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EVALUATING
FINANCIAL AND ACCOUNTING SYSTEMS OF NIGERIA HIGHER INSTITUTIONS
ABSTRACT
The research
work is concentrated on Evaluating Financial and Accounting Systems of Nigeria
Higher Institutions with Particular note in Institute of Management and
Technology (IMT) Enugu State. Some objectives of the study are: To ascertain
whether the control system is adequate and effective and whether appropriate
and prompt actions are taken to correct adverse deviations. To examine whether there is perfect
synchronization between the amount received and the amount paid by the
institution. Based on these, data were
collected from principle sources.
Primary and secondary data, extensive research received was carried out,
well structured questionnaire administered on the population comprising
Institute of Management and Technology Bursary Department staff. A stratified random sampling technique was
used, sample of 30 respondent were used 10 respondents from senior staff and 20
respondent from junior staff. The data
collected were analyzed using tables, frequencies and percentages, based on the
analysis, the following findings were made: The reliability, validity and
importance according to the accounting system depends on the soundness and
efficiency of its internal control to series of test. The effectiveness and efficiency of the
accounting department/bursary depends on personnel/staff that are there. In view of the above findings, the
researchers recommended that the department be thoroughly and critically looked
into.
CHAPTER I
INTRODUCTION
This chapter is concerned with the
following:
- Background of the study
- Statement of the problem
- Objectives of the study
- Significance of the study
- Research questions
- Delimitation of the study
- Limitation of the study
- Definition of some concepts
1.1 Background of the Study
It is an
established fact from a practical point of view that some government entities
or ministries in Nigeria do not pay appropriate attention towards establishing
and maintaining a good accounting system, be it financial or management wise. The reason for this practice is that there
entities provide either essential or social services and are not profit
oriented and that the caliber of staff who handle various activities are
sub-standard.
Although, there are noticeable changes
in the handling of finances and accounts in some of these government
parastatals due to recruitment of qualified state, yet a total change is
imperative and can only be possible if the old system, which is fundamental
ceases to have influence on the current standard accounting practices. Institute of Management and Technology is a
government entity owned by Enugu State Government with the institution pay
appropriate attention towards maintaining a good Financial and Accounting
system is the question that stimulates the case of this study, and the case of
Institute of Management and Technology Financial Accounting System is the basic
area of concern.
The Institute of Management and
Technology (IMT), Enugu came into existence under the then East Central
State-Ajie Ukpabi Asika, Prior to the establishment of the great IMT, there
existed up till 1967 the College of Technology, which offered courses in
Engineering and Laboratory Technology leading to the award of Ordinary Diploma.
The College of Technology was part of
the ministry of education and the ministry controlled it. The Ministry of Establishment controlled the
Institute of Administration while the Co-operative College was directly under
the Ministry of Rural Development. All
these institutions were stopped by civil servants who were posted there
form the Ministry and could be re-posted
to other departments or units according to the needs of civil service.
In 1970 there arose the need to
establish a higher institution of learning for upgrading and training of our
men and women in technological management and engineering fields. This need was pursued vigorously and in
October 1971 the Ukpabi Asika administration decided to merge the former
College of Technology with the Institute of Administration. To give effect to this decision both the
Institute and the College came under the unified control of the cabinet office
on 1st April, 1972.
In October of the same year the
Administrator of the Eastern Central State appointed a provisional council. This council was charged with determining and
recommending to the government on appropriate structure of an autonomous,
technical as well as professional and managerial man-power in the subject areas
indicated by the state and national needs.
The council pursued its task with vigor and vision and submitted a
report early in April 1973. Thus on 31st
May 1973 the Edict No. 10 of 1973 titled “The Institute of Management and
Technology Edict 1973” was promulgated.
The Edict took effect from 1st July
1973 and thus gave birth to what is now known as the Institute of Management
and Technology (IMT), Enugu. Dr. Ukwu
.I. Ukwu became the first Rector and the first Registrar in the person of Mr.
B.O. Akwu-Kwuma. The Institute of
Management and Technology, Enugu is the second oldest polytechnic in Nigeria.
1.2 Statement of the Problem
The challenge to write or make this
research has not being without problem, base on the experience of one of the
researchers during her I.T.F with the Institute of Management and Technology
Bursary Department during her Nigeria Certificate in Education (N.C.E)
Programme. The researchers noticed that there is a higher rate of fraud and
financial misappropriation by the fraud talented personnel in accomplishing their
dubious aims in the Bursary Department of the Institution.
The financial accounting system of the
institution is not properly recorded which led to the ascertainment of ghost
works almost every month. To make
out-look to the Institute of Management and Technology Financial Accounting
System to identify the above problems or the causes of the above problem
stimulates this research.
And also, we want to make contribution
to Institute of Management and Technology Internal Control System to make it
more effective, since the reliability, validity and importance accord to the
accounting system depends on the soundness and efficiency of the internal
control system.
1.3 Objectives of the Study
Carrying out a research study on the
Financial Accounting System of Institute of Management and Technology, the
researchers have the following aims and objectives in mind.
a) To ascertain whether the control
system is adequate and effective and whether the control system take appropriate
and prompt actions to correct adverse deviations.
b) To determine if financial activities
are planned and forecasted arising there from are based on valid and scientific
assumptions.
c) To determine whether the present
operating system control the receipts and payments of the institution
accurately. These aims and objectives will critically view the system of
financial accounting and internal control of the institution’s Bursary
Department.
d) To examine whether there is perfect
synchronization between the amount received and the amount paid by the
institution.
1.4 Significance of the Study
The importance of this study cannot be
over emphasized hence, its relevance can be viewed at in different
perspectives. A part of the requirement
for completion of Nigeria Certificate in Education (N.C.E). The study is serving vital role towards the
wrile’s programme, which enables his achievement of academic pursuance and
completion. It enables the reader to
know what a system of Accounts, its components and how the inefficiency of any
of its elements can adversely affect the accounting system.
Furthermore, it is a pleasant role of
the study to provide positive rectifying solutions and suggestions and at the
same time portrays the defect of the system of account and its component that
has been advantageously used by fraud talented personnel to achieving their
dubious aims.
Finally, the importance of this study
will much sanctioned or most of the negative syndrome is well spelt out and the
alleviating measures appropriately recommended to enhance the institution’s
credibility and confidence on the existing dynamism, documentary evidence
authorization, segregation of obligation asset safe guard and independence
performance evaluation.
1.5 Research Questions
i. To
what degree is the financial activities of Institute of Management and
Technology (I.M.T) planned and forecasted?
ii. To what extent is the control system of
the Institute of Management and Technology adequate and effective?
iii. To what level is the synchronization
between the receipts and payment of the institution?
1.6 Delimitation of the Study
This project is a detailed practical
research into the Financial Accounting System of Nigeria Higher Institutions
with a special reference to Institute of Management and Technology.
Based on the above, this study is
delimited to Financial Accounting System of Institute of Management and
Technology Bursary Department and Personnel of the Bursary Department.
1.7 Limitation of the Study
This research work encountered some set
back due to the following factors:
a) Time: Time factor also contributed
some obstacles the research work since other programmes were too much to attend
to previous works. No previous work on
this research was carried out on this topic to stand as a guide for further
research and development, most data, information were collected personally
through some friends and colleagues plus experience one of the researchers
acquired with the Bursary Department during her industrial attachment in the
course of her Nigeria Certificate of Education (N.C.E).
b) Lack of Perfect Co-operation from some
of the Bursary Department: Some of the Bursary Department did not give some true
facts of their accounting systems only some few facts were disclosed to the
writers or researchers.
c) Funds: Money was not also available
to warrant journey to other Higher Institutions. The above mentioned reasons posed limitation
to this research work.
d) Attitudes of Respondents
e) Attitude of Group Members
1.8 Definition of Terms
Terms found
in this work should be continued as defined below:-
The Board:
Refers to the Board of Governors of (I.M.T)
Authority:
Refers to the highest power body of the Institute of Management and Technology
with the Rector as the Chief Executive.
Paying Unit:
Refers or means any unit that can incur expenses on behalf of the Institute of
Management and Technology.
Head: Refers
to a unit of account.
Sub-Head:
Means sub-division of a department.
Section:
Means or refers to a division of a department.
Estimate:
Means an authorization granted to the finance committee to make expenditure and
incur obligation for specific purposes.
Expenditure:
Means actual expenses chargeable to an estimate.
Vote: Means
funds allocated to a Head.
Revenue: All
income accruing to the Institute of Management and Technology.
Below the
Line: Means account belonging to another party other than the Institute of
Management and Technology for example, finance directly belonging to students
of Institution of Management and Technology is a more custodian in this case.
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