Problem And Prospect Of Financial Control Tool

PROBLEM AND PROSPECT OF FINANCIAL CONTROL TOOL

First chapter/introduction

1.1 Background of the study

As the name suggests, financial control refers to the effective management and control of the organization’s finances as well as its efficiency and effectiveness. The finance control and management law of 1968 is intended to control and manage public finances and matters related thereto. Section 33 of this law requires the accountant general to submit to the auditor general accounts detailing the state’s financial position at the end of each fiscal year, including the following:

(a) A statement that compares the amounts projected to be received as revenue into the consolidated revenue fund with the amounts actually received during the accounting period.

(c) Assets and Liabilities Statement.

(c) A statement that compares the amounts projected to be issued from the consolidated revenue fund to the amounts actually issued during the accounting period.

Consequently, financial control is necessary in every organization and in the public sector.

Therefore, the ministry of finance in Owerri North shouldn’t be an exception. Every member of the ministry’s personnel has some involvement in financial management and is held accountable for their actions.

Nearly all civil service employees, particularly those who are involved in government financial operations, are familiar with and have up-to-date knowledge of the principles of financial controls. Financial planning and financial control go hand in hand. The results of financial planning decisions are not withstanding control parameter.

But even systematic planning needs some level of control over its methods and procedures. Government is typically the largest single enterprise and, in many regions, the backbone of the economy.

Its spending habits or how resources are distributed influence how much accountability for cost-cutting, efficiency, and effectiveness can be met.