THE EFFECTIVENESS OF FINANCIAL CONTROL IN PUBLIC SECTOR
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THE EFFECTIVENESS OF FINANCIAL CONTROL IN PUBLIC SECTOR
INTRODUCTION TO CHAPTER ONE OF THE EFFECTIVENESS OF FINANCIAL CONTROL IN THE PUBLIC SECTOR
1.1 BACKGROUND OF THE STUDY
The management of public financial resources is at the heart of government administration of public financial management and control.
Financial control can then be defined as the process of ensuring that financial resources are procured economically and utilised effectively and efficiently in the achievement of the aforementioned galas. As a result, of can be defined as an assurance procedure that encompasses the decision-making process.
In the midst of the country’s current economic woes, financial institutions, particularly those in the public sector concerned with the financial control of government funds, are dealing with a slew of issues, including direct embezzlement, large-scale salary fraud, and contract inflates.
Financial control also emphasises the acquisition of adequate money as well as the application of such funds.
The researcher was forced to choose this issue due to the government’s need to prevent and minimise fraud and embezzlement in the public sector through accurate bookkeeping of revenue and expenditure in the public sector.
This research intends to improve the effectiveness of financial control vote expenditure and allocation books (DVEA).
STATEMENT OF THE PROBLEMS.
In light of Nigeria’s current economic problems, financial planners, particularly those in the public sector concerned with government financial control, face numerous challenges,
including contract price inflation, payment of salaries to ghost workers, payment of contractors for services not rendered and goods not applied, contractors, and payment for unauthorised expenditures.
It is meant to determine how effective the DVEA book has been as a control tool for public sector accounting.
The amount of information found in the usual ledger used to record the public sector accounting’s double entry procedure.
The information in the DVEA book is designed to be evaluated to ensure its accuracy.
1.3 OBJECTIVES OF THE STUDY
The purpose of this research is to determine the amount and quality of information contained in the DVEA book in order to assess its relevance to the control objective of government accounting.
1. The most important sectors are financial control and management.
2. The study attempts to create a realistic image of how financial control might assist the government sector become more efficient, effective, and successful.
3. To investigate and provide recommendations on what further alternative measures could be taken to improve the existing situation.
4. To detect and track the progress of previously highlighted problems in the government sector and public financing.
5. To emphasise that there are ordinance/law principles and norms controlling government accounting in Nigeria, just as there are in private organisations.
1.4 THE SIGNIFICANCE OF THE STUDY
The purpose of this study is to show the advantages of a departmental vote expenditure allocation book in the public sector.
The researchers were motivated by the requirement for financial controllers to properly maintain the DVEA book in order to reestablish public faith in the information in the public sector. This will also reduce credibility in the eyes of the international financial community.
Finally, the study will be extremely useful to our policymakers in determining whether the DVEA book is meeting its aims and, if so, what changes should be made to it.
1.5 THE LIMITATIONS OF THE STUDY
The researcher aimed to illustrate how DVEA books could help with public sector planning and control. The investigation, however, would be limited to only the federal ministry of finance and a briefing on other connected government organisations.
This study is limited to the effects of using DVEA books correctly in analysing and answering the key research question.
1.6 DEFINITION OF TERMS
This is kept as an integral part of the budget control system for each subhead. It is intended to facilitate vote monitoring and the assignment of responsibility to financial offers in order to prevent expenditure in excess of appropriation or authority to incur expenditure.
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