Governmental Accounting Practices And Accountability In Management Of Public Funds In Nigeria Ministries
Jonah Ngbomowa Moses PhD
Department of Accounting, Faculty of Administration and Management, Rivers State University, Nkpolu Port Harcourt Rivers State, Nigeria.
Abiama Woyengitonbara
Department of Accounting, Faculty of Administration and Management, Rivers State University, Nkpolu Port Harcourt Rivers State, Nigeria.
Orlu Gift Ndaburoma PhD
Department of Accounting, Faculty of Administration and Management, Rivers State University, Nkpolu Port Harcourt Rivers State, Nigeria.
Keywords: Governmental Accounting Practices, Financial Reporting Standards, Internal Control Systems, Audit Practices, Accountability, Transparency, Public Funds
Abstract
This study examined the relationship between governmental accounting practices and accountability in the management of public funds in Nigerian federal ministries. Specifically, it assessed the influence of financial reporting standards, internal control systems, and audit practices on transparency of fund usage, timely financial disclosures, and responsiveness to audit queries. The study adopted a descriptive survey research design. Primary data were collected from 330 respondents across selected federal ministries using structured questionnaires. The data were analyzed using descriptive statistics, Pearson correlation, and multiple regression techniques. Findings revealed that all three independent variables financial reporting standards, internal control systems, and audit practices had a significant and positive effect on accountability indicators. The regression model showed that these accounting practices jointly explained 58.6% of the variation in public fund accountability. The study concluded that effective governmental accounting practices are essential for fostering transparency, timely disclosures, and responsible financial governance in the Nigerian public sector. It recommends full implementation of IPSAS, strengthening of internal control frameworks, enhancement of audit independence, automation of financial reporting systems, and greater oversight by regulatory bodies.