Financial Control in Public Sector as a Measure for Preventing Fraud and Fund Misuse (A Case Study of Federal Inland Revenue Service Ilorin)

TABLE OF CONTENTS

Title page                                                                      

Certification                                                                    i

Dedication                                                                      ii

Acknowledgement                                                           iii

Table of contents                                                            vi

CHAPTER ONE

1.1    Introduction                                                           1

1.2    Statement of the Research problem                         5

1.3    Objective of the study                                             5

1.4    Significant of the study                                           5

1.5    Research Question                                                  6

1.6    Scope of the study                                                  7

1.7    Limitation of the study                                            8

1.8    Study plan                                                              8

1.9    Definition of key terms                                            9

CHAPTER TWO

LITERATURE REVIEW

2.1    The public Sector                                                    11

2.2    Difference between Public and

Private Sector Accounting                                       14

2.3    Accountancy and Financial report                            16    

2.4    Frauds and fund misuse                                          17

2.5    Causes of Frauds and fund misuse                           19

2.6    Types of Frauds                                                      21

2.7    Detection and Prevention of Frauds                         23

2.8    The internal control system                                     24

2.9    Internal and External audit                                      28

2.10  Scope and Internal Audit                                         31

CHAPTER THREE

RESEARCH METHODOLOGY

3.1    Definition                                                               34

3.2    Method of data collection                                        34

3.3    Population and sample size                                     37

3.4    Sampling Techniques                                              37

3.5    Method of Data Analysis                                          37

CHAPTER FOUR

ANALYSIS OF PRESENTATION OF DATA

4.1    Introduction                                                           39

4.2    Data Collection                                                       39

4.3    Data Analysis                                                          40

4.4    Analysis of fraud and fund misuse data question      44

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1    Summary                                                                51

5.2    Conclusion                                                             56

5.3    Recommendation                                                    56

Reference                                                               59

CHAPTER ONE

1.1   INTRODUCTION

         The public sector could be described as the government arm of a country. The three tiers of government in relation to Nigeria include the federal government, the state government and the local government. Fraud and fund misuse over the year has been a threat to Nigeria economy. The need to prevent it gave birth to the financial control system. Fraud is a conscious premeditated action of a person or group of people with the intention of uttering the truth or fact for selfish personal and monetary gain” Fraud involves the use of decent and trick and sometimes highly intelligent cunning and know-how. The action takes the form of forgery, falsification of documents forging and uttering of signatures and outright. Fund misuse on its own occurs in most cases intentionally and it is thus a method of fraud perpetration in most pubic sector establishments.