Critical Appraisal Of Public Sector Accounting With Respect To Accountability And Transparency (A Case Study Of Selected Government Ministries And Parastatals)

ABSTRACT

In recent years, particularly in the developing countries, the public sector has grown rapidly to become a major participant in the economy, filling a crucial gap in the provision of social services left out by individuals and private sector. If well managed, the public sector has the potential to contribute positively to the Nigerian economy, improve the level of social services delivery and uplift the living standard of the population. But many are uncertain as to what constitute the public sector as various terminologies have been used to describe them. The simplest definition of the public sector is that the public sector is all organizations, which are not privately owned and operated but which are operated or established by government on behalf of the people. Today, the Nigerian Nation like many other African countries is going through developmental challenges not for lack of human and natural resources but due largely in part to lack of commitment by some of its leaders to the ideals of Accountability, transparency and probity in the management of public goods. Incidentally, these virtues have over the years influenced the development of the public sector Accounting.