Thesis Abstract

Abstract
Financial control tools play a crucial role in ensuring the financial health and stability of an organization. This research project explores the problem and prospects associated with financial control tools in modern business environments. The study delves into the challenges faced by organizations in implementing effective financial control measures and examines the potential benefits and opportunities that arise from utilizing advanced financial control tools. The research investigates the common issues that organizations encounter in financial control, such as inadequate monitoring of financial activities, lack of transparency, and inefficient utilization of financial resources. By identifying these problems, the study aims to provide insights into how organizations can improve their financial control mechanisms to enhance decision-making processes and mitigate financial risks. Furthermore, the research project explores the prospects of leveraging technological advancements in financial control tools, such as automated systems, artificial intelligence, and data analytics. These tools offer opportunities for organizations to streamline their financial processes, improve accuracy in financial reporting, and enhance overall financial performance. By embracing these advanced tools, organizations can gain a competitive edge in the market and adapt to the dynamic nature of the business environment. Through a comprehensive analysis of the problem and prospects of financial control tools, this research project aims to provide practical recommendations for organizations seeking to enhance their financial control mechanisms. By implementing effective financial control measures and leveraging innovative tools, organizations can achieve greater financial transparency, efficiency, and strategic decision-making capabilities. Overall, this research project contributes to the existing body of knowledge on financial control by shedding light on the challenges and opportunities associated with financial control tools in contemporary business settings. By addressing the problem areas and exploring the potential benefits of utilizing advanced financial control tools, organizations can strengthen their financial management practices and achieve long-term financial sustainability.

Thesis Overview

1.1   BACKGROUND TO THE STUDY

Financial control as the name implies means the proper management and control of financial aspects, the efficiency effective and management of finance of the organisation. The finance control and management law 1968 is designed for control and management for the public financial and maters connected there with and it stipulates under section 33 that the accountant general shall under to the auditor general accounts showing the financial position of the state at the end of every financial year and these include:

(a) Statement showing the sums estimated to be received as revenue into the consolidated revenue fund and sums actually so received in the period of account.

(b) Statement of assets and liabilities.

(c) A statement showing the sums estimated to be issued out of the consolidated revenue fund and the sums actually so issued in the period of accounts.

So in every organisation or public sector, there is the need for financial control. Therefore, owerri North ministry of finance should not be an exception. Every staff of the ministry is involved to some extent in controlling of financial as well answerable to their conduct. Almost all the workers in the civil services especially those involved in government financial operation and well acquainted with and an updated knowledge of the principles of financial controls. Financial control is linked with financial planning. This is not withstanding control parameter are outcomes of financial planning decisions. However, systematic planning in itself requires a degree of control in terms of its process and procedures. In most cases, government constitutes largest single business entity and in many places, the core of the economy. Its pattern of expenditure or manner of resources allocation determines the extent to which accountability for economy, efficiency and effectiveness can be achieved.