ANALYSIS OF FINANCIAL CONTROL SYSTEM IN GOVERNMENT COMMERCIALIZED ENTERPRISES A CAST STUDY OF NEPA ENUGU

ABSTRACT This research work analyses the financial control system in government enterprises in Nigeria.  The National Electric Power Authority (NEPA) Enugu was chosen as a case study. The purpose of the study is to examine if there are financial control measures in NEPA Enugu, to see if these measures are adequate and in line with provisions of the regulations of the state and federal government, to determine if these measures are effectively applied and thus examine the implication of financial control NEPA Enugu. Twenty workers in the accounts department of NEPA, Enugu both district and zonal offices were chosen as the respondents of the study. Responses were collected from them with the use of questionnaire and oral interview were administered personally on them. The researcher was able to ascertain from the study.  That a good financial control system is in line with the regulations of the federal and state government.  the adoption of this financial regulations serves as a guideline for workers which they have to comply.  Also for the effective control on the movement of materials specific precautions are taken to ensure accountability. It was also revealed from the research that an internal checking and auditing unit exist and the organization maintained two accounts in order to exercise control over cash. It was ascertained that there were fewer cases of fraud in the enterprise and that financial control system of establishment have been able to stand the test of time having assisted in checking fraud, and misappropriation. Finally the researcher made some recommendations which if adopted will enhance greater efficiency.  Some of the key recommendations are that the financial control system of the organization should not revolve around a person, no matter how highly placed, otherwise in his absence there would be flows rather the financial control should revolve around procedures, processes and techniques. Also the personnel management board of this organization should ensure that honest, well qualified and sincere workers with integrity are employed. This is because it is a control weakness to very stick and advanced control mechanism manned by cheap and unqualified staff with a history of fraud and incompetence.  Hence dishonest and negatively ingenious staff with dubious motive can beat any system no matter how right. TABLE OF CONTENT Title pageii Approval pageiii Dedicationiv Acknowledgementv Abstract vii List of tablesix Table of contentsx
CHAPTER ONE Introduction1 1.1Background of the study1 1.2Statement of problem4 1.3Objectives of the study6 1.4Scope and delimitation of study7 1.5Research questions7 1.6Significance of study8 1.7Definition of terms9
CHAPTER TWO Review of Literature10 2.1Concept of internal control system12 2.2Features of a good financial control system 16 2.3The 1988 civil services reforms on financial accounting  control system as it affects government enterprises19 2.4Government accounting and control21 2.5Store control22 2.6Cash receipt and disbursements23 2.7Budgeting24
CHAPTER THREE Methodology25 3.1Research design25 3.2Population26 3.3Sample and sampling technique26 3.4Research instrument27 3.5Reliability and validity of instrument27 3.6Method of data collection27 3.7Method of data analysis28
CHAPTER FOUR Data Presentation and Result30 4.1Analysis of questionnaire responses31
CHAPTER FIVE Summary of research findings, conclusion and recommendation36 5.1Summary of findings36 5.2Conclusion38 5.3Recommendation39 Bibliography40