Background to the study

This entire system of control, financial and otherwise, established by the organization in an orderly and efficient manner, ensures adherence to management policies, safeguards the asses, and secures as for as possible the completeness and accuracy of records, is the role of accounting and is part of the infrastructure of the nation within which development has taken place. The executive arm of the education administration has been separated appropriately and each position has been given new responsibilities in order to enable better administration in institutions.

They must provide a report detailing their stewardship of the resources and duties of the government, faculty, and students. How well has this stewardship responsibility been carried out is the question that immediately sprang to mind. These days, there are many instances of misuse and embezzlement of public monies. Fraud has taken many different forms in this nation, including financial fraud, which includes the theft of case funds by cashiers or the improper manipulation of account documents, as well as commercial fraud in state-owned businesses. Personal fraud includes using ghost employees, falsifying certifications, and using university employees’ and employees’ time for private employment when they are employed by two or more entities. drawing a pay check that is larger than the real pay. linking fictitious names to those of former workers who were paid in the past. Outright theft of goods and university pledges, as well as breaking into buildings. It should be highlighted that these fraud tactics have a significant impact on the effectiveness of university operations, and the fraud may have been avoided with more precise and effective accounting roles and procedures. Due to the little role that fraud plays in the Nigerian public sector, it is vital to have an effective and adequate system of internal controls to protect public funds and other assets.

This might be strengthened by strict laws and regulations against frauds, as Chief Olusegun Obasanjo, the former president of Nigeria, has indicated that fraud occurs wherever an inadequate accounting system is in place. Every transaction will be accurately documented by a solid internal control system, and the responsibilities or functions will be sufficiently separated so that one person does not take money, create entries, and make payments. The economy is mismanaged, there is a lack of public accountability, the political leadership is insensitive, and the level of living is generally determined as a consequence of inadequate internal control systems; thus, there is a need for effective action against fraudulent accounting.

Statement of the problem

m that since independence, one of the issues facing Nigerian society has been a lack of proper accountability. It may be argued that recent public office holders haven’t shown themselves to be very competent at year-end stewardship accounting. Because public officials and politicians were not held to a higher standard of responsibility and management, the economy’s problems—such as rising unemployment, austerity measures, and fuel shortages—were sustained and made worse. Local and imported items are becoming less expensive as a result of a broad shift toward fairly used materials, or “Tokunbo.”


Accounting systems serve as the core or most significant component of any educational institution, thus their excellent organization indicates that the institution is effectively achieving its goals while paying particular attention to the laws and regulations that have been established.

Control is crucial in managerial functions that deal with evaluating or improving subordinate performance in order to accomplish the organization’s goal as effectively and inexpensively as possible.

As a result, the study’s goal is to examine the role of accounting’s function and guiding principles at the University of Ilorin and determine how successful they are. In other words, it will be determined if the university of Ilorin’s accounting system is solid and trustworthy. Even when there are few additional controls to assist them, the skilled, honest, committed, and creative personnel can nearly always work at a high level and provide generally reliable vouchers. The establishment of an efficient accounting system will need a sufficient separation of roles. whether it is possible to trust the documentation. Asset custodians shouldn’t be required to keep accounting records of those assets since doing both increases the likelihood that fraud will go undetected by humans. After confirming the presence of these internal control characteristics, a compliance test will be conducted to make sure that accounting processes are followed as instructed with the aim of offering advice and ideas.


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