The Role of Financial Accountability in the Private Sector

The Role of Financial Accountability in the Private Sector

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Abstract on The Role of Financial Accountability in the Private Sector

Accountability is the sole of any business entity.  The main aim of any business is profit maximization.  This can be achieved if the financial mismanagement is properly examined. Emenite limited Enugu is a company, which concentrates much on the manufacturing and distribution of ceiling boards, corrugated roofing sheets, roofing tiles, flower pots and pressure pipes.In view of different scholars has been established by the researcher, the role of financial management is very important.  In every organization especially the private ones, since the efficient management will lead to the attainment of organizational objectives. A general background of the topic and the background of the company will be discussed also the statement of problem, objectives of the study, formulation of hypothesis, significance and definition of terms.The related text as regard financial accountability will be reviewed, this will discuss the notion of financial accountability, the network of internal control system, internal checks and auditing practices responsibility sharing as a control ins the private sector of Nigeria economy, accountability and general economic growth and enhancing financial accountability by human resources.

Chapter one on The Role of Financial Accountability in the Private Sector

INTRODUCTION

GENERAL INTRODUCTION

Accountability as seen by Iwumunne (1982:56) is the goal of any business entity.  A mismanaged form is a failure.  The main aim of business is profit maximization.This cannot be achieved if financial mismanagement is enthroned  in any form . in any business setting, the priority of management is to enable the firm to continue to finance its undertaking.  This cannot be achieved without due regard to prudent financial administration. According to Muola Otanka (1975) the spirit of continuity of a business is the careful administration that will administer the financial undertakings. Really, the issue of financial impropriety has made many business collapsed. There are many ways to check the menace in both public and private life.  Any method used is subsumed in effective control system which primarily cues form internal control.According to Jonah Jenny (198212) internal control can be perceived in the following ways:-
–   Good record keeping of all transaction in the shop and factory-Shop and factory-
–   Good stock control system-Well-coordinated channel of raw material procurement
–   Articulate handling of organizational behaviour seen kin the enterprise-
–   Effective trade union administration-Efficient redundancy control-
–   Good personal administration-
–   Avoidance of waste-Good structural organization-
–   Acceptable party with government policies-control of acquisitions-
–   Good pension scheme, There, he said are not exhaustive. 
It is when management recognizes the necessity of effective internal control system management of material and resources is very much possible. 

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