1.1. BACKGROUND OF STUDY
The subject, financial accountability is vital to any organization be it profit oriented or non-profit oriented. Lack of financial accountability results in embezzlement, fraud and misappropriation of funds.The peculiar nature of Nigeria economy has made any topic in accountability, financial or otherwise worth discussing. The value our society attach to wealth, which nobody is concerned to how wealthy one is, has made many people to begin to pursue wealth by all means thereby ignoring the fact that they are accountable tot he public for the public funds and properties entrusted I their care.It is due to the problems mentioned above which are associated with lack of financial accountability in any organization that has motivated the researcher to choose the topic “strategies for enhancing financial accountability in the local government system in Nigeria through a system of control” Ikwo local government area in Ebonyi state has been chosen as a case study in trying to discuss how effective internal control will achieve financial accountability.Internal control system comprises the plan of organization and all co-ordinating method and measure, adopted within the management to safeguard the assets of the organization, check accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial policies.This research focus on finding if the reference organization has installed this control system and if so, how effective it is as to enhance early detection of mistakes, deliberate misappropriation and equally checks collusion, fraud or embezzlement of funds through proper authorization, reliability of financial records, safe guarding of assets and hence maintenance of financial accountability.However, the ability of any organization t enhance its financial accountability depends mostly on the type and effectiveness of it’s internal control system.
