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| Chapters: 1-5
| Pages: 67
THE SIGNIFICANCES OF AUDITING IN THE PUBLIC SECTOR
CHAPTER ONE
INTRODUCTION
1.1 Background to the study
Due to the increase in the volume of transaction and subsequently the need for improvement in the method of record keeping, audit work and the scope of audit performance has become broader within the past few decades, Oshisama, (2004). This research project is carried out to critically assess the audit performance which aimed at strengthening the ability of the citizens to govern themselves efficiently, effectively and equitably. Revenue and expenditure form the strength of governance in any given polity. It is through this strength that economic prosperity which serves as an appraisal of the living standards of the people in a particular polity is enhanced, the judicious application and prudent management of these key resource areas has led to the categorization of nations as developed, developing and underdeveloped.
In Nigeria in general and Benue State in particular we have potential natural resources which are tapped and injected into government bodies for the provision of goods and services for several decades now yet we are being classified as developing nation.
It is based on the above-mentioned fact that a critical assessment of the audit performance by the auditors who is the watchdog of the public funds is measured to assess performance in Benue State Government, through Office of the State Auditor-General. The public is always demanding for accountability of stewardship from the custodians. Given the situation on ground, the role of audit performance in examining the programs, function, operations, projects and expenditures in the governmental bodies is an obligation that is been demanded by the public, as concerns Benue States Government through the Office of the State Auditor-General.
1.2 Statement of the Problem
The role of auditors in curbing or reducing fraudulent activities in public sector include; to ensure that funds are expended as appropriated; to ensure that laid down procedures are been observed in tendering, contracts and storekeeping with a view to preventing waste, pilferages and extravangance; to ascertain the level of economy, efficiency, effectiveness derived from government projects and programmes; to determine whether the accounts have been satisfactorily and faithfully kept in accordance with the provisions of the law; Adeniyi,(2010:528). Also the detection of fraud and errors as well as prevention of frauds and error though this appear to be a secondary one; Adams (2009: 218).
Despite the significant role of auditors highlighted above, fraudulent activities, inefficiency and waste of public resources are increasingly high; Alih (2012).
Furthermore, recent literature indicates differing results on the effectiveness of auditors in curbing fraudulent activities in the public sectors thereby creating a research gap in the literature. This study is therefore design to empirically investigate on the audit performance in the public sector to fill the gap and provide lasting solution to the problem of mismanagement and fraudulent activities in the public sector.
1.3 Objective of the Study
The objectives of the study are as follows;
· To ascertain the effectiveness of the audit performance in the public sector.
· To find out whether office of Auditor-General of Benue State is adequately staffed and resource to monitor performance check fraud and fraudulent activities in government ministries.
· To finding out the cause of persistent existence of poor performance of government projects, programs and fraudulent activities in ministries despite the existence of office of Auditor-General
1.3.1 Research Questions
In the light of the foregoing, therefore, the following questions come to mind;
· Is the conduct of audit in the Nigerian public sector performing in terms of effectiveness efficiency and economy?
· Are the public audit departments well-staffed and resourced to checkmate fraud and fraudulent activities and monitor performance of government ministries and other establishment?
CHAPTER ONE
INTRODUCTION
1.1 Background to the study
Due to the increase in the volume of transaction and subsequently the need for improvement in the method of record keeping, audit work and the scope of audit performance has become broader within the past few decades, Oshisama, (2004). This research project is carried out to critically assess the audit performance which aimed at strengthening the ability of the citizens to govern themselves efficiently, effectively and equitably. Revenue and expenditure form the strength of governance in any given polity. It is through this strength that economic prosperity which serves as an appraisal of the living standards of the people in a particular polity is enhanced, the judicious application and prudent management of these key resource areas has led to the categorization of nations as developed, developing and underdeveloped.
In Nigeria in general and Benue State in particular we have potential natural resources which are tapped and injected into government bodies for the provision of goods and services for several decades now yet we are being classified as developing nation.
It is based on the above-mentioned fact that a critical assessment of the audit performance by the auditors who is the watchdog of the public funds is measured to assess performance in Benue State Government, through Office of the State Auditor-General. The public is always demanding for accountability of stewardship from the custodians. Given the situation on ground, the role of audit performance in examining the programs, function, operations, projects and expenditures in the governmental bodies is an obligation that is been demanded by the public, as concerns Benue States Government through the Office of the State Auditor-General.
1.2 Statement of the Problem
The role of auditors in curbing or reducing fraudulent activities in public sector include; to ensure that funds are expended as appropriated; to ensure that laid down procedures are been observed in tendering, contracts and storekeeping with a view to preventing waste, pilferages and extravangance; to ascertain the level of economy, efficiency, effectiveness derived from government projects and programmes; to determine whether the accounts have been satisfactorily and faithfully kept in accordance with the provisions of the law; Adeniyi,(2010:528). Also the detection of fraud and errors as well as prevention of frauds and error though this appear to be a secondary one; Adams (2009: 218).
Despite the significant role of auditors highlighted above, fraudulent activities, inefficiency and waste of public resources are increasingly high; Alih (2012).
Furthermore, recent literature indicates differing results on the effectiveness of auditors in curbing fraudulent activities in the public sectors thereby creating a research gap in the literature. This study is therefore design to empirically investigate on the audit performance in the public sector to fill the gap and provide lasting solution to the problem of mismanagement and fraudulent activities in the public sector.
1.3 Objective of the Study
The objectives of the study are as follows;
· To ascertain the effectiveness of the audit performance in the public sector.
· To find out whether office of Auditor-General of Benue State is adequately staffed and resource to monitor performance check fraud and fraudulent activities in government ministries.
· To finding out the cause of persistent existence of poor performance of government projects, programs and fraudulent activities in ministries despite the existence of office of Auditor-General
1.3.1 Research Questions
In the light of the foregoing, therefore, the following questions come to mind;
· Is the conduct of audit in the Nigerian public sector performing in terms of effectiveness efficiency and economy?
· Are the public audit departments well-staffed and resourced to checkmate fraud and fraudulent activities and monitor performance of government ministries and other establishment?
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