Treasury Report

TOPIC AN ASSESSMENT OF ex look intor MANAGEMENT PROBLEMS AND REMEDIES IN LOCAL GOVERNMENTS BASED ON ITS REVENUE. BY squ both ONIFADE AYOMIDE OLUWATOBA MATRIC NO 09/SMS02/015 BEING A RESEARCH PROJECT idea THAT IS TO BE SUBMITTED TO THE DEPARTMENT OF ACCOUNTING FACULTY OF AFE BABALOLA UNIVERSITY ADO-EKITI, EKITI STATE, NIGERIA. IN PARTIAL completion OF THE REQUIREMENT FOR THE AWARD OF BARCHELOR OF SCIENCE (B. SC) HONS IN ACCOUNTING. TABLE OF CONTENTS CHAPTER oneness 1. 1Background of the have CHAPTER TWO 2. 0Literature Review CHAPTER THREE 3. 0Research MethodologyCHAPTER FOUR 4. 0Data Presentation and abridgment CHAPTER FIVE 5. 0Summary 5. 1Conclusion. CHAPTER ONE INTRODUCTION 1. 0 BACKGROUND OF THE education topical anesthetic anaesthetic establishment in any nation like Nigeria is an entity with which politics and its policies ar carried to the grass root. The establishment activity body of such an entity is selected or new(prenominal)wise topical anaestheticly sele cted. It constitutes an integral party of a country overall semipolitical structure. The creation of topical anaesthetic regime is made by the law of the distinguish giving medication with intention of bringing government to the people.It is clearly understand that charge if the machinery of the cite government stops franchising law and pose leave as yet prevail, if topical anaesthetic anaesthetic council in Nigeria continues to exist. According to Okoli (1998) local anaesthetic government exist to over control the gasp which the national government is to remote to fell, it bring the national government closer to the people and make its impact feet in all the nooks and cronies of the society. By implication the national government through thus medium caters for the grassroots. local anaesthetic government plays vital fictitious characters in the development of the country.It stinkpot to a fault be maintained that should local government machinery ground to a half, on that point is beach to be chosen and confusion. They are the overall of chest of drawers and it is through them that the formulation of all facilities and services aimed at giving the people richlyer hackneyed of living and maintenance of law and order can be made. because attempts get hold of been made at different stages of the country political heart to modify the local administrative system and to make them perform their role and function.But in spite of these efforts, the local government authorities continue to gift evidences of scant(p) performance. Thus had led to the federal official government affairs and ultimate entrenchment of the system in the countrys constitution. According to Gbenga (2001) local government can be defined as the wait on through which government and its policies are carried to the grassroots, and stressed that during the early stage of local government in Nigeria (Gowon) which lasted from 1967-1975 the different state operated differen t system of local government.In the northerly state, the emirs retained some of their powers and influence because the counselors appointed by the soldiery Governors where traditionally and spiritually expected to defer to the authority of the emirs. The Eastern state and in the Midwest states abandoned the councilor system adopted the French system of decantation. In the west state Governor who had initially posted sole establishment of local government areas where forced by the tax revolts of the late sixties to reintroduce local government participation.Mustapha (2003)local government also become accept pipe for cooting of national treasury for instance, elite cline of local government chairperson called the Association of local government of Nigeria (ALGON) reportedly mandate the maximum military leader to deduct local government storages for the purchase of dickens Toyota land-cruiser jeeps for all LGA chairman, while the other(a) belong to the police to facilitate sou nd policy and combat of armed robbery. Harriman (2006) local government is non creatures of state government, but one of the tiers of government of this country.Every effort should be made to pull up stakes local government councils to operate with prestige and not as beggar. Therefore, the proviso of funds and its disbursement in local government to perform its say roles. So, importance of sound and effectual care of the treasuring of a local government authority cannot be over stressed. Without effective treasuring focussing, the policies adopted by alocal authority in a great variety of field may not be successfully implemented comprehensive arrangement are and so in force in all states for exercise of internal and out-of-door control over the treasuring of local government authority.But very little and in some cases, virtually no regard has been paid to the need for effective, liberalist centering of treasuring of local government authority. The circumspection of tre asury in the local government should be taken as a tool for supreme the activities of local authority in the country. Without proper and effective management of fund of a local government, the overall affair of the local government will be properly managed, as there will be no constant payment of rung salary, maintenance of law and order, provision of infrastructural facilities and plague of capital project.The treasuring management is a type of control exercise by the management indoors an presidency. It is very important where the size of the organization is high and where the government of a state found it very difficult to have direct contact with the routine deed of the organization. 1. 1STATEMENT OF THE PROBLEM Large master misappropriation of fund in public offices has now becomes a crude practices in the society. And the local government is not exempted.Thus had led to performance in terms of services rendered to the people in spite of this modification there still e xist a poor performance which is evidence in the case of the local government. This ineffectively can be traced to some factors of which poor treasuring management is one. So in this study, we will consider what constitute on effective treasury management and also how inefficiency in the treasury can be avoided. 1. 2OBJECTIVES OF THE canvass This study was undertaken to provide a)an attempt to closely look at how assessment is the treasury management, roblem and remedies in local government council in relation to the performance of roles and functions of their areas of authority. b)The length of area to which the treasury management process can contribute to the success or otherwise of a local affairs. c)What roles needs to be played by both the top level and lower level management for treasury management process to attend in local government authority. d)The federal and state government involution towards the attachment of defectives treasury management in a local government aut hority. )An overview of treasury management operation in local authorities f)An analytic thinking of best practice and g)A basis for local governments to examine their own procedures to appraise their performances so that improvements can be introduced where necessary. In view of the importance of treasury management in a local government is enumerated above, it is necessary also to look up into the treasury management procedure and practice employed by modern local government authority in order to accomplish their goals.Accordingly, this study will make an appraisal of the treasury management policy and practices employed by Ado local government refer with a view of determining A. To what extent has the proper treasury management helped the local government in performing the specific function of the local government? B. What procedure and techniques are employ by the local government in monitoring the effective treasury management? C. What principles difficulties are been appr oach by both management and lower level staff in treasury management planning and implementing?D. What condition is necessary in a board government to ensure effective treasury management? E. What (if any) are the probable causes of deviation in the planned and actual operation of treasury management and how they are redressed? F. What roles are being played by the treasurer of a local government in treasury management? 1. 3SCOPE OF THE STUDY The study focuses on treasury management system as a means of promoting proper accountability within an organization with a finical reference to Ado local government.This study will perform tally and review the internal control system and the internal check that already exist in the organization. There will be careful study of the operation of the following division. ?Finance/Treasury character ?Audit Division ?Budget and Planning Division ?Chairman / Sole Administrator 1. 4SIGNIFICANCE OF THE STUDY The outcome of this research work will be useful to the organization under reference because if the recommendation were adopted loopholes and other weakness in the existing internal control system would be exposed.This will advocate the management to strengthen or if necessary build a unused comprehensive treasury management which would promote proper accountability within an organization. The research work will also serve as a valuable document for students, business executives, middle management staff and other people who wish to consolidate their knowledge on treasury management. The return will also be essential to all government officers who are presently witnessing large scale of misapplication of fund and poor accountability. 1. 5DISTINGUISH in the midst of HYPOTHESIS RESEARCH QUESTION The following are working hypothesis, which would be tested.Null and alternative hypothesis which are usually denoted by Ho and Hi, Ho a)That well qualified personnel are employed as score staff and should be well motivated in te rm of salaries and other fringe benefit. b)That proper internal control of the treasury management would improves staff warmth, skill and knowledge. c)That an effective treasury management is capable of executing materials frauds and computer error and also promotes proper accountability in an organization. d)That effective treasury management will enable the local government affairs its objective and standard. )The effective treasury management promotes effectives management funds. f)That management ensures reliability accounting tuition and document. In this study, the following questions were asked with a view of finding solution to the operation of the treasury management process. a)How important is treasury as a unit of operation in the performance of local government function and roles. b)What roles essential treasurer play in the attachment of standard treasury management in the local government? c)What are the contribution of the state and the federal government toward a ttachment of treasury management standard in all the local government? )What are the causes of proper treasury management loser? e)What are the causes of derivation in planned and actual operation. 1. 6DEFINITION OF TERMS 1. fiscal officer he is the head of the treasury department, he manages and control the finance of the local authority. He keeps record of all money received or spent. 2. attendant he sees to the check and balance of all financial transaction of the local government. 3. Vote Book it is use in recording all using up and liabilities incurred by the vote controller entrusted with the management of fund of the department. . Petty specie Book this is an imprest book, which is kept to meet expenditure of items whose payment voucher cannot be presented immediately. 5. Capital pay office responsible for physical gold and cheque payment of wages and salaries, pension and contract. 6. Receiving Cashier responsible of collection of cash from outsiders who make payment o n fines, licenses etc and also revenue granted by revenue collector. 7. Financial Account Unit involved in planning of final account as well as other financial statement of local government.