【正文】 of accounts to be kept and the procedures to be followed in the preparation of accounts and financial statements. In the Revised Financial Regulations (1976), which were issued under the authority of this Act, regulatory arrangements were forwarded in respect of: 1. Government finance and Accounts 2. Government Stores Under finance and accounts, issues regulated include: a. Financial responsibilities of government officers b. Procedures for revenue collection c. Classification and control of expenditure d. Consideration in award of government contracts e. Establishment and duties of internal audit units f. Uses of and proper control of government vehicles etc. Under stores, issues regulated include: a. Classification of stores (allocated and unallocated), b. Responsibility for supervision and custody of government stores c. Procedure for handing over of stores d. Treatment of loss on stores and unserviceable stores. Regular stores inspection procedure, etc. Store was defined as any material, moveable or unmovable, belonging to the careful study one can understand and agree that these regulatory provisions are capable of bringing about financial discipline in the operations of government if well applied. But the fact is that the provisions are only on paper and are not to the knowledge of most of those who are expected to apply them. So, no application! The financial regulations themselves might be considered outdated considering the fact that the last time they were reviewed was in 1976, about two decades ago. AUDIT ORDINANCE 1956 (as amended by AUDIT ACT 1958) This act covers the area of audit and accountability within the government. According to Section B, Subsections 13, of the Act and its subsequent amendments, the accounts prepared by the AccountantGeneral of the Federal (who is the Chief Accounting Officer of the receipts, payments and has the general supervision of the accounts of the Government of the Federation) are to be submitted to the AuditorGeneral for the Federation for audit. The AuditorGeneral is the officer responsible, under the constitution of the federation, for the audit of the accounts of all Accounting Officers and for the certificate of the Annual Accounts of the Government. The accounts are to be audited in order to ensure, among other things, 1. Compliance with rules and regulations (financial and other wise), 2. Maintenance of proper books of account and] 3. Adequate security of public funds and properties The auditors39。 reports on the accounts prepared are submitted to the legislators for review and consideration within 60 days and any adverse report is sent to the Public Accounts Committee (PAC) for thorough investigation. The PAC is expected to represent the interest of the general public since it is to be made up of the representatives of diverse groups of people. It is entrusted with necessary powers to adequately carry out its functions: 1. To provide a forum in which the accounting officers are called upon to explain, in public, matters on which their departments had been queried by the Auditor General。 2. To inform the National Assembly and the general public of “defects in financial administration” and the explanation of the accounting officers when confronted with them。 3. To serve as a vital link between the AuditorGeneral and the National Assembly. There is a lot of criticisms about the implementation of the provision of the Act. In the first place, Nigeria has not experienced much of civilian rule, which allows the formation of PAC out of the members of the National Assembly. The Military which has been ruling the country since 1967 save for the short break of Shagari39。s regime, has always suspended the constitution and are only accountable to themselves. When they put up what may look like PAC they don39。t appear to bother about its report, let alone thinking of actually implementing its remendations. So, PAC especially under the Military is seen as a toothless bulldog! Decree 8 of 1987 and Decree 34 of 1990, which are on PAC and implementation of its decisions, are a mockery. Secondly, the AccountantGeneral of the Federation appears not to be able to submit the annual Reports to the AuditorGeneral in time. The AuditorGeneral for the Federation once plained that the AccountantGeneral was giving him accounts of the Federation in a piecemeal manner (Lawanson, 1992). This shows that the treasury has been unable to meet some of the qualities of a good report, which include timeliness, pleteness accuracy, reliability, objectivity, understandability and parability. With a piece meal