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THE ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURE A CASE STUDY OF ISOKO NORTH LOCAL GOVERNMENT COUNCIL
CHAPTER ONE
INTRODUCTION
1.1 Background Of The Study
For some years ago, public expenditure remains an area of study relatively unexplored. Despite the significant increases that have been recorded in public expenditure in recent times, the field have still not gained a prominent position in our national economy, nor has the focal point been a well-balanced one. Our early economists who were actually concerned with the economic of public spending were more fascinated with the taxation aspects rather than the expenditure of public monies.
The circumstances surrounding the law speed of development in this field of human endeavour could perhaps be ascribed to many potent factors such as lack of readily accessible information about the composition and incidence of expenditure. The lack of being appropriate which characterizes many public expenditures, the multitude of difficulties surrounding estimates of the value to be attached to public expenditures which and finally the structure of institutions which surrounds public expenditure decisions.
However, in the most recent years, there had been rapid increases in public expenditure in West African countries particularly Nigeria, due to the fact that the functions of the various levels of government have equally increased both intensively and extensively.
In modern times, the application of public expenditures by the government as a veritable tool for development is a clear manifestation of its over riding importance.
Though public expenditure the upliftment of the economic and industrial lives of any country can be facilitated.
Besides, the role of public expenditure in a developing nation like Nigeria cannot be over-emphasized. A properly planned and executed public expenditure promotes social and economic overhead; facilitate balanced regional growth, rapid development of Agricultural and Industrial sectors and an efficient exploitation and spectacular development of mineral resources of any nation. Thus, it can be safely concluded that the role of public expenditure as a pivot of economic development in any nation is both tremendous and fascinating.
1.2 Statement of the Problem
One of the most fundamental requirements of any government, be it local, state or central government, is the provision of the basic needs for her citizens which the government does through public expenditure. Public expenditure in this country has been categorized in the past by reckless spending embezzlement, mobilization for contracts not eventually executed and a host of other sharp practices.
Budgeting has becomes a ritual exercise, without a corresponding control of its systematic implementation.
It is the intention of this study to examine the impact of effective accounting procedure on the control of public expenditure.
The recommendation of this study is expected not only to enhance accountability in public office but as well ensure that there is a commensurate infrastructure development to account for such expenditure.
However, the statement of the problem is that the burden of public expenditure in the local government council has financial management arising from effective planning and control. Hence, the knowledge of accounting aids the local government executives to maintain an effective budgetary control and check over leakage wastage, diversions and misappropriation of funds that are usually associated with public expenditure.
1.3 Purpose of the Study
The purpose of the study is to examine the rate of accounting in the control of government expenditure and whether effective use of such control measures can aim to improve the operations of the various levels of government.
The study will further reveal if the accounting records adopted by the government really satisfied its present and immediate needs.
Besides, this study is expected to serve as a guild to those levels of government that have not actually established proper accounting records as a measure of control in the discharge of public expenditure. Thus, in this research work, it would be vividly clear whether accounting has a role to play in the control of expenditure.
1.4 Research Questions
i. Does the local government embark on public expenditure?
ii. Does the local government have an accounting record?
iii. Are the accounts prepared in compliance with the laws and regulations of the local government?
iv. Does their preparation show efficiency in operation?
v. Can there be accountability in respect of public expenditure if accounting records are not kept?
vi. Can there be evidence of public expenditure if accounting records are not kept?
1.5 Research Hypothesis
i. H0: Accounting has no role in the control of public expenditure.
H1: Accounting has role in the control of public expenditure.
ii. H0: Without the accounting section in the local government council there can be no accountability in respect of public expenditure.
H2: Without the accounting section in the local government there can be accountability in respect of public expenditure.
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