Last Updated 06 Jul 2020

Treasury Report

Category Accounting,  Papers,  University 
Essay type Report
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{TOPIC} AN ASSESSMENT OF TREASURY MANAGEMENT PROBLEMS AND REMEDIES IN LOCAL GOVERNMENTS BASED ON ITS REVENUE. BY: NAME: ONIFADE AYOMIDE OLUWATOBA MATRIC NO: 09/SMS02/015 BEING A RESEARCH PROJECT REPORT THAT IS TO BE SUBMITTED TO THE DEPARTMENT OF ACCOUNTING FACULTY OF AFE BABALOLA UNIVERSITY ADO-EKITI, EKITI STATE, NIGERIA.

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. SC) HONS IN ACCOUNTING. TABLE OF CONTENTS CHAPTER ONE 1. 1Background of the study CHAPTER TWO 2. 0Literature Review CHAPTER THREE 3. 0Research Methodology

CHAPTER FOUR 4. 0Data Presentation and analysis CHAPTER FIVE 5. 0Summary 5. 1Conclusion. CHAPTER ONE INTRODUCTION 1. 0 BACKGROUND OF THE STUDY Local government in any nation like Nigeria is an entity through which government and its policies are carried to the grass root. The government body of such an entity is selected or otherwise locally selected. It constitutes an integral party of a country overall political structure. The creation of local government is made by the law of the state government with intention of bringing government to the people.

It is clearly understand that even if the machinery of the state government stops franchising law and order will still prevail, if local council in Nigeria continues to exist. According to Okoli (1998) local government exist to fell 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 government plays vital roles in the development of the country.

It can also be maintained that should local government machinery ground to a half, there is bound to be chosen and confusion. They are the overall of authority and it is through them that the provision of all facilities and services aimed at giving the people higher standard of living and maintenance of law and order can be made. Accordingly attempts have been made at different stages of the country political life 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 exhibit evidences of poor performance. Thus had led to the federal government affairs and eventual entrenchment of the system in the country’s constitution. According to Gbenga (2001) local government can be defined as the process 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 different system of local government.

In the Northern state, the emirs retained some of their powers and influence because the counselors appointed by the military 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 administration of local government areas where forced by the tax revolts of the late 1960s to reintroduce local government participation.

Mustapha (2003)local government also become conduct pipe for cooting of national treasury for instance, elite cline of local government Chairman called the “Association of local government of Nigeria (ALGON) reportedly mandate the maximum military leader to deduct local government funds for the purchase of two Toyota land-cruiser jeeps for all LGA chairman, while the other belong to the police to facilitate effective policy and combat of armed robbery. Harriman (2006) local government is not creatures of state government, but one of the tiers of government of this country.

Every effort should be made to allow local government councils to operate with prestige and not as beggar. Therefore, the provision of funds and its disbursement in local government to perform its stated roles. So, importance of sound and effective management of the treasuring of a local government authority cannot be over stressed. Without effective treasuring management, the policies adopted by alocal authority in a great variety of field may not be successfully implemented comprehensive arrangement are therefore in force in all states for exercise of internal and external 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, progressive management of treasuring of local government authority. The management of treasury in the local government should be taken as a tool for controlling 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 staff salary, maintenance of law and order, provision of infrastructural facilities and execration of capital project.

The treasuring management is a type of control exercise by the management within an organization. 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 operation of the organization. 1. 1STATEMENT OF THE PROBLEM Large scale misappropriation of fund in public offices has now becomes a common 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 exist 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 STUDY 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 succeed in local government authority. d)The federal and state government involvement towards the attachment of defectives treasury management in a local government authority. )An overview of treasury management operation in local authorities f)An analysis of best practice and g)A basis for local governments to examine their own procedures to evaluate 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 concerned 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 faced 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 particular reference to Ado local government.

This study will perform test 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 Division ?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 urge the management to strengthen or if necessary build a new 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 result will also be essential to all government officers who are presently witnessing large scale of misapplication of fund and poor accountability. 1. 5DISTINGUISH BETWEEN 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 accounting staff and should be well – motivated in term 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 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 information 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 must 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 attachment of treasury management standard in all the local government? )What are the causes of proper treasury management failure? e)What are the causes of derivation in planned and actual operation. 1. 6DEFINITION OF TERMS 1. Treasurer: 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. Auditor: he sees to the check and balance of all financial transaction of the local government. 3. Vote Book: it is use in recording all expenditure and liabilities incurred by the vote controller entrusted with the management of fund of the department. . Petty Cash 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 cash and cheque payment of wages and salaries, pension and contract. 6. Receiving Cashier: responsible of collection of cash from outsiders who make payment on fines, licenses etc and also revenue granted by revenue collector. 7

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Treasury Report. (2017, Jan 24). Retrieved from https://phdessay.com/treasury-report/

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