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PROJECT TOPIC AND MATERIAL ON THE CHALLENGES OF FINANCIAL REPORTING AND ACCOUNTABILITY IN THE PUBLIC ORGANIZATIONS (A CASE STUDY OF THE DEPARTMENT OF THE DEPARTMENT OF PETROLEUM RESOURCES (DPR) OFFICE KADUNA)
The Project File Details
- Name: The Challenges Of Financial Reporting And Accountability In The Public Organizations (A Case Study Of The Department Of The Department Of Petroleum Resources (DPR) Office Kaduna)
- Type: PDF and MS Word (DOC)
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Public sector organization are non-profitable oriented organization and thus are said to have wide range of political, economic, social and technical objectives and are more concerned with providing a financial surplus.
Since the public sector formed part of the Nigeria economy and with the services they provided for the country, there is need for financial reporting and accountability in the public sector so that effective operation could be achieved in the sector.
The basic general objectives of a financial reporting in a public sector is to provide vital information in which constituents can have a decision to retain or replace decision makers.
Constituents in this context include; taxpayers, community charge payers and leaders. Decision makers are granted authorities to acquire, use and dispose of resources to attain desire ends.
The objectives of public authority financial report are tied up with the needs of the users whether those users are within the organization or not. The objectives must therefore provide information which will help to answer questions that the potential users of financial information will have. According to the decision making concept of a financial reporting, financial reporting should be designed to assist users make decision.
In 1975, the accounting standard committee issued a discussion paper title “the Corporate Report” in which it was reported that the fundamental objectives of Corporate report is to communicate economic measurements and information about the resources and performance of the reporting entity, useful to those having reasonable right to such information.
1.1 Statement of the problem
In this project emphasis would be laid on the challenges of financial reporting and accountability in a public sector with a case study of the department of petroleum resources Kaduna. The ills of the Nigeria Public Sector have been identified at various forms to include lack of financial accountability and reporting of government performance. With the enthronement of democracy, citizen’s expectation from the government are drifting from mere provision of public services to efficiency and accountability. One of the major public sector is the capability of cash basis of accounting to meet the reporting requirement of policies and programmes of the government. This discussed the growing trend in debate about adoption of private sector financial management of the public sector reform programmes. This does not claim ultimate superiority of accrual over cash accounting, but shows how it will help to further strengthen the quality of government accounting and reporting.
1.2 Objectives of the Study
The general objective is to assess the challenges of financial reporting and there is a proper financial control implementation on financial reporting requirement and accountability in the department of petroleum resources (DPR).
1.3 Test of Hypothesis
Alternative hypothesis (H1)
There is a proper financial control implementation on financial reporting requirement and accountability in the Department of Petroleum Resource (DPR).
1.4 Significance of the Study
In spite of numerous decrees, increase in number of reported cases of all kind of misappropriation of public fund and properties. As the researcher intends to investigate on financial reporting and accountability in the public sector, attention would be based on its importance and suggest way of its improvement.
- Through this study, useful suggestions will be given out to the public sector on how to improve her financial reporting for proper accountability.
- The research work will help for further research on the same topic.
- The study would help to provide effective solution to the problems of financial reporting and accountability.
- The research work would help to show how effective financial reporting could serve for proper planning and control in a public organization.
1.5 Scope of the Study
This study is intended to cover some of the financial technique available from 2007-2009 also, to see on how the financial report can be improved as to satisfy the demand for information about wider accountability issue. It is concerned with the major documents in which detailed public expenditures proposal are presented and accounted for i.e. nature and fundamental concept of public accountability.
1.6 Historical Background of the Study
Department of Petroleum Resources (DPR) is the activities of the petroleum industries. It started as the hydrocarbon section of Lagos affairs in (1947) and later upgraded to a petroleum division within the ministry of mine and power. The division became the department of petroleum resources in (1970-1977). Petroleum inspectorate of NNPC in (1977-1988) and department of petroleum resources in 1988 till date. The department of petroleum resources function covered the following areas:
- Geographical and geological activities
- Drilling operation
- Crude oil and gas production and exportation
- Refining (oil and gas)
- Product marketing
- Keeping industries records and data
- Ensuring a safe healthy environment for industries
Legislations empowering department of petroleum resource (DPR) to perform its functions
- Petroleum act of 1969 (including all the amendments)
- Petroleum (drilling and production) regulation of 1969 (including all the amendments).
Office of Department of Petroleum Resources (DPR) Nationwide are as Follows:
- Lagos headquarter
- Lagos field office
- Port Harcourt
1.7 Definition of Terms
For the better understanding of the study, it is crucial to define terms that might not be commonly used hence, their explanation is important since this project has some assumptions.
- Government Accounting: According to K. Oshisami and P.N. Dean in their book “financial management in the Nigeria public sector” (1985), government accounting is defined as the process of recording, analyzing, classifying, summarizing, communicating and interpreting financial information about government in aggregates and in details reflecting all transaction involving the receipt, transfer and disposing of government funds and properties as to provide useful information for useful decision making.
- Cash Accounting: Cash accounting involves recording revenue and expenditures in the period in which the related cash receipt and payments occur. This provides a strong form of control over fiscal compliance.
- Fund Accounting: Fund accounting is defined in a book of G.I. Daniel 1999 as an accounting system where fund are made into a separate fiscal entity called funds for the purpose of recording and reporting the activities of the government.
- Consolidated Revenue Fund (CRF): This is known as a federal government account where money due to the government are entered. It can equally be seen as all revenue or other money payable under the constitution or any act of the national assembly into any other public funds of the government established for a specific purpose.
- Verement: This is an authority to issue out funds as a result of circumstance which would not have been foreseen when the annual estimates were framed. In fact it is the transfer of fund from one subhead to another subhead within same head.
- Vote Account: Vote account is a form of receipt and payment accounting which shows how funds allocated to the ministry and extra ministry department are spent. This deal with the fiscal compliance and provides basic stewardship.
- Public Sector: These are organizations where control lays in the hands of the government as opposed to the private owners and whose objective involves provision of goods and services to the individuals and corporate bodies as to maximize their welfare.
- Budgeting: This is a financial two specifically a statement of revenue and expenditure of the government and it is usually designed to cover a period of twelve month.
- Budgetary Control: Budgetary control is concerned with ensuring that actual expenditure is in line with the budgeted amount and that the objective and levels of activities envisaged in the budget are achieved.