IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 8 2024
DOI: 10.56201/ijebm.v10.no8Sept.2024.pg137.161

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Effect of Fiscal Policies on Public Sector Accounting

Okpuzon Jude Ogwali, Ven. Prof. Onuora, J.K.J

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Abstract

This study examined the effect of fiscal policies on accounting practices in the public sector of Nigeria. It specifically focused on key elements of fiscal policy implementation and its consequences on financial management and performance within the public sector. Three hundred respondents, including public sector accountants, auditors, and financial managers, were surveyed using a descriptive study approach. The study utilised a scientifically designed questionnaire that included a four-point Likert scale to assess opinions on different aspects of fiscal policy and accounting procedures. The results demonstrate a robust correlation between fiscal policies and public sector accounting, suggesting that fiscal policies have a considerable impact on the precision, excellence, and openness of financial reporting. Notwithstanding this, the research highlighted significant obstacles such as insufficient technical expertise, corruption, and failure to comply with international accounting standards that impede the successful execution of policies. Although public sector accounting systems often facilitate fiscal policy goals, there is scope for enhancing the alignment of accounting practices with these goals. The research findings indicate that in order to enhance the alignment between fiscal policies and public sector accounting practices, it is crucial to improve technical capability, embrace international accounting standards, strengthen auditing frameworks, increase transparency, and eliminates corruption. Key recommendations for policy and practice encompass the implementation of ongoing professional development programs, the adoption of international accounting standards, and the intensification of anti-corruption efforts. This paper proposes additional investigation into comparative comparisons across different geographical areas, the influence of technology progress, and the efficacy of anti- corruption strategies. The polic

keywords:

Fiscal Policies, Public Sector, Accounting, Auditors, Financial Managers

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