Critical Evaluation of Accounting System in Tertiary Institutions in Osun State, Nigeria

The essence of this research is to evaluate the effectiveness and efficiency of accounting system in tertiary institutions with aim of establish the way in which administrator of tertiary institutions are process and manage the resources to survive, grow and achieve common goal and prestige. The sample comprises one hundred and ten (110) employees who were randomly selected from seven categories of tertiary institution in Osun State, Nigeria. Data were collected from both primary and secondary source while descriptive analysis was used to analyse the data collected with aid of (ANOVA) Analysis of Variance tool to test hypotheses. The results showed that the accounting guideline and policies have impact on preparation of financial statement and maintained effective internal control system put in operation in tertiary institution. The implications are the if institution have no effective accounting system it may give rise for fraudulent practices of which will critical damage the integrity of leadership to achieve common goal and prestige hence ability of institution to survive will difficult. It was recommended that for accounting system of Educational Institution to be effective, institutions should work with administrators who have people’s skills to deal with a variety of culture and bring diverse teams together to achieve common goals and prestige. Keywords: Accounting system, guidelines and policies, tertiary institutions, internal control, financial statement