International Public Sector Accounting Standards and Deterrent of Corrupt Practices in the Public Sector of Ogun State Nigeria

Abstract

International Public Sector Accounting Standards (IPSAS) are expected to enhance transparency and accountability and deter corrupt practices in public sector. This study investigated the extent to which the implementation of the standards deters corrupt practices in Ogun State, Nigeria. The study adopted survey research design using questionnaire for its primary data obtained from staff in selected Ministries Departments and Agencies (MDAs) in Ogun state, Nigeria. The selected MDAs are: The Federal University of Agriculture, Abeokuta; Federal College of Education, Osiele, Abeokuta; Ogun-Oshun River Basin Development Authority, Abeokuta, and Federal Medical Centre, Abeokuta. Ogun State was chosen because of ease of access and because the state combines the features of an industrial state with those of civil service state. The sample size is 600 accounting staffers and lecturers that cut across the MDAs. Results of regression equation revealed that the standards exert positive and significant effect on deterring corrupt practices with probability values of 0.000. This study observed that the adoption of the standards alone cannot totally curb corruption in Nigeria. Constant staff trainings, political will to bring corrupt officials to book and proper use of discretionary measures in the standards are therefore strongly recommended by this study.