FINANCIAL CONTROL AND PUBLIC SECTOR
This study was carried out with the aim of appraising the financial control and public sector. In order to actualize the objectives of the study, a sample of 100 respondents were randomly selected. In this study, various literature and theoretical issues were discussed. The instrument used for the purpose of this research was gathered through primary and secondary sources. The primary source is through questionnaires while the secondary source extracts from textbooks by different authors, journals and other publications. The mass of information generated from the questionnaires was summarized in form of table and analyzed using simple percentage. The researcher administered one hundred (100) questionnaires to respondents, out of which eighty (80) questionnaires were retrieved for the purpose of presenting and analyzing responses to issues raise in the questionnaires. However, the returned questionnaires are taken to 100%. The hypotheses stated in the study were tested using correlation analysis. The findings from analysis revealed among other things that, financial control in the public sector has positive impact on its internal auditing and performance. Recommendations were however made by the researcher.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
Background to the Study
Statement of the Problem
Objective of the Study
Scope of the Study
Significance of the Study
Limitation of the Study
CHAPTER TWO: LITERATURE REVIEW
The Nature of Public Finance
The Financial Regulation
Internal Control in the Public Sector
An Overview of Public Expenditure Management
Corruption and Public Expenditure Management
Management Controls, Audit, and Evaluation
The Role of Internal Auditing
Independent Corrupt Practices Commission
Economic and Financial Crimes Commission
CHAPTER THREE: RESEARCH METHODOLOGY
The Population and Sampling
Sources of Data
The Research Instrument
Operationalization of Variables
Model Specification and Analysis Plan
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION
Test of Hypotheses
Discussion of Findings
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
Summary of Findings
BACKGROUND TO THE STUDY
There has been a lot of debate as to the effects or influence of the financial control on public sector activities of the government of Less Developed Economics (LDCs) on their economic growth and development (Nwezeaku, 2010).
Public sector financial control and accountability is concerned with the economic behavior of government with regards to the methodologies, rules regulations and policies that shape the planning, budgeting, forecasting, coordinating, directing, influencing and governing the inflow and outflow of funds in order to maximize the objective of the institution. In other words, public sector financial control deals with control government spending, taxation borrowing, public debts foreign reserves, foreign exchange system, level of liquidity in the economy and public financial auditing in order to achieve some stated objectives (Sharp and Slinger, 1970).
Ordinarily, control of the resources of any economy should lead to poverty reduction, improvement in the standard of living of its citizens, mitigation of inequalities income distribution and improve the general well being and economic development of the economy.
However, in spite of the visible attempts by the various governments to manager their vast financial and other resources, there exist what has been referred to as “the paradox of plenty” indeed, there has been rather a co-existence of abundant resources and wealth and extreme poverty in this economies unlike the developed countries.
Financial control and accountability is a very important type of control in the management of government finance. Oshisami (1992) defines as the process which ensures that financial resources are obtained at cost considered to be economical and utilized efficiently and effectively for the attainment of established objectives. A comprehensive definition of financial or fiscal control is given by Ekwonu (1996) as the sum total of the work, which guides, directs and interprets executive branch, involving finance and the ministries the adult department and the legislature.
STATEMENT OF THE PROBLEM
Control of public finance is very important to public governance that is why power over public finance is enshrined in the Nigerian constitution, financial control is the bedrock of government management and it’s framework should provide the principal source of reference for guiding managers and their financial advisers in the efficient, effective and proper use of public resources (Maimako, 2005).
In the light of the above, the following research questions are raised:
Is there significant relationship between financial control and accountability in the public sector?
Does financial control in the public sector have positive impact on its internal auditing and performance?
OBJECTIVE OF THE STUDY
The objective of this study to examine financial control in the public sector.
The specific objectives are:
To determine if there is significant relationship between financial control and accountability in the public sector.
To verify whether financial control in the public sector have positive impact on its internal auditing and performance.
The following hypotheses have been formulated to serve as a base for this research.
Ho: There is no significant relationship between financial control and accountability in the public sector.
H1: There is a significant relationship between financial control and accountability in the public sector.
HO: Financial control in the public sector has no positive impact on its internal auditing and performance.
H1: Financial control in the public sector has positive impact on its internal auditing and performance.
SCOPE OF THE STUDY
This study is undertaken to examine the financial control in the public sector.
The population of the study is the entire public sector in Nigeria, while the sample size is some selected public sector in Edo State. In using time series, data from a period of five years is used (i.e. 2007 to 2011).
Geographically, the study will be conducted in Benin City, Edo State.
SIGNIFICANCE OF THE STUDY
It is expected that this study would consolidate existing literature on the issues surrounding the relationship between financial control and the public sector. The study would also facilitate the examination of the effects of financial control and the public sector and thus boosting the empirical evidence from Nigeria. Furthermore, given the empirical nature of the study, the outcome of this study would aid policy makers and regulatory bodies in economic modeling and policy simulation with respect to the selected variables examined in the study.
The result of the study would be of benefits to investment analysts, investors and corporations in examining the effectiveness of financial control in the public sector.
It will also be useful in stimulating public discourse given the dearth of empirical researches in this area from emerging economies like Nigeria. Finally, it would also add to the available literature on the area of study while also providing a platform for other researchers who may want to further this study.
LIMITATION OF THE STUDY
The subject matter of this study is constrained by the available limited time which would not allow for a more comprehensive work. Also this work is constrained by the following factors; limited number of published texts on the subject matter, lack of adequate finance, distance from source of data which makes it impossible to get some relevant data and lukewarm attitude of some officials towards researchers. In the course of data collection more, there may be some personal judgment which may not be absolutely correct. Finally, possible mistakes of the different writers whose work were consulted might be reflected.
Ekwonu, E.C. (1996) ‘‘control of public expenditure’’ Federal Government of Nigeria, Constitution of the Federal Republic of Nigeria 1999. Abuja 1999.
Oshisami, K. (1992), Government Accounting and Financial Control, Ibadan: Spectrum, 231.
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