STRATEGIES FOR ENHANCING FINANACIAL ACCOUNTABILITY IN THE LOCAL GOVERNMENT SYSTEM IN NIGERIA (A CASE STUDY OF IKWO LOCAL GOVERNMENT AREA, EBONYI STATE)

STRATEGIES FOR ENHANCING FINANACIAL ACCOUNTABILITY IN THE LOCAL GOVERNMENT SYSTEM IN NIGERIA (A CASE STUDY OF IKWO LOCAL GOVERNMENT AREA, EBONYI STATE)

ABSTRACT

This study was carried out to examine the strategies for enhancing finanacial accountability in the local government system in Nigeria using Ikwo local government area, Ebonyi state as a case study. Specifically, the study was aimed at ascertaining the step taken, when inefficiency is dictated I the internal control system and to know the effect on accountability of the organization; To know whether there is a system of adequate authorization and recording to provide reasonable accounting control over assets, liabilities, revenue and expenditures; To ascertain whether there is adequate division or segregation of duties at various levels of management in the organization; To understand a critical appraisal of the system generally and suggest solutions where the  system is find ineffective; To suggest ways of enhancing early detection of mistakes, deliberate misappropriation, checks collusion, fraud or embezzlement of funds. The study employed the survey descriptive research design. A total of 40 responses were validated from the survey. From the responses obtained and analysed, the findings revealed thateffective internal control system enhances financial accountability; Ikwo local government has being maintaining adequate division or segregation of duties at various levels of management; Ikwo local government maintained adequate authorization and recording to provide reasonable accounting control over assets and liabilities, revenue and expenditure; effective internal control system can eliminate fraud and enhance prudent allocation of an organization resources; effective internal control system do enhance early detection of mistakes, deliberate misappropriation, fraud and/or embezzlement of management fund. The study recommend Strong internal control measures should be instituted in all local governments on the following principles-segregation of duties, authorization procedure, documentation procedure, accounting records, physical control, and independent internal verification; for proper control and monitoring of local government finances.

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