.

 

Peter F. Drucker, noted that management is the act of getting thing done through others. The owner of every business expects a reasonable return on their investment of who executes the policies. The proble