PROBLEMS AND PROSPECT OF FINANCIAL CONTROL TOOL

ABSTRACT
The subject matter of this study is problem and prospect of financial control in organization public sector in Owerri North Imo State.
A research on this topic could not be more appropriate than new since all the workers in the civil services especially those involve in government finance operations are well acquainted with financial control. Therefore, the main motive of research was to look into the financial control in public sectors organistion.
Public accountability is not a new phenomenon, it is old as man in his social relational with his fellowman. There was an element of answer which illustrate stewardship of accountability in government.
Moreso, in this research work secondary were used only in collecting data. This method was done by collecting the existing literature or desk research method.
The researcher now presented and analyse all the facts she had collected that are related to the research work.
Finally, based on the above data analysis in chapter four and five, the researcher made some finding and recommendation and also conclusion, which would alleviate the difficulties uncounted by the public sector organisation.

BACKGROUND OF 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.

1.2 HISTORICAL BACKGROUND OF THE CASE STUDY
Owerri North is a Local Government Area of Imo State, Nigeria. Its headquarters are in the town of Orie Uratta. It has an area of 198 km² and a population of 175,395 at the 2006 census. The postal code of the area is 460 Owerri North is a Local Government Area of Imo State, Nigeria. Its headquarters are in the town of Orie Uratta. It has an area of 198 square km and a population of 175,395 at the 2006 census. The postal code of the area is 460.

Owerri North is semi-urban government area. It encircles Owerri Municipal like a peninsular. Six major roads that lead out of the municipal cuts across Owerri North Communities. In the North, Orlu road leads to Amakaohia and Akwakuma communities. In the East, Okigwe road leads to Orji Community. In the West, MCC road off Wetheral to Obibi Uratta and Ihitaoha communities. In the South, Mbaise road leads to Egbu and Emekuku communities, while Aba road leads to Nazi, Agbala and Ulakwo communities.

Natural & Agricultural Resources

– Palm Products/Palm Oil, Nuts
– Maize
– Cassava
– Crude Oil

Businesses & Investments

– Palm Oil Null
– Food Processing
– Fruit Processing
– Refinery