APPRAISAL OF EXPENDITURE CONTROL IN GOVERNMENT
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- Reference Style: APA
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- NGN 5000
Background to the study
Expenditure control, often known as cost control, is an essential component of every organization's management control process. This procedure is critical for every organization, whether for profit or not for profit. Thus, a lack of this practice in any organization will result in the misapplication of funds in the cash disbursement process, which would generate a huge problem, leading to a deficit and, in the worst-case scenario, the organization's demise. Many studies have been undertaken to determine the reasons for the failure of firms and organizations, and it has been discovered that a lack of an expenditure management strategy is to blame (Ani, 2016).
Expenditure control has been defined as the process through which managers use scarce resources effectively and efficiently to fulfill organizational goals. At this point, let us examine spending and control in isolation. The overall amount spent on the process of attempting to attain a certain organizational goal is referred to as expenditure. Control refers to the ability to direct, limit, instruct, or govern over something or someone's behavior. It is utilized by either government authorities or organizational management to impose constraints on pay rises, immigration credit, and other expenditures (Obasi et al, 2018).
According to Millichamp (2018), the Financial Accounting Standard Board (FASB) defines revenue as inflows or other enhancements of an entity's assets or settlements of its liabilities (or a combination of the two) during a period resulting from the delivery or production of goods, rendering of services, or other activities that constitute the entity's ongoing major or central operations. Furthermore, Hongreen et al. (2015) defined revenue as asset inflows (nearly typically cash or accounts receivable) received for goods or services delivered to consumers.
Her objectives include the following:
I. Consistently enhance her client service.
II. To get full payment for timely, accurate, and comprehensive invoicing of provided power.
III. Instill a sense of business and commercial focus in the workforce.
IV. Attempting to gradually close the demand-supply imbalance by updating and expanding infrastructure for generation, transmission, and distribution.
V. Improve staff skills and motivation.
To fulfill the above objectives and aims, the establishment's management must take steps to guarantee that available resources are utilised wisely in order to generate a return on investment from the funds allotted to them. In turn, management should create operational data to assess the efficiency and efficacy of their operations. It is a fundamental feature of management stewardship duty to offer reasonable confidence to interested parties that their organization is successfully governed and that the accounting data it gets on a timely basis is accurate and trustworthy. Creating a good expense management system gives this guarantee.
Thus, expenditure control is defined as the entire system of control, financial and otherwise, established by management in order to carry on the enterprise's business in an orderly and efficient manner to ensure adherence to management policies, safeguard the assets, and ensure the completeness and accuracy of the records to the greatest extent possible. Furthermore, the American Institute of Certified Public Accountants defined expenditure control in 1949 as "the plan of organization and all the coordinated methods and measures adopted within a business (or non-profit body) to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies." A'system' of spending control extends beyond topics immediately related to the accounting and finance department's tasks.
According to Achua (2019), "real thought is being given to the need to be more accountable for the frequently large sums of investment in resources at the command of governments, which wield administrative and political control over the activities and affairs of political units of people." Government spending is a large business, and the public wants to know if the vast sums of money are being spent properly for the public good." Accountability is a core element in any political system. Citizens should have the right to know what actions have been made in their name, as well as the ability to compel remedial action when the government behaves illegally, immorally, or unjustly (Peters, 2019). Accountability is also essential in governance. It gives the government the ability to understand why programs fail and to discover solutions to improve program performance.
According to Kaufman (2015), one part of the increased emphasis on reducing corruption and fostering openness in government is a focus on citizen responsibility. However, the issue of accountability in Nigeria is a major concern due to widespread corruption at all levels of government in the country. As a result, the purpose of this paper is to investigate the accountability of public officers in the management of the country's financial resources, as well as the means of achieving an accountable and transparent society, such as that of Denmark, New Zealand, and Singapore, which ranked first in the 2010 CPI with scores of 9.3.
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