IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 9 NO. 5 2023
DOI: https://doi.org/10.56201/jafm.v9.no5.2023.pg207.216

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

Michael Rotimi SANNI (PhD), Mofoluwaso Iyabode OJEDDELE (PhD), Wahaab OloyedeAZEEZ Keneth Enoch OKPALA

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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.

keywords:

IPSAS, Corruption, MDAs, Public Sector, Ogun state

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References:

Abimbola, O. A., Kolawole, A. and Olufunke, A. O. (2017). Impact of International Public
Sector Accounting Standards (IPSAS) Adoption on Financial Accountability in Selected
Local Governments of Oyo State, Nigeria. Asian Journal of Economics, Business and
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Ademola, A.J. Kolawole, A. A. & Adebisi, O. (2017). Impact of International Public Sector
Accounting Standards (IPSAS) adoption on financial accountability in selected local
governments of Oyo state, Nigeria. Asian Journal of Economic, Business and
Accounting, 3 (2): 1 -9.

Ahmad, B. (2013). IPSAS: Issues, challenges and implementation, being a paper presented at
MCPD organized by Institute of Certified Public Accountants of Nigeria (ICPAN).

Akinleye, G. T., &Alaran-Ajewole, A. P. (2018). Effect of International Public Sector
Accounting Standards on Information Delivery and Quality in Nigeria. Research
Journal of Finance and Accounting, 9(6), 147-163.

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