What are the challenges of implementing TSA(Treasury Single Account) in Nigeria? b) How can these challenges be tackled

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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QUESTIONS

1. What are the challenges of implementing TSA(Treasury Single Account) in Nigeria?

b) How can these challenges be tackled

2. Prior to the introduction of TSA, a state government parastatal had an account officer, called Mr. Eminikan. he was responsible for collecting revenue, issuing receipts, lodging money into the bank, keeping tellers and collecting bank statements. Suddenly his life style changed from low profile to high profile, and the financial controller of the agency became suspicious of the account officer . Consquently, an investigative panel wa set up to look into his accounting records. The investigation revealed the folowing

a) the cashbooks showed a balance of 51,258,200 Naira which included cas on hand

b) A credit of 601,500 Naira on bank's record did not appear in the cash book

c) The balance as per bank statement was 44,528,750 Naira

d) Outstanding Manadates were:

Manadate NO. 71     983,810 Naira, Manadate No. 213    640,750 Naira

Manadate No. 284   607,210 Naira

Mandate No. 643    814,634 Naira,  Manadate No. 935   719,286.

The cash on hand with the account officer was 1,167,090

 

REQUIRED

a) Determine the extent of fraud commited by the account officer.

b) State two specific features of internal control which were missing based on the information provided.

c) offer two pratical measures to streghten the internal control system of the parastatal

d) Based on the facts of the case explain how the fraud coud have been minimised if the state ad embraced TSA policy earlier

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