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          FINANCIAL ACCOUNTABILITY THROUGH EFFECTIVE INTERNAL CONTROL SYSTEM

                           (A CASE STUDY OF OCEANIC BANK PLC ENUGU METROPOLIS)

ABSTRACT

Research abstract on Financial Accountability; Through Effective Internal Control System (A case study of Oceanic Bank Plc) was group under five chapters heading beginning with chapter one down to chapter five as summary of findings, recommendations and conclusion. The population of the study used is two hundred (200) that comprises both staff and customers. The sample size is 133 that were determined using Yallow Yamini formula method. That instrument used for data collections are research questionnaire, interview and observational techniques. All data collection were presented using table and analyzed with chi-square method in the course of the study the researcher finds out that

• It was discovered that the bank has good effective internal control system which enables their financial accountability

• It is also determined that the bank has qualified accountant who takes charge of the accounting records
• It is also noted that these are some factors that contributed negatively to the success of the accounting work such as fraud, error/mistake etc.

The researcher recommend some possible solution on how best to achieve financial accountability through effective internal control system such as employing competent staff supervising the record book of the staff from time to time and also provision for further training of staff so as to increase their skills.

 

TABLE OF CONTENTS

CHAPTER ONE

1. Background of the Study                                         1
2. Statement of the Problem                                        4
3. Objective of the Study                                              5
4. Research Question                                                   5
5. Significance of the Study                                         6
6. Limitations of the Study                                          7

CHAPTER TWO

REVIEW OF RELATED LITERATURE                                       8

2.1   Accountability and the Nigerian Societal                        

Ethics and Values                                                    8

2.2   The Role of Accountability in Business                    10

2.3   Factors that Militates Against Accountability

in the Public Sector                                                 12

2.4   The Professional Ethics of Public Financial

Management                                                            18

2.5   Recommendation on Accounting Principals

and Standard                                                           21

2.6   Users of Accounting Information                             22

2.7   Importance of Accounting Information                     24

CHAPTER THREE

Research methodology                                                     27   

3.1   Source of Data                                                         27

3.2   Area of the Study                                                     27

3.3   Population of the Study                                           28

3.4   Sample Sized Determination                                    28

3.5   Sampling Techniques                                              29

3.6   Research Instrument Used                                      30

3.7   Reliability of Research Instrument                           30

3.8   Validity of Research Instrument                               31

3.9   Questionnaire Administration                                         31

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS                            34

4.1   Date Presentation and Analysis                                       34

CHAPTER FIVE

SUMMARY OF FINDINGS, RECOMMENDATIONS

AND CONCLUSION                                                          44

5.1   Summary of Findings                                              45

5.2   Recommendations                                                   45

5.3   Conclusion                                                              46   

        Bibliography                                                            48

        Appendix                                                                         50

 

CHAPTER ONE

1.1   BACKGROUND OF THE STUDY

Accounting to Lucy T. (2006) Defined accountability tells you what policies your boar should adopt or has adopted to meet their responsibility for ensuring that the organization they govern is financially sound. They would then hold these who manage the organization accountable for implementing these policies.

According to Schmitz B. (1999) Accountability has to do with responsibility of either an individual or department to perform a specific function in accounting. An auditor reviewing a company’s financial statement is responsible and loyally liable for any misstatement or instances of fraud accountability forces and accountant to be careful and knowledgeable in the professional practices, as even negligence can cause them to be loyally responsible.

According to Ilor P. (2006) Accounting is the language of business and by extension, the language of all things financial. In the same way that our sense are needed to translate information about our surroundings into something understood by nor brains, accountants are needed to translate the complexities of finance into summary numbers that the public can understand.

The central bank led by new Governor Lamido Sanusi has ordered Nigerian banks to adopt a common financial year-end accounting standard to restore investor confidence and enable comparisons within the sector. All the activities of a business are summarized in accounting records so that can be ascertained at any point required through the process of accounting. Accounting can be taken as a set of ruler and method by which financial report that ca be used in making decision. Hence, accounting records forms the bedrock for management decisions and captivity of the business concerned.

In a nutsheel, the establishment of internal control system of accounting records in organizations, accounting activities are in order with the laid-down procedure standards and statutory requirements.

In pursuing of sound and effective system of internal control various devices and methods called control and adopted by various organizations based on their nature of business and scope of operation. The internal control system usually comprises a continuous check and re-checking of day to day activities of business in order to ensure the correctness and fairness of the accounting records and detect and expose any deviations (if any) logically if can then be said that internal control system of accounting records is old as the evaluation by keeping accounts.