Financial Officials Of The Government

For the economy of a country to grow at a rapid pace, the finance of that country must not be neglected. The officials in charge of finance are responsible for budget planning, economic planning, tax collection, accounting for the money collected, etc. We are going to be discussing on the financial officials of the government.

A. ACCOUNTANT GENERAL OF THE FEDERATION
The accountant general is the chief accounting officer of the country. He is saddled with the responsibilities of monitoring, supervising and preparing of the financial statements of the country he is representing.

FUNCTIONS OF THE ACCOUNTANT GENERAL
1. General supervision of all the accounts of ministries, agencies and parastatals.
2. He is responsible for compiling the annual financial statements.
3. He ensures accountability in financial dealings
4. He controls all the resources of all the departments, agencies and ministries.

B. AUDITOR GENERAL OF THE FEDERATION
The auditor general is an officer that is saddled with the responsibilities of carrying out  the accounts of departments, agencies and ministries shows the true and fair view of the state of affairs of the nation.

FUNCTIONS OF THE AUDITOR GENERAL
The auditor general performs the following functions.
1. Ensures that there is proper accountability for all the monies collected 
2. Making sure that proper books of accounts are kept.
3. Ensures that the records in the books of accounts comply with the rules and regulations.
4. The auditor general will give a report that the accounts show the true and fair view of the state of affairs of the nation.
5. Ensures that the money allocated is used judiciously for the purposes for which it was meant.

C. REVENUE COLLECTOR OFFICER
The office of the Revenue collector officer is a very important office in every country. The officer is saddled with the responsibilities of collecting money on behalf of the government of a country and also ensures that receipts are issued out. The collector must ensure that all the money collected must be properly accounted for.

FUNCTIONS OF REVENUE COLLECTOR
Some of the functions of the revenue collected are as follows:
1. Maintenance of cashbook
2. Revenue collector ensures that revenue is collected on behalf of the government as at when due.
3. Maintenance of proper books of accounting records.
4. He guides against embezzlement and fraud.
5. He also ensures that money collected are kept in a safe place.

D. BOARD OF INTERNAL REVENUE
1. It is the duty of the board of internal revenue to prosecute tax invaders in the country.
2. They also collect personal income tax.
3. Ensures uniformity in the assessment of tax.
4. They collect excise duties
5. They are saddled with the responsibilities of administrative guidance and directive of each state internal revenue.

E. MINISTRY OF FINANCE
1. They are responsible for economic and budget planning.
2. Processing of revenue allocation.
3. Ensures proper control of government expenditure.
4. The monitor duty on import.
5. They maintain close relationship with international financial institutions