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IMPACT OF ACCOUNTING INFORMATION SYSTEM ON THE QUALITY OF FINANCIAL INFORMATION -A CASE STUDY OF MINISTRY OF FINANCE
ABSTRACT
This research was aimed at the impact of accounting information system on the quality Of Financial Information (A Case Study of Ministry of Finance). The population size used was the staff and members of Ministry of Finance, out of which the sample size was selected using the Taro Yamani‟s sampling techniques. Data for this study were primarily and secondarily sourced. Chi-square was used to analyze the responses gotten from the distributed questionnaires. The findings made in this study are; the public accounting principles applied by the said institution area is inappropriate and ineffective and the control of fund measures adopted is also inappropriate etc, based on the findings, it was concluded that the Accounting system principles applied by the institution is inappropriate and also the control of fund measures adopted was inappropriate. Recommendations were also made based on the findings which are, an account committee should be set up to control the accounting system of the said ministry and monitor their day to day activities etc and when this is met, the goal of creating the institution will be achieved.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Every organisation targets the attainment of its desired objectives. The organisation therefore aims towards efficiency and proper effectiveness in conducting its affairs. However, the level of the efficiency and effectiveness of any organisation or the extent to which it is able to achieve its desired goals to a large extent depend on the quality of available information and on how the organisation utilize the available information. The organization always makes use of information in allocating scarce resources in different alternative used (Damagum & Chima, 2014). For any business to succeed in today’s rapidly changing environment, the management must update itself with every relevant and current information that will be beneficial towards achieving the predetermined objective. It can therefore be seen that management must plan the course of action of the organisation, identifying the medium and long term goals based on detailed analysis of feasibility, bearing in mind the socio-economic and political situation around (Adeyemi & Fagbemi, 2011).
A great deal of useful information comes from accounting functions as it provides data which when processed, serves as useful information to the management in its planning process. The information provided by the accounting functions serves as important and effective tool in the budgeting or planning as well as operations of the management. There are three basic types of accounting information which management needs in the information of its policies and plans. They are score-keeping method of information, attention directing information and problem solving information. The score-keeping information involves the accumulation and allocation of data collected for the purpose of performance appraisal and position evaluation.
Accounting aims, as an information system, to provide various users with different forms of useful information to meet their various needs. Accounting information system has to do with any combination of information technology and peoples’ activities that support accounting operations, management and decision making, though in a narrow sense (Omoyele, 2010; Fodio, Ibikunle & Oba, 2013; Ogbonna & Ebimobowei, 2012).In a broader sense however, the term accounting information system is used to refer to the interaction between people, processes, data and technology that are used for accounting duties. Therefore, accounting seeks to take advantage of the surrounding circumstances in order to improve the quality and quantity of information and the delivery mechanism to users.According to Vishnani and Shah (2008), quality of financial statements implies the ability of the financial information contained in the financial statements to explain the stock market measures. The quality variable implies that data or amounts in the financial statement are very correct and can form a useful guide for investors in their pricing of shares. Investment decision, therefore, centres on the association between stock returns or share price and accounting related information such as earnings, cash flows, book quality of equity, firm’s size, etc
With the steady growth of public enterprises in Nigeria, government activities have been increasing and more funds are being expended in pursuit of development. Greater autonomy in administration and trends at privatization in some sectors, the character, scope and dimensions of public accountability have now been extended over greater horizons with increased public consciousness, the demand for public accountability of persons and bodies managing public resources in ministries, agencies, parastatals and every department. There is greater use for ensuring that all employees of the government sectors in Nigeria be held liable, accountable, responsible and answerable to all actions, demands, challenges of the Nigerian citizens.
The public sectors in Nigeria were established to propel socio-economic development and to guide against the control of the economy from foreign denomination and exploitation. This accounts for why a larger proportion of the national budget has been voted for the creation and sustenance of public sectors. In spite of this, the performance of public enterprises has been replete with varying contradictions. Hence the internal control system and management strategies are being applied in operations of public enterprises of the Nigerian economy as integral parts of the structural Adjustment Program (SAP) in 1986. Hence, there is the need for the effective and efficient applications of both internal control mechanisms and management strategies in all government enterprises in Nigeria.
1.2 STATEMENT OF THE PROBLEM
Existing literature have shown that accounting information system when successfully implemented brings about better decision making by managers, more effective internal control systems, enhances the quality of financial reports and facilitates financial transaction processes (Wathana, 2010). However the studies have not shown whether successful implementation of accounting information system can improve performance measures thereby creating a research gap. The researchers therefore seeks to bridge the gap so created in the field of accounting information system and also determine whether the values of accounting information system identified in earlier studies are applicable to Nigerian situation, a less developed economy.
1.3 AIMS AND OBJECTIVES OF STUDY
The main aim of the research work is to examine the ways of improving the effectiveness of accounting system in education sector. Other specific objectives of study include:
to examine the effect of accounting system on the allocation of resource in Nigeria
to examine the role of accounting information system in fraud detection and prevention in Nigeria
3.. to investigate on the factors affecting accounting information system in the public sector of Nigeria
to proffer solution to the above stated problems
1.4 RESEARCH QUESTION
The study came up with research questions so as to ascertain the above stated objectives. The research questions for the study are stated below as follows:
What is the effect of accounting system on the allocation of resource in Nigeria?
What is the role of accounting information system in fraud detection and prevention in Ministry of Finance?
What are the factors affecting accounting information system in the public sector of Nigeria?
1.5 STATEMENT OF RESEARCH HYPOTHESIS
HYPOTHESIS ONE
H0: Efficient and effective application of financial control systems in public sectors does not enhance accountability on the Nigerian economy
H1: Efficient and effective application of financial control systems in public sectors enhance accountability on the Nigerian economy
HYPOTHESIS TWO
H0:There is no significance improvement in accountability due to the application of accounting information system in government sectors in Nigeria
H1 There is a significance improvement in accountability due to the application of accounting information system in government sectors in Nigeria
1.6 SIGNIFICANCE OF STUDY
This study shall be of immense importance to users of accounting information system such as financial analysis, Financial Accountants, management Accountants, Finance Managers, the Finance General Managers, Chief Operating Officer, Managing Director and Board of Directors within an organization and the Government Agency, External Auditors and Creditors from outside the organization. This will enable them have effective combination of people, Hardware, software, communication network and data resources that collects, transform and disseminate information in an organization hence the emphasis on computer based accounting information system.More so, the study shall be of great importance to students of Accounting and Management as well as other researchers who may be acquainted with the basis of Accounting Information System, its operations and its support for business activities and processes and hence a guide for further investigations.
Finally the study will be of great assistance to the existing literature and to other research students that wishes to carryout similar research on the above topic.
1.7 SCOPE OF STUDY
The study on the impact of accounting information system on the quality Of Financial Information (A Case Study of Ministry of Finance).The research work will cover the areas of the use of accounting system and its role in proper record keeping in Ministry of Finance.
TABLE OF CONTENTS
Cover page
Title page
Certification – – – – – – – – i
Dedication – – – – – – – – – ii
Acknowledgement – – – – – – – iii
Abstract – – – – – – – – – v
Table of contents – – – – – – – – vi
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study – – – – – 1
1.2 Statement of Problem – – – – – – 7
1.3 Purpose of the study – – – – – 8
1.4 Objective of the Study – – – – – – 9
1.4 Research Questions – – – – – – 10
1.5 Research Hypothesis – – – – – – 10
1.6 Significance of the Study – – – – – 11
1.7 Scope of the study – – – – – – 11
1.8 Limitation of the study – – – – –
1.9 Definition of Terms – – – – – 12
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Introduction – – – – – – – 14
2.2 The Theoretical frame Work – – – – – 21
2.3 conceptual frame work
2.4 empirical review
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction – – – – – – – 82
3.2 Area of the study – – – – – – 82
3.3 Research Design – – – – – – 82
3.4 Sample and sampling techniques – – – – 83
3.5 Population of the study – – – – – 84
3.6 Procedure for Data Collection – – – – 85
3.7 Method of Data Analysis – – – – – 85
CHAPTER FOUR: PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA
4.1 Introduction – – – – – – – 87
4.2 Presentation of Data – – – – – 87
4.3 Data Analysis – – – – – – – 88
4.4 Testing of Hypothesis – – – – – 91
4.5 Discussion and summary of findings – – 94
CHAPTER FIVE:
INTRODUCTION, SUMMARY, RECOMMENDATIONS AND CONCLUSION
5.0 Introduction – – – – – – – 98
5.1 Summary – – – – – – – 99
5.2 Conclusion – – – – – – – – 100
5.3 Recommendations – – – – – – 101
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