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Influence Of Accountant In The Implementation Of Best Practice In Government Organisation

5 Chapters
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70 Pages
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8,421 Words

The role of accountants in driving the implementation of best practices within government organizations is paramount. With their expertise in financial management, auditing, and compliance, accountants play a pivotal role in ensuring transparency, efficiency, and accountability in public sector operations. By meticulously analyzing financial data, monitoring budgets, and identifying areas for improvement, accountants contribute significantly to the adoption of best practices, ranging from cost-effective resource allocation to the implementation of rigorous internal controls. Their involvement facilitates informed decision-making processes, fosters adherence to regulatory standards, and ultimately enhances the overall governance framework of government entities. Additionally, accountants serve as catalysts for continuous improvement initiatives, collaborating with various stakeholders to streamline processes, mitigate risks, and optimize resource utilization. Through their multidimensional approach and strategic insights, accountants effectively navigate the complexities of public sector governance, driving sustainable organizational growth and fostering public trust.

TABLE OF CONTENT

CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the study
1.2 Statement of the Problems
1.3 Purpose /Objective of the study
1.4 Research questions
1.5 Scope of the study
1.6 Significance of the study
1.7 Operational definition of Significance terms
1.8 Limitation of the study

CHAPTER TWO
2.0 REVIEW OF LITERATURE
2.1 Introduction
2.2 Review of concepts
2.3 Review of related studies
2.4 Theoretical Framework
2.5 Summary

CHAPTER THREE
3.0 RESEARCH METHOD
3.1 Introduction
3.2 Research design
3.3 Population of study
3.4 Sampling Technique/sample size
3.5 Description of research instrument
3.6 Validity of data gathering instrument
3.7 Method of data collection
3.8 Method of data analysis

CHAPTER FOUR
4.0 DATA PRESENTATION AND DISCUSSION OF FINDINGS
4.1 Introduction
4.2 Data presentation and analysis
4.3 Discussions of findings

CHAPTER FIVE
5.0 SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction
5.2 Summary of findings
5.3 Conclusions
5.4 Recommendations
5.5 Suggestions for further studies
References
Appendix 1
Appendix 2

CHAPTER ONE

INTRODUCTION
1.1 BACKGROUND OF THE STUDY:

Corruption and looting of public treasury is a major problem in the public sector accounting. Report from office of statistics Lagos show that our accounting records are balanced in arrears and our financial records are hardly balanced daily, weekly, quarterly, half-yearly and yearly basis as appropriate. This was evidenced by Chief Olusegun Obasanjo during his first maiden address to the nation immediately he was sworn-in as the President of the federal republic of Nigeria on the 29th day of May 1999. He stressed that accountability, probity and transparency has suffered a lot set-back especially in the civil service. He therefore suggested that some of the best ways to eliminate this ill in the Nigerian public service are;
The effective use of public accounts;
The use of effective legislation;
The effective implementation of government policies programs;
The effective use of auditors of the federal republic of Nigeria among others.
He therefore concluded by saying “when we consider how the public accounting and auditing can grow and develop, we are concerned not only with helping the public accountant or the auditor fill their position, but also with helping the whole
economy and the organizational structure grow and develop” (Obasanjo). The concept should therefore make it wise for us to look more closely at the relationship between Nigeria and other countries of the world. And for Nigeria to be recognized as a corrupt-free economy, the accounting profession must be in a position to balance the financial records of the federal government daily, weekly, monthly, quarterly, half yearly or yearly basis. This is because members of the public and the international community want to see results, see the economy grow and the professions produce the final output.
The same goes for other facts of the economy as indicated above. The military system of administration should be thrown to the winds as we have evolved democracy like other developed countries of the world such as United State of America, United Kingdom etc. It was in an attempt to analyze the import of the president‟s address on the 29th May, 1999 that this topic, “the impact of accountant in the implementation of accountability, probity and transparency in the federal civil service” comes to mind.

1.2 STATEMENT OF THE PROBLEMS:
1. Financial records do not reflect the true and fair view of the accounting records due to the corrupt society.
2. Budgets are never reviewed in time and derivations are not investigated to ensure prompt remedial action which will re direct and re orientates plans towards budgeted levels.
3. The threat to the continual production of qualified accountants who will replace other retrieving hands. The system forms a number of factors like inadequate infrastructures e.g. training materials, library facilities‟ computers etc. necessary for programs thereby leading to a very poor and unrealistic remuneration paid to the practicing accountant in form of salary.
4. Funds are not judiciously expended for the purposes they were outlined for.
5. Another shortcoming is the quota system in the federal services; the quota system has introduced mediocre and unethical practices in the accounting profession in a bid to fill in vacant positions in the federal civil services.

1.3 THE OBJECTIVES OF THE STUDY
i. To examine the financial records if it shows a true and fair view
ii. To analyze or investigate the budget before they are passed on
iii. To know whether the distribution of funds and resources are judiciously expended

1.4 RESEARCH QUESTIONS
1. Has accountants help to review the financial statement if shows a true and fair view
2. Do accountants help in analyzing the budgets before they are passed on
3. Do accountants help in ensuring that the distribution of finds and resources are judiciously expended.

1.5 HYPOTHESES
Ho: accountants do not help to review the financial statement to show a true and fair view
Hi: accountants help to review the financial statement to show a true and fair view
Ho: Accountants do not help in analyzing the budget before they are passed on
Hi: accountants help in analyzing the budget before they are passed on

1.6 SIGNIFICANCE OF THE STUDY
This study will be of immense help to the policy makers in the federal civil service of Nigeria who will be able to know and assert the adequate role of the public accountant in the service with a view to showing up the programs of accountability, probity and transparency of the present administration.
“Nigeria” for the purpose of this paper means” the Federal Republic of Nigeria including any area outside the territorial waters of the Federal Republic of Nigeria which in accordance with international law has been or may hereafter be designated under the laws of the Federal Republic of Nigeria concerning the continental shelf, as an area within which the rights of the Federal Republic of Nigeria with respect to the sea-bed and subsoil and their natural resources may be exercised.” Constitution of the Federal Republic of Nigeria (1999).
The policy makers should see the public accountants as playing the role of a coach who exposes the skills and tactics and allows the players to play the game. This is because in everything an individual or a group of individuals in varying professions, do, there is a reason and purpose. For example, in a private organization this reason or purpose is referred to as an objective or goal. Therefore, government (public service) whose realm of operation is popularly referred to as the public sector has as its objective the governance of her people. This implies the tremendous responsibility to resources and allocates same towards fostering
economic growth and improving the standard of living of the citizens of the nation. Again government is empowered by the laws of the land (constitution) to engage in contractual arrangements for the purpose of increasing the resources available to her in order to meet the requirements of governance, since it holds the wealth of her nation in trust for that nation. To this extent, the government of a nation owes her citizens the duty to account for the stewardship in the effective disposition of the resources entrusted to her (This is accountability).
For the government or the public sector to discharge her responsibility or stewardship effectively, there is the need to maintain proper records of the value of all programs, activities and services, synthesize and analyze the effect of government financial transaction, classify, summarize and communicate such information for purposes of future decision-making or assessment of performance.

1.7 SCOPE OF THE STUDY
For the purpose of this study, the ways of improving the influence of accountants in the office of the accountant general for the federation (OAGF) as well as the influence of accountants in the implementation of best practice in government organization will be a focused point in this study.

1.8 LIMITATIONS OF THE STUDY
The limitations involved in the course of this research included hostility and non-cooperation on the part of some of the respondents, and also the constraint of time was a limiting factor in the course of writing this work.

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Influence Of Accountant In The Implementation Of Best Practice In Government Organisation:

Accountants play a crucial role in the implementation of best practices in government organizations. Here are some key ways in which accountants influence and contribute to this process:

  1. Financial Management and Reporting: Accountants are responsible for managing the financial resources of government organizations efficiently. They ensure that financial transactions are accurately recorded, budgets are adhered to, and financial reports are prepared in accordance with relevant regulations and standards. By maintaining transparent and accurate financial records, accountants facilitate effective decision-making and accountability within the organization.
  2. Compliance and Regulatory Framework: Government organizations are subject to various regulations and compliance requirements. Accountants play a vital role in ensuring that the organization complies with relevant laws, regulations, and accounting standards. They stay updated on changes in regulations and advise management on compliance issues, thereby reducing the risk of legal and regulatory penalties.
  3. Cost Management and Efficiency: Accountants analyze the costs associated with various government programs and activities to identify areas for cost savings and efficiency improvements. They may conduct cost-benefit analyses, evaluate alternative funding sources, and recommend measures to optimize resource allocation. By implementing cost-effective practices, accountants help government organizations achieve their objectives within budget constraints.
  4. Internal Controls and Risk Management: Accountants design and implement internal control systems to safeguard assets, prevent fraud, and ensure the accuracy of financial information. They assess risks associated with financial operations and develop strategies to mitigate them effectively. By strengthening internal controls and risk management practices, accountants enhance the reliability and integrity of the organization’s operations.
  5. Performance Measurement and Evaluation: Accountants develop performance metrics and key performance indicators (KPIs) to assess the effectiveness and efficiency of government programs and initiatives. They analyze financial and non-financial data to evaluate the organization’s performance against established benchmarks and goals. By providing insights into performance trends and outcomes, accountants support continuous improvement efforts and the adoption of best practices.
  6. Budgeting and Resource Allocation: Accountants are involved in the budgeting process, assisting management in setting financial objectives, preparing budgets, and allocating resources based on strategic priorities. They provide financial analysis and forecasts to support decision-making and resource allocation decisions. By aligning budgetary allocations with organizational goals, accountants help ensure that resources are used efficiently and effectively.
  7. Technology and Innovation: Accountants leverage technology and automation tools to streamline financial processes, enhance data accuracy, and improve decision-making capabilities. They champion the adoption of innovative solutions such as cloud-based accounting software, data analytics, and artificial intelligence to optimize financial management practices and drive organizational performance.

In summary, accountants play a multifaceted role in the implementation of best practices in government organizations, spanning financial management, compliance, cost efficiency, risk management, performance evaluation, budgeting, and technological innovation. Their expertise and insights contribute to the overall effectiveness and sustainability of government operations, enabling organizations to achieve their objectives and deliver value to citizens.