276.F浅谈我国中小企业的营运资金的管理 新英文原文.doc

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1、Overview of the Statutory Guidelines for PublicSector AccountingOLADELE, Olugbenga KolawoleDepartment of Accounting & FinanceCollege of Administrative & Business Studies (CABS), Kaduna Polytechnic, P. M. B. 2113, Kaduna.ABSTRACT：Nigeria is the financial giant of Africa and today one of the developin

2、g countries that in fast gaining recognition and acceptance at the international level. With so many beautiful plans and sound procedures established to achieve some discipline in its financial control and management, the home from is nothing to write home about because of the apparent disregard for

3、 rules and regulations by those in authority. The result is that nothing works! No matter how beautifully intended. That is why this paper gives a detailed assessment of the effectiveness on the statutory guidelines for accounting for public funds. It also highlights the problems and offers useful s

4、olutions.INTRODUCTIONIn a developing economy, a common feature is the regulation of all facets of economic activities through standardized rules that bring about a presumed uniformity of actions. The management and operation of government financial activities is one facet that needs certain regulati

5、ons in order to achieve the set financial objectives of the government . These objectives are:a. The provision of useful information necessary for the efficient, effective and economic management of the financial resources of the government;b. Provision of information necessary by the executives to

6、report on the discharge of their responsibilities in relation to the collection, custody and disbursement of public funds entrusted into their care;c. Provision of proofs of reasonableness of the financial transactions; andd. Ensuring compliance and strict adherence to the laid down rules and regula

7、tions. The civil service, through which the government operates, is a large and complex organization that needs predetermined standards (financial and otherwise)foruniformity of action in order to achieve the financial and other objectives of the government. Procedures for revenue collection, securi

8、ty of cash and properties as well as the categories of officers that are supposed to be responsible for each action be set out in the civil service forthe desired effectiveness and efficiency in the management of government financial resources. Nigeria, as a Third World country, has had more than a

9、fair share of the desired regulations necessary for achieving the set financial objectives of the government, at least on paper. The country has been having different financial regulations in different forms right from when it was totally dependent on its colonial master and after “flag” independenc

10、e.These rules and procedures, which regulate the financial activities of the Federal Government, are enshrined in various legal documents of the government, such as the Constitution of the Federal Republic of Nigeria of various dates, Finance Act 1958, Audit 1958 Act or Decree, Appropriation Act or

11、Decree, the annual Budgets etc. This paper attempts to review and critically assess the financial regulations as contained in the various legal documents of the Federal Government and articulates some of the major problems hampering their implementation and challenges for the future.REVIEW AND ASSES

12、SMENT OF THE FINANCIAL REGULATIONSThe Nigerian financial regulations have undergone substantial changes over the years as a result of the need to adapt to the changing socio-economic, socio-political and socio-cultural environments. Nevertheless, the financial regulations of the Federal Republic of

13、Nigeria have remained sound on paper but grossly inefficient and ineffective in implementation. The Federal Government of Nigeria has been promulgating different laws in the form of Acts, Decrees, Constitutions, etc, for among other things, the standardization of its financial activities.Below is a

14、review and assessment of those laws, or sections thereof that serve to regulate the financial activities of the Federal government of Nigeria of Nigeria.FINANCE (CONTROL AND MANAGEMENT) ACT 1958 (as amended)The Federal Ministry of Finance issues financial regulations in accordance with and under the

15、 authority of this Act.The Act governs the management and operation of government funds. It also regulates the accounting system, the books of accounts to be kept and the procedures to be followed in the preparation of accounts and financial statements.In the Revised Financial Regulations (1976), wh

16、ich were issued under the authority of this Act, regulatory arrangements were forwarded in respect of:1. Government finance and Accounts 2. Government Stores Under finance and accounts, issues regulated include: a. Financial responsibilities of government officersb. Procedures for revenue collection

17、c. Classification and control of expenditured. Consideration in award of government contracts e. Establishment and duties of internal audit unitsf.Uses of and proper control of government vehicles etc.Under stores, issues regulated include:a. Classification of stores (allocated and unallocated),b. R

18、esponsibility for supervision and custody of government stores c. Procedure for handing over of storesd. Treatment of loss on stores and unserviceable stores.Regular stores inspection procedure, etc. Store was defined as any material, moveable or unmovable, belonging to the government.With careful s

19、tudy one can understand and agree that these regulatory provisions are capable of bringing about financial discipline in the operations of government if well applied.But the fact is that the provisions are only on paper and are not to the knowledge of most of those who are expected to apply them. So

20、, no application! The financial regulations themselves might be considered outdated considering the fact that the last time they were reviewed was in 1976, about two decades ago.AUDIT ORDINANCE 1956 (as amended by AUDIT ACT 1958)This act covers the area of audit and accountability within the governm

21、ent. According to Section B, Sub-sections 1-3, of the Act and its subsequent amendments, the accounts prepared by the Accountant-General of the Federal (who is the Chief Accounting Officer of the receipts, payments and has the general supervision of the accounts of the Government of the Federation)

22、are to be submitted to the Auditor-General for the Federation for audit.The Auditor-General is the officer responsible, under the constitution of the federation, for the audit of the accounts of all Accounting Officers and for the certificate of the Annual Accounts of the Government.The accounts are

23、 to be audited in order to ensure, among other things,1. Compliance with rules and regulations (financial and other wise),2. Maintenance of proper books of account and3. Adequate security of public funds and propertiesThe auditors reports on the accounts prepared are submitted to the legislators for

24、 review and consideration within 60 days and any adverse report is sent to the Public Accounts Committee (PAC) for thorough investigation. The PAC is expected to represent the interest of the general public since it is to be made up of the representatives of diverse groups of people. It is entrusted

25、 with necessary powers to adequately carry out its functions:1. To provide a forum in which the accounting officers are called upon to explain, in public, matters on which their departments had been queried by the Auditor- General;2. To inform the National Assembly and the general public of “defects

26、 in financial administration” and the explanation of the accounting officers whenconfronted with them;3. To serve as a vital link between the Auditor-General and the National Assembly.There is a lot of criticisms about the implementation of the provision of the Act. In the first place, Nigeria has n

27、ot experienced much of civilian rule, which allows the formation of PAC out of the members of the National Assembly.The Military which has been ruling the country since 1967 save for the short break of Shagaris regime, has always suspended the constitution and are only accountable to themselves. Whe

28、n they put up what may look like PAC they dont appear to bother about its report, let alone thinking of actually implementing its recommendations. So, PAC especially under the Military is seen as a toothless bulldog! Decree 8 of 1987 and Decree 34 of 1990, which are on PAC and implementation of its

29、decisions, are a mockery.Secondly, the Accountant-General of the Federation appears not to be able to submit the annual Reports to the Auditor-General in time. The Auditor-General for the Federation once complained that the Accountant-General was giving him accounts of the Federation in a piecemeal

30、manner (Lawanson, 1992). This shows that the treasury has been unable to meet some of the qualities of a good report, which include timeliness,completenessaccuracy,reliability,objectivity,understandabilityand comparability.With a piece meal presentation of reports, and in a delayed manner, none of t

31、he qualities mentioned would be achieved and, so, there would be no control.THE FEDERAL CONSTITUTIONThe 1999 constitution is the amended version of the 1979 Constitution of the Federal Republic of Nigeria, which was an offshoot, not only of the 1963 Constitution but, of the other Pre-independence Co

32、nstitutions. So, its provisions are in most respects similar to those of its predecessors (or ancestors). The Constitution was reviewed in 1989 and1994, with no hope for implementation until May 1999 when the new civilian government was sworn in. It was promulgated as constitution of the Federal Rep

33、ublic of Nigeria (Decree No 24), 1999 and published in the Federal Republic of Nigeria official Gazette on 5th May 1999 In Lagos.The Constitution is supposed to be a legal document that regulates not only government accounting but the whole aspects of financial management in government.In Chapter V,

34、 part 1 (E) of the Constitution, the National Assembly was given certain powers and control over public funds as a way of regulating and controlling the operation of the different types of government funds. Section 120(1), which is on the Establishment of Consolidated Revenue Fund (CRF), says “All R

35、evenues or other moneys raised or received by the Federation (not being revenue or other moneys payable under this constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and formone Consolidated Revenue Fun

36、d of the Federation”.On the withdrawal of money by the government for public services, section 120(2) says “No moneys shall be withdrawn from the Consolidated Revenue Fund of the Federal except to meet expenditure that is charged upon the fund by this Constitution or where theissueofthosemoneyshasbe

37、enauthorizedbyanappropriationAct. Supplementary Appropriation Act or an Act passed in Pursuance of Section 121 of this constitution”These two sub-sections formed the basis for the idea of Fund Accounting which was defined as the method of accounting which reports in terms of funds rather than in ter

38、ms of organizations. Other sections with the objectives of financial regulations at Federal government level are on withdrawal of money from other Public fund Section120 (3), Authorization of expenditure in default of Appropriation Section (127), Contingencies Fund Section (123), Remuneration of the

39、 President and certain other officers Section (127) and Audit of Public accounts Section (125),All the sections of the constitution mentioned above are meant to give a perfect guidance as to the financial planning and control of the federal government.The constitutional emphasis on the concept of ch

40、eck and balance between the legislature and the executive arms of government is enough concern for a need to instill proper accountability and sound control over the Public Funds.But unfortunately, the constitution is almost always under suspension by the Military. Decrees, which would be skewed tow

41、ards the interest of the military junta, are, in the greater part of Nigerias post-independence period, the supreme laws of the land. The constitutional provisions, which are determined by the representatives of the masses and implemented by them,are a better means of attaining accountability and co

42、ntrol over public funds.The question is when would the Provisions have way for effective financial regulations at the Federal Government level?GOVERNMENT BUDGET (APPROPRIATION ACT)Budget is a written future plan of actions based on projected revenue.In government in particular, the budget is viewed

43、as the principal means of securing accountability and control over the use of public funds. Government budgets contains the annual estimates of capital and recurrent expenditures and revenues of the government since the government is expected to restrict its financial sourcing and spending on the pl

44、an contained in the budget.Over the years, Nigerian governments, civilian or military, have been making annual financial planning in the form of a budget also as to regulate their financial activities for the achievement of national goals and objectives.For a civilian government, there are usually s

45、ome constitutional provisions empowering the legislative body to grant approval on modifications to both the capital and recurrent expenditure and revenue estimates before any funds can be expended or collected. The Executive undertakes the execution of the budget in relation to the collection of re

46、venues and disbursement of public funds. At the end of a financial year, the actual results (in theform of Accountant-General Reports) have to be measured and released for comparison with Budgeted results, so that appropriate actions could be taken on thevariance that might arise.This has not been p

47、ossible in Nigeria because of thereporting problem already mentioned in this paper.Military governments usually have military councils:Armed Forces Ruling Council, Provisional Ruling Council, Supreme Military Council (AFRC, or PRC, SMC) that perform the same budgetary approval work as the National Assembly in the civilian government.But the councils are not made up of representatives of the people rather, members are representing the