Abstract
The study examined the internal control system as a tool for effective fund management of universities in Bayelsa State, Nigeria. Due to the dwindling revenue allocation from the Federation account couple with the economic recession which gave birth to the inadequate funding of the universities by federal and state government which has led to strikes by teaching and non-teaching staff, dearth of equipment, facilities, dilapidated structures and indiscipline among staff and students which has prompt us to choose the topic: Internal control system as a mechanism for effective fund management of universities in Bayelsa State. To this end, the paper addressed the following areas which include; funds and sources of funds, challenges of school funds, and the rationale for funds management. The paper analysed the effect of internal control system on effective fund management in Bayelsa State Universities and proffers some remedies in tackling the menace of poor fund management as follows; introduction of internal auditing approaches to manage financial resources in universities for proper maintenance of school properties, adequate provision of infrastructural facilities, and proper management of school funds in order to achieve the aim and objectives of establishing such institutions. The researchers also recommended the monitoring of the laid down internal control procedures and safe keeping of all financial records/reports and yearly publication of same (financial reports).Keywords: Education, Management, Funds, Resources, Challenges, and Internal Control System
Highlights
The value of education to any nation cannot be over-emphasized
The success of any organization depends on the proper management of materials, human and financial resources
Internal control system is designed as being the whole system of controls financially, physically and otherwise established by the management in order to carry on business of the organization in an orderly and efficient manner, to ensure adherence to management policies, safeguard the assets and secure as far as possible the competence and accuracy of the records
Summary
The value of education to any nation cannot be over-emphasized. For this obvious reason, Nwabueze (2011) describes education as the industry that processes the manpower for the socio-economic, political cultural development of any society. Since finance plays an important role in university administration and shortage or lack of it affects all other activities of the university system, it has become imperative for us to devise means of adequately funding the universities and come up with strategies of managing funds that have been sourced in order to achieve set goals and objectives of the university system. This is due to the fact that the overall growth and development of the nation depend on the success of the educational sector. It is against this backdrop that the researchers deem it necessary for universities in this country to consider the management of internally generated revenue in order to meet up with the finance needed or challenges of the institutions
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
