ABSTRACT
This research work analyses the financial control system in government enterprises in Nigeria. The National Electric Power Authority (NEPA) Enugu was chosen as a case study.
The purpose of the study is to examine if there are financial control measures in NEPA Enugu, to see if these measures are adequate and in line with provisions of the regulations of the state and federal government, to determine if these measures are effectively applied and thus examine the implication of financial control NEPA Enugu.
Twenty workers in the accounts department of NEPA, Enugu both district and zonal offices were chosen as the respondents of the study.
Responses were collected from them with the use of questionnaire and oral interview were administered personally on them.
The researcher was able to ascertain from the study. That a good financial control system is in line with the regulations of the federal and state government. the adoption of this financial regulations serves as a guideline for workers which they have to comply. Also for the effective control on the movement of materials specific precautions are taken to ensure accountability.
It was also revealed from the research that an internal checking and auditing unit exist and the organization maintained two accounts in order to exercise control over cash.
It was ascertained that there were fewer cases of fraud in the enterprise and that financial control system of establishment have been able to stand the test of time having assisted in checking fraud, and misappropriation.
Finally the researcher made some recommendations which if adopted will enhance greater efficiency. Some of the key recommendations are that the financial control system of the organization should not revolve around a person, no matter how highly placed, otherwise in his absence there would be flows rather the financial control should revolve around procedures, processes and techniques.
Also the personnel management board of this organization should ensure that honest, well qualified and sincere workers with integrity are employed.
This is because it is a control weakness to very stick and advanced control mechanism manned by cheap and unqualified staff with a history of fraud and incompetence. Hence dishonest and negatively ingenious staff with dubious motive can beat any system no matter how right.
TABLE OF CONTENT
Title page ii
Approval page iii
Dedication iv
Acknowledgement v
Abstract vii
List of tables ix
Table of contents x
CHAPTER ONE
Introduction 1
1.1 Background of the study 1
1.2 Statement of problem 4
1.3 Objectives of the study 6
1.4 Scope and delimitation of study 7
1.5 Research questions 7
1.6 Significance of study 8
1.7 Definition of terms 9
CHAPTER TWO
Review of Literature 10
2.1 Concept of internal control system 12
2.2 Features of a good financial control system 16
2.3 The 1988 civil services reforms on financial accounting
control system as it affects government enterprises 19
2.4 Government accounting and control 21
2.5 Store control 22
2.6 Cash receipt and disbursements 23
2.7 Budgeting 24
CHAPTER THREE
Methodology 25
3.1 Research design 25
3.2 Population 26
3.3 Sample and sampling technique 26
3.4 Research instrument 27
3.5 Reliability and validity of instrument 27
3.6 Method of data collection 27
3.7 Method of data analysis 28
CHAPTER FOUR
Data Presentation and Result 30
4.1 Analysis of questionnaire responses 31
CHAPTER FIVE
Summary of research findings, conclusion and recommendation 36
5.1 Summary of findings 36
5.2 Conclusion 38
5.3 Recommendation 39
Bibliography 40
