PUBLIC ACCOUNTING IN THE NONPROFIT SECTOR: CHALLENGES AND BEST PRACTICES
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
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- Recommended for : Student Researchers
- NGN 3000
PUBLIC ACCOUNTING IN THE NONPROFIT SECTOR: CHALLENGES AND BEST PRACTICES
The objectives of this research are to: 1) Identify the unique challenges faced by public accountants in the nonprofit sector, 2) Evaluate best practices that enhance financial transparency and accountability, and 3) Propose strategies to overcome sector-specific challenges. A survey design is employed to gather quantitative data from accountants working in the nonprofit sector. The sample size is set at 320, derived using Taro Yamane’s formula, ensuring statistical significance with a 95% confidence level and a 5% margin of error. Abuja is chosen as the case study location due to its concentration of nonprofit organizations and regulatory bodies. The reliability coefficient score for the survey is 0.88, indicating high reliability. Findings indicate that key challenges include complex regulatory requirements, limited financial resources, and donor expectations. Best practices identified include implementing robust financial management systems, enhancing internal controls, and increasing financial literacy among nonprofit staff. The study recommends adopting standardized accounting practices and providing continuous training to improve financial management and reporting in the nonprofit sector.
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