- The Complete Research Material is averagely 60 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦6,000
Get the complete project »
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
The public sector of Nigeria is one of the major contributor to the growth and development in Nigeria; although there have been so many reforms and policies since 1952; most of the public sectors in Nigeria did not survive the experiences from such reforms and policies. The economics and financial status of most countries especially the developing nations depends on the level of stability in the public sectors; that’s to say that the performance of the public sector has a significant effect on the economy of the nation. Before the introduction of treasury single account in Nigeria, MDA which normally generates revenue have numerous accounts in commercial banks, they use part of the revenue generated to fund their various and operations and remit the excess to the federation of account. Most of these agencies pay whatever they deem fit the federal government account; it is evident that most of these agencies or ministries are even richer than the government. The outcome of the above occurrences leads to financial leakages, the embezzlement of public funds; this made the federal government of Nigeria to prepare budget using false projection. The above situation was what led to the introduction of the government treasury single account; on the 25th February, 2015, the president of Nigeria instructed that all the ministries should close their account with all the commercial banks in Nigeria, and transfer the various balances into federation account with the central bank of Nigeria. The implementation of government treasury single account has affected the performance of the public sectors in Nigeria; the effect is noticed in the area of employment. The adoption of the TSA is in the greater interest of the states, as it will pave the way for the timely payment and capturing of all government revenue in a single government treasury account, without the intermediation of multiple banking arrangements as had been the case. Moreover, embracing the scheme can help reduce the mismanagement of public funds by revenue-generating agencies, as well as check excess inflation, high interest rates and round-tripping of the government deposits. It is to this regards that the study wishes to audit the treasury single account in Nigeria, run a comparative analysis on the performance of the public sector before and after the implementation of treasury single account in Nigeria.
1.2 STATEMENT OF PROBLEM
The implementation of TSA has gone a long way to monitor and check financial leakages even with the overall achievements; TSA provides a number of other problems and despite the fact that, it enhances the overall effectiveness of a financial management system. The establishment of a TSA should, therefore, receive priority in any Government reform agenda. According to the directive, this measure is specifically to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution. In a statement by LaoluAkande (2015), former Senior Special Assistant to the Vice President on Media and Publicity, all receipts due to the Federal Government or any of its agencies must be paid into TSA or designated accounts maintained and operated in the Central Bank of Nigeria (CBN), except otherwise expressly approved. The presidential directive, in the view of analysts, would end the previous public accounting situation of several fragmented accounts for government revenues, incomes and receipts, which in the recent past has meant the loss or leakages of legitimate income meant for the federation account. President Buhari had earlier promised state governors at the inaugural meeting of the National Economic Council (NEC), in June, that all revenues prescribed for lodgment into the federation account will be treated as such under his watch and that he will ensure strict compliance with all relevant laws on accounting, allocation and disbursement. Since then the presidency has worked with relevant agencies of the federal government to evolve this policy directive. This directive applies to fully funded organs of government like the Ministries, Department. All the aims of treasury single account was achieved but the banking sector of Nigeria did not benefit from the achievement; the implementation of treasury single account has reduced money flow in most banks; the poor circulation of money has also affected the masses as most commercial banks were no long buoyant to give out loans to their customers. There is need for an effective audit of the treasury single account in Nigeria.
1.3 OBJECTIVES OF THE STUDY
The main aim of the research work is to effectively audit the treasury single account in Nigeria; other specific aims of the research work are stated below as follows:
1. To examine appropriate Controls and Risk Management Procedures for Treasury Single Account Process
2. To arrive at effective Management of Treasury Single Account Idle Cash Balances
3. To examine the effect of treasury Single Account Policy on Public Sector of Nigerian Economy
4. To examine the role of the utilization of treasury Single Account Funds in stimulating the economy through viable institutional avenues and investment
5. To investigate on the challenges and issues of Treasury Single Account.
6. To proffer solution to above problems
STATEMENT OF RESEARCH HYPOTHESIS
Hypothesis 1
H0: petroleum profit tax and custom export duties does not influence oil revenue since the implementation of TSA
H1: petroleum profit tax and custom export duties does not influence oil revenue since the implementation of TSA
Hypothesis 2
H0 direct tax, indirect tax and company income tax does not have any significant effect on the non-oil revenue
H1: direct tax, indirect tax and company income tax does not have any significant effect on the non-oil revenue
Hypothesis 3
H0: there is no difference in the oil revenue generated before and after the implementation of treasury single accountthere is difference in the oil revenue generated before and after the implementation of treasury single account
SIGNIFICANCE OF STUDY
The study the audit of treasury single account will be of immense benefit to the federal government of Nigeria, the auditors, the ministries and other government agencies in Nigeria as it will reveal the benefits of the implementation of treasury single account in Nigeria, the study will also be of great benefit to the citizens of Nigeria as it will reveal the effect effective Management of Treasury Single Account Idle Cash Balances; the study will discuss the role of the utilization of treasury Single Account Funds in stimulating the economy through viable institutional avenues and investment, it will also reveal the effect of treasury Single Account Policy on Public Sector of Nigerian Economy. At the end of the research work, the federal government, the state government of Nigeria will be able to compare the performance of public financial management before and after the implementation of treasury single account in Nigeria.
SCOPE OF THE STUDY
The scope of the study covers audit of treasury single account in Nigeria: A comparative analysis before and after implementation. The researcher encounters some constrain which limited the scope of the study;
a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
OPERATIONAL DEFINITION OF TERMS
TSA: Treasury single account is a financial policy introduced by the federal government of Nigeria in 2012 to consolidate all inflows from the country's ministries, departments and agencies (MDAs) by way of deposit into commercial banks, traceable into a single account at the Central Bank of Nigeria.
TRANSPARENCY: a positive and clear financial statement of Nigeria
FINANCIAL LEAKAGES: refers to outflow from a circular flow of income model. In a two sector model, all individual income is sent back to employers when goods and services are purchased, and back to employees through wages and dividends. Leakage occurs when income is taken out through taxes, savings and imports.
PUBLIC FINANCE: is the study of the role of the government in the economy. It is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
-
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
-
1. THE IMPACT OF NEW TECHNOLOGIES ON THE COUNTRY'S BROADCAST MEDIA
» ABSTRACT The study was carried out to examine the impact of new technology on the country’s broadcast media. To achieve this objective, four res...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
2. IMPACT OF DEPOSIT MONEY BANKS ON PERFORMANCE OF SMALL SCALE INDUSTRIES IN NIGERIA
» TABLE OF CONTENTS Title page i Declaration ii Certification iii Approval Page iv Dedication v Acknowledgement vi Table of contents vii Abstract ix CHA...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
3. DETERMINANTS OF BOOK-KEEPING PRACTICES OF SELECTED SMALL AND MEDIUM ENTERPRISES IN KADUNA STATE
» ASTRACT The main objective of this work is to analyse the determinants of book keeping practices of selected Small and Medium Enterprises in Zaria. Th...Continue Reading »Item Type & Format: Project Material - Ms Word | 93 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
4. THE ROLE OF BUDGETING IN THE MANAGEMENT OF PUBLIC INSTITUTIONS: A CASE STUDY OF ENUGU STATE MINISTRY OF WORKS AND HOUSING, ENUGU.
» ABSTRACT It is now a common knowledge that budgeting plays an invaluable role in our public institutions. However, this administrative tool has hardly...Continue Reading »Item Type & Format: Project Material - Ms Word | 59 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
5. THE DETERMINANT OF AUDIT FIRM ROTATION IN NIGERIA: A CASE STUDY OF NON-FINANCIAL SECTOR
» CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY The non financial sector in Nigeria has improved significantly with improved audit rotation in Ni...Continue Reading »Item Type & Format: Project Material - Ms Word | 69 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
6. THE IMPACT OF INTERNATIONAL FINANCIAL STANDARDS (IFRS) ON THE QUALITY OF FINANCIAL STATEMENTS (A CASE STUDY OF FIRST BANK PLC)
» CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY This study sets out to examine whether the impact of International Financial Reporting Standards...Continue Reading »Item Type & Format: Project Material - Ms Word | 70 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
7. THE EFFECT OF PROPER ACCOUNTING RECORD IN SMALL AND MEDIUM SCALE ENTERPRISES (A CASE STUDY OF EXCEL PURE WATER COMPANY OLEH DELTA STATE)
» CHAPTER ONE INTRODUCTION 1.1 Background of the Study In any profit making enterprises, proper accounting records are very important for the survival o...Continue Reading »Item Type & Format: Project Material - Ms Word | 62 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
8. ASSESSMENT OF HEALTHY TIMING AND SPACING OF PREGNANCY APPROACH IN LONG ACTING REVERSIBLE CONTRACEPTIVES ACCEPTANCE AMONG WOMEN IN YALA LOCAL GOVERNMEN...
» CHAPTER ONE INTRODUCTION Background of the Study Family planning is defined as the use of contraceptive methods to control the number, timing and spac...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
9. AUDITOR’S OPINION AND FINANCIAL REPORTING QUALITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
» ABSTRACT The study is centered on auditor’s opinion and financial reporting quality of listed deposit bank in Nigeria. It begins with the first ...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT
-
10. The role of internal auditor on the effectiveness of internal control system
» Abstract The study determines and establishes the connection between internal auditing and internal control systems on financial performance in an Ins...Continue Reading »Item Type & Format: Project Material - Ms Word | 76 pages | Instant Download | Chapter 1-5 | ACCOUNTING DEPARTMENT