FINANCIAL MANAGEMENT PRACTICES IN COOPERATIVE SOCIETIES: A CASE STUDY OF NIGERIA COOPERATIVE TRANSPORT UNION INTERNAL FINANCIAL CONTROL

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FINANCIAL MANAGEMENT PRACTICES IN COOPERATIVE SOCIETIES: A CASE STUDY OF NIGERIA COOPERATIVE TRANSPORT UNION INTERNAL FINANCIAL CONTROL

ABSTRACT

The study examined the financial management practices of Nigeria Cooperative Transport Union Limited (UCTU). Specifically it set out to describe the internal financial control practices and identify the weaknesses in the internal financial control practices. It also aimed at making suggestions for improving and strengthening internal financial control of UCTU. The study adopted a qualitative, case study approach. Data was largely collected from secondary sources, financial reports, accounts reports, financial statements, policy documents, budgetary reports, audit reports, departmental and organizational minutes, and other relevant documents.

The findings indicate that the primary tool that governs financial management in UCTU is the Financial Regulations of UCTU. UCTU has made progress toward strengthening its financial management and controls through consistency in applying accounting principle, instituting chart of accounts, documentation of accounting processes, cash balancing, authorization level and limitation of expenditure, segregation of duties, and control procedures on collection and safe keeping of incomes. There are serious deficiencies in financial controls in financial transactions, financial systems, financial administration, and financial documentation. A significant number of adjustments have to be made to the financial management, especially controls to correct errors identified.

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