Enhancing Financial Accountability In The Private Sector

Enhancing Financial Accountability In The Private Sector

First Part

Introduction

4.1 Background Of Study

Financial accountability is an essential topic for any organization, whether for-profit or non-profit. The absence of financial accountability leads to embezzlement, fraud, and misappropriation of funds. The regularity of the Nigerian economy has made any topic in financial or other types of accountability worthy of discussion. Nigeria has had its fair share of financial malfeasance in both the public and private sectors; this is not unrelated to the country’s political structure, the evolution of its financial institutions, and, of course, its level of development.

Due to the aforementioned problem, which is associated with a lack of financial accountability in any organization, the researcher selected the topic of enhancing financial accountability in the private sector of the Nigerian economy through a control system.

The internal control system consists of the organization’s plan and all coordinated methods and controls implemented within the business to safeguard its assets, verify the accuracy and dependability of its accounting data, enhance operational efficiency, and increase adherence to prescribed managerial policies.

The research will determine whether or not the reference company has installed this control system, and if so, how effective it is at enhancing early detection of mistaken, deliberate misappropriation and detection of servally check collusion, fraud, or embezzlement of funds through proper authorization, reliability of financial record, protection of assets, and thus maintenance of financial accountability.