ABSTRACT
The research work is concentrated on Evaluating Financial and Accounting Systems of Nigeria Higher Institutions with Particular note in Institute of Management and Technology (IMT) Enugu State. Some objectives of the study are: To ascertain whether the control system is adequate and eective and whether appropriate and prompt actions are taken to correct adverse deviations. To examine whether there is perfect synchronization between the amount received and the amount paid by the institution. Based on these, data were collected from principle sources. Primary and secondary data, extensive research received was carried out, well structured questionnaire administered on the population comprising Institute of Management and Technology Bursary Department sta. A stratified random sampling technique was used, sample of 30 respondent were used 10 respondents from senior sta and 20 respondent from junior sta. The data collected were analyzed using tables, frequencies and percentages, based on the analysis, the following findings were made: The reliability, validity and importance according to the accounting system depends on the soundness and efficiency of its internal control to series of test. The effectiveness and efficiency of the accounting department/bursary depends on personnel/state that are there. In view of the above findings, the researchers recommended that the department be thoroughly and critically looked into.
1.1 Background of the Study
It is an established fact from a practical point of view that some government entities or ministries in Nigeria do not pay appropriate attention towards establishing and maintaining a good accounting system, be it financial or management wise. The reason for this practice is that there entities provide either essential or social services and are not profit oriented and that the caliber of sta who handle various activities are sub-standard. Although, there are noticeable changes in the handling of finances and accounts in some of these government parastatals due to recruitment of qualified state, yet a total change is imperative and can only be possible if the old system, which is fundamental ceases to have influence on the current standard accounting practices. Institute of Management and Technology is a government entity owned by Enugu State Government with the institution pay appropriate attention towards maintaining a good Financial and Accounting system is the question that stimulates the case of this study, and the case of Institute of Management and Technology Financial Accounting System is the basic area of concern. The Institute of Management and Technology (IMT), Enugu came into existence under the then East Central State-Ajie Ukpabi Asika, Prior to the establishment of the great IMT, there existed up till 1967 the College of Technology, which oered courses in Engineering and Laboratory Technology leading to the award of Ordinary Diploma. The College of Technology was part of the ministry of education and the ministry controlled it. The Ministry of Establishment controlled the Institute of Administration while the Co-operative College was directly under the Ministry of Rural Development.
All these institutions were stopped by civil servants who were posted there form the Ministry and could be re-posted to other departments or units according to the needs of civil service. In 1970 there arose the need to establish a higher institution of learning for upgrading and training of our men and women in technological management and engineering fields. This need was pursued vigorously and in October 1971 the Ukpabi Asika administration decided to merge the former College of Technology with the Institute of Administration. To give eect to this decision both the Institute and the College came under the unified control of the cabinet oice on 1st April, 1972. In October of the same year the Administrator of the Eastern Central State appointed a provisional council. This council was charged with determining and recommending to the government on appropriate structure of an autonomous, technical as well as professional and managerial man-power in the subject areas indicated by the state and national needs. The council pursued its task with vigor and vision and submitted a report early in April 1973. Thus on 31st May 1973 the Edict No. 10 of 1973 titled “The Institute of Management and Technology Edict 1973” was promulgated. The Edict took eect from 1st July 1973 and thus gave birth to what is now known as the Institute of Management and Technology (IMT), Enugu.
Dr. Ukwu .I. Ukwu became the first Rector and the first Registrar in the person of Mr. B.O. Akwu-Kwuma. The Institute of Management and Technology, Enugu is the second oldest polytechnic in Nigeria. 1.2 Statement of the Problem The challenge to write or make this research has not being without problem, base on the experience of one of the researchers during her I.T.F with the Institute of Management and Technology Bursary Department during her Nigeria Certificate in Education (N.C.E) Programme. The researchers noticed that there is a higher rate of fraud and financial misappropriation by the fraud talented personnel in accomplishing their dubious aims in the Bursary Department of the Institution.
The financial accounting system of the institution is not properly recorded which led to the ascertainment of ghost works almost every month. To make out-look to the Institute of Management and Technology Financial Accounting System to identify the above problems or the causes of the above problem stimulates this research. And also, we want to make contribution to Institute of Management and Technology Internal Control System to make it more effective, since the reliability, validity and importance accord to the accounting system depends on the soundness and efficiency of the internal control system.
EVALUATING FINANCIAL AND ACCOUNTING SYSTEMS OF NIGERIA HIGHER INSTITUTIONS
