Thesis Abstract

Abstract
Local governments play a crucial role in providing essential services and infrastructure to their communities. An effective accounting system is essential for local governments to manage their finances efficiently and transparently. This study aims to appraise the accounting system of local governments, focusing on the processes, procedures, and controls in place to ensure financial accountability. The research will utilize a mixed-methods approach, combining both quantitative and qualitative data collection methods. Surveys will be conducted to gather quantitative data on the current accounting practices in local governments, including budgeting, financial reporting, and internal controls. In addition, interviews and focus group discussions will be held with key stakeholders, such as finance officers, auditors, and elected officials, to obtain qualitative insights into the challenges and opportunities in the accounting system. The study will also examine the regulatory framework governing local government accounting to assess its adequacy in promoting financial transparency and accountability. By analyzing relevant laws, regulations, and guidelines, the research will identify gaps and areas for improvement in the current regulatory environment. Furthermore, the research will investigate the use of technology in local government accounting. With the increasing digitization of financial processes, it is essential to assess the adoption of accounting software and other technological tools in improving the efficiency and accuracy of financial reporting. The findings of this study are expected to provide valuable insights for policymakers, practitioners, and academics in enhancing the accounting system of local governments. By identifying best practices and areas for improvement, the research aims to contribute to the development of more robust and transparent financial management practices in local government entities. Overall, this research project seeks to contribute to the existing body of knowledge on local government accounting by providing a comprehensive appraisal of the current accounting system. Through a combination of quantitative data analysis, qualitative stakeholder interviews, and regulatory assessment, the study aims to offer practical recommendations for strengthening financial accountability and transparency in local governments.

Thesis Overview

INTRODUCTION

1.1            BACKGROUND

Local government is the third tier out of the three tier of government in Nigeria and in this way, part of the framework of Nigerian administrative authorities it has administrative structure like any level of government, statutory assigned function, social commitment and financial argument needed for it to maintain itself and perform its statutory function to its citizenry.

According is defined as the act and science of recording business transaction in a systematic manner, so as to show the true state of affairs of a business during a specific period usually called according period.

A system on the other hand, is a whole unit made of inter related element working together to achieve the objective of the whole unite.

Accounting in the government setting tends to satisfy the specialized needs of the government, it is aimed at demonstrating the propriety of transaction and their conformity with established rule to give evidence of accountability for the stewardship of government resources and to provide useful information for good control and efficient management of government operations.

1.2            STATEMENT OF THE PROBLEM

This study entitled appraisal of the accounting system of local government attempt to determine the problem involved in establishing and applying standard accounting system in local government with practical reference to Okigwe local government area of Imo state, Nigeria some of the problem facing the local government are; that the accounting system installed in the local government is not fully effectively operated. Also, the accounting system of the local government is inadequate in design. As a result of these, the financial statement as prepared by the local government does not reflect or show its true financial positions.

1.3            PURPOSE OF THE STUDY

The purpose of this study is:

vIdentify the problem inherent in accounting system  of local government.

vKeep the local government concerned, learn how to keep proper accounting statement

1.4            SIGNIFICANCE OF THE STUDY

There are three categories of people that are going to benefit from this study

They are

vThe chief accounting officers

vFinancial officers

vAuditor general

During this study, it indicated that majority of local government in Enugu, Imo and Abia state particularly, and so many other places in Nigeria, are not aware of the legal requirement for recording, processing and presenting information about the transaction carried on in business they are managing, some do not keep proper accounts for their business.