Abstract
The role of public sector accounting seems to be more pronounce in the control of public revenue and expenses in relation to the Local government administration in Nigeria, as it forms a growing trend among the general public during the period of economic recession.
However, the aspect of public sector accounting that has received much attention in the literature, debate and empirical analysis is the role of accounting in the financial control of public revenue and expenditures. Many are of the view that a transparent financial control system on ground helps to ensurethemonitoring and supervision of government assets, prevent fraud, minimize errors, increased investment and employment, authenticate the accuracy and reliability of accounting data, promote the efficient operation of the public sector while ensuring that established financial management practices are followed. Recently, there has been financial cases of misappropriate of funds in the public sector and improper accountability. These unending factors have led to the general public becoming aware of what is happening in the
public sector and thereby drawing their attention to notion of public financial control.
According to Ani Uchena, in his book titled “Government and public sector accounting” he said, public sector is that sector of the economy established and operated by the government and its
agencies, this distinguishes public sector from private sector and it is organised on behalf of the whole citizens as they are expected to make minimum profit from their operations.
The problem of this research study encompass on how the management of Local Government were unable to re-modernize the role of public sector accounting in their financial control activities in relation to public revenue and expenditure so that the case of improper accountability and transparency can be reduced or if possible totally eradicated.
Corruption, fraud and misappropriation affect the quality of governance in the public sector. It
forces officials or officers to make decisions that do not serve the public interest but rather promote the sole interest of corrupt individuals or officers. As a result, public sector may
not be optimally delivered. This in turn will have negative impact on the morale of the entire citizenry who will only contest or be appointed for a particular position with the primary motives of gaining unjust financial advantage to the detriment of the member of the public for whom they are indebted to.
The general objective of this research thesis is to evaluate the effect of public sector accounting in Nigeria financial control system, while other specific objectives are to Examine the effective and efficient application of financial control systems in government sectors in enhancing
accountability, and to Investigate the significance of PSA on financial control system towards enhancing transparency in the public sector.
This study will assist the public sector to understand how the sound financial control canbe
established and also it effects on public sector performance. It will also provides an avenue through which a decrease in cost and increase in revenue which in turn leads to profit maximization can be achieved also, the findings wills also be of invaluable benefits to the management and those charged with public sector governance since they are bound to enable them streamline the systems of financial controls. Ultimately, the findings are likely to ensure improved financial control measures and also attainment of the public sector
organizations’ objectives.
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