Treasury Single Account Compliance: Accounting Practices for Effectiveness and Sustainability in Institutions

International Journal of Research and Innovation in Social Science (IJRISS) | Volume V, Issue III, March 2021 | ISSN 2454–6186

Treasury Single Account Compliance: Accounting Practices for Effectiveness and Sustainability in Institutions

Raji Gbolagade Mojeed*¹ , & Adekola Adeola Adebayo², Opadotun Tunde Adewumi^3
1, ² Department of Accountancy, The Polytechnic, Ibadan, Nigeria
³Department of Accountancy, Adeseun Ogundoyin Polytechnic, Eruwa
*Corresponding author

Abstract: This study considered treasury single account compliance as an accounting practice for effective and sustainability in institutions. The general objective is on how treasury single account could plug leakages within the system, while the specific objective would be on how treasury single account could dovetail into a transparent reportage in a system. Legitimacy theory and public finance management theory adopted for the treasury single account, therefore foresees that government will implement policies to guarantee the society and that agencies are complying by disclosing all transactions in treasury single account. This study was based on the data from both primary source and empirical works of previous researchers. The questionnaires were administered to the bursary staff of The Polytechnic in Ibadan. The questions were on the five-point Likert type questions, with a choice of strongly agree to strongly disagree. The data gathered were analyzed using chi-square statistical packages for social sciences. Data were gathered from the questionnaires analyzed using chi-square in SPSS, and findings revealed that treasury single account compliance have a significant effect in the effective accounting practices and sustainability in institution. This paper concluded that loss of revenue has a multitude of collision on effects, including the fact that lower revenue means that less money will be available to provide facilities for sustainability. Therefore, this paper recommends that, the effectiveness of treasury single account compliance (TSAC) should be broadminded for the sustainability in institutions. There should be seal for both transparency and accountability to block the leakages within the system. The permissible laws should be appraised and adapted where mandatory training should be offered to appropriate bursary staff of The Polytechnic Ibadan to guarantee effective operation.

Keywords: Accountability, Governance, Institutions, Sustainability, Transparency, Treasury single account compliance

I. INTRODUCTION
Treasury single account is a critical social consequences that serve as a motivating factor in government public sector accounting designed solely to minimize financial crime such as bribery and corruption, money laundering, fraud, theft and to ensure proper monitoring of government receipt, revenue in an enabling environment. According to Kifasi (2016), this is a combined government bank account or a conventional of connected accounts complete which all

Read More