Financial Control In Public Sector as a Measure for Preventing Fraud and Fund Misuse. (A Case Study of Federal Board of Inland Revenue)

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TABLE OF CONTENTS

Title page                                                                                                                     i

Certification                                                                                                     ii

Dedication                                                                                                        iii

Acknowledgement                                                                                            iv

Table of contents                                                                                              v

CHAPTER ONE

1.1       Background of the study                                                                        1

1.2       Statement of the Research problem                                            3

1.3       Objective of the study                                                               5

1.4       Significant of the study                                                             6

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       Introduction                                                                                         11

2.2       The public Sector                                                                                  13

2.3       Frauds and fund misuse                                                             13

2.4       Accountancy and Financial report                                              18

2.5       The internal control system                                                        19

2.6       Internal and External audit                                                         22

2.7       Taxation System in Nigeria                                                        25

2.8       Types of Frauds                                                                        27

2.9       Detection and Prevention of Frauds                                            29

Reference                                                                                                         32

CHAPTER THREE

RESEARCH METHODOLOGY

3.1       Historical background of the study                                             33

3.2       Method of data collection                                                                      34

3.3       Population and sample size                                                        36

3.4       Sampling Techniques                                                                37

3.5       Method of Data Analysis                                                                       37

CHAPTER FOUR

ANALYSIS OF PRESENTATION OF DATA

4.1       Introduction                                                                                          38

4.2       Data Collection                                                                                     38

4.3       Data Analysis                                                                                       39

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1       Summary                                                                                                         51

5.2       Conclusion                                                                                           55

5.3       Recommendation                                                                                  56

Bibliography                                                                                         59

 

1.1       BACKGROUND OF THE STUDY

Financial control has been a major exercise in the public sector over the years and more attention needs to paid to it on account of increasing government revenue and expenditure. This increasing revenue and expenditure must be controlled to ensure efficient and effective use of public fund entrusted in a set of people in government. strong control on the financial of public sector get the government towards the realization of its set goals and objective on an organization can achieve its set goals without conspicuous set back which need to be reduced to the barest minimum or eliminated completely. The basic set back paramount in public sector today is that of frauds and misuse of public funds in government treasury. The set up of Nigerian and other developing countries of the world today is characterized with embezzlement, corruption and gross indiscipline and it’s the concern of every government of developing countries and even developed countries to institute sound financial control strategy to save their respective economy from imminent collapse. Employees and non-employees of government department engage in fraudulent practices whilst it cannot strictly speaking be said to be an ordinarily expected human behaviour. The prevalence of it even in the socialist societies would make one to conclude or state that its not an “un-human behaviour” the occurrence of frauds and misuse of funds is worrying because the loss of money invoice does not ordinarily belay to an individual. In every bad cases where frauds occur with crippling frequency and in wholesales size, public sector has often failed in the provision of service which it ought to have provided effectively and efficiently and to its economic activities has failed woefully. Frequent occurrence of frauds and fund misuse ultimately, distract the attention of various public sector management and the formulation of more effective and efficient financial control devices are instituted in various public ministries and departments to ensure effective prevention of frauds and misuse of public funds. These controls are exercised both within and outside each ministry.

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APA

Abimbola, A (2021). Financial Control In Public Sector as a Measure for Preventing Fraud and Fund Misuse. (A Case Study of Federal Board of Inland Revenue). Afribary. Retrieved from https://afribary.com/works/financial-control-in-public-sector-as-a-measure-for-preventing-fraud-and-fund-misuse-a-case-study-of-federal-board-of-inland-revenue

MLA 8th

Abimbola, Ajani "Financial Control In Public Sector as a Measure for Preventing Fraud and Fund Misuse. (A Case Study of Federal Board of Inland Revenue)" Afribary. Afribary, 15 Dec. 2021, https://afribary.com/works/financial-control-in-public-sector-as-a-measure-for-preventing-fraud-and-fund-misuse-a-case-study-of-federal-board-of-inland-revenue. Accessed 09 Aug. 2022.

MLA7

Abimbola, Ajani . "Financial Control In Public Sector as a Measure for Preventing Fraud and Fund Misuse. (A Case Study of Federal Board of Inland Revenue)". Afribary, Afribary, 15 Dec. 2021. Web. 09 Aug. 2022. < https://afribary.com/works/financial-control-in-public-sector-as-a-measure-for-preventing-fraud-and-fund-misuse-a-case-study-of-federal-board-of-inland-revenue >.

Chicago

Abimbola, Ajani . "Financial Control In Public Sector as a Measure for Preventing Fraud and Fund Misuse. (A Case Study of Federal Board of Inland Revenue)" Afribary (2021). Accessed August 09, 2022. https://afribary.com/works/financial-control-in-public-sector-as-a-measure-for-preventing-fraud-and-fund-misuse-a-case-study-of-federal-board-of-inland-revenue