STRATEGIES FOR MINIMIZATION OF FINANCIAL AUDIT PROBLEMS IN PUBLIC SECTOR (A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA)
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STRATEGIES FOR
MINIMIZATION OF FINANCIAL AUDIT PROBLEMS IN PUBLIC SECTOR (A CASE STUDY OF
POWER HOLDING COMPANY OF NIGERIA)
ABSTRACT
The purpose of this research work is to identify strategies
for the minimization of financial audit problems in the public sector. The
researcher addressed the under listed problems in the process of the research.
The public sector is plagued with inefficiency which is needed to be improved.
She wanted to find out; how often auditors give audit reports in public sector.
If public sector auditor can be skilled to cope with the present computerization
of government account, If the internal auditors in the public sector are very
effective. The researcher embarks on this study for the purpose of expressing
lapses present in the audit of government account in PHCN and also addresses
such problems that may arise from the statement of problem. On the source data
to be explored, the researcher will make use of both primary and secondary
data. This means that questionnaires will be applied. The statistical tool use
for data analysis will be the simple percentage and chi-square method. This
method will be chosen because the researcher consider them to be simple to use
and easy to understand and that the result from them are more reliable. The
researcher made the following findings: The internal control auditors in the
public sector are very effective, treasury department in the public sector
co-operate with auditors and the Public sector auditors are not skilled enough
to cope with the present computerization. The researcher recommends that
qualified accountants by training and profession should be made to head the
audit section as opposed to the present trend of deploying clerical officers to
head the unit. At the end of the study, the researcher intends to have helped
in identifying the problems associated with government audit, how to minimize
them, how efficiency will be introduced into government accounting and auditing
and how the users of government financial statement will benefit from the
improved auditing standards and practice.
TABLE OF CONTENT
Content
Page
Title Page
ii
Approval Page iii
Dedication
iv
Acknowledgement
v
Abstract vi
Table of content
vii
CHAPTER ONE
1.0
Introduction 1
1.1
Background of the study
2
1.2
Statement of the problem
4
1.3
Population of the Study
5
1.4 Research
question
5
1.5 Research
hypothesis 6
1.6
Limitation of the Study
6
1.7
Significance of the Study
8
1.8
Definition of terms
9
CHAPTER TWO
LITERATURE REVIEW
2.1 Concept of Auditing
11
2.2 Public Accounting
14
2.3 Legal considerations involving auditors in the public
sector 16
2.4 Role of financial management in ensuring
accountability
and fraud
prevention
17
2.5 Inspectorate and investigation unit
19
2.6 The professional conduct of auditors and their approach
in the public
sector
21
2.7 Accounting System
23
2.8 Internal Control
25
2.9 Fraud
27
2.10 Computer Auditing System
27
2.11 The problem facing auditors in computer based accounting
systems 28
2.12 Internal audit in the public sector and obstacles to its
efficiency 30
2.13 Public accounting and external auditing 30
2.14 Auditing failure
31
2.15 Technical issues
32
2.16 Summary of literature review 33
CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction
38
3.1 Research Design
38
3.2 Area of the Study
38
3.3 Population of the Study
39
3.4 Sample and Sampling Techniques 39
3.5 Instrument for Data Collection
40
3.6 Validity of Instrument
41
3.7 Reliability of Research Instrument 41
3.8 Method of Data Collection
42
3.9 method of data analysis
42
CHAPTER FOUR
4.0 Data Analysis and Interpretation
44
4.1 The analysis of questionnaire
44
4.2 Testing of Hypotheses 47
4.3 Discussion of Findings
57
4.4 Summary
57
CHAPTER FIVE
5.1 Summary of findings
58
5.2 Conclusion
60
5.3 Recommendation
61
Bibliography
63
Appendix 1
65
Questionnaire 66
CHAPTER ONE
1.0 INTRODUCTION
Auditors in the public sector have a lot of problems in
Auditing Government Accounts. The researcher embarks on this study for the
purpose of identifying these problems as well as the strategies for the
minimization of those audit problems in the public sectors and government
accounts, using Power Holding Company of Nigeria as a case study. He will also
address such problems that may arise from the statement of the problems of this
work. The researcher will make use of both primary and secondary data, which
means, that research method will be chosen because the researcher consider them
to e simple to use and easy to understand and that the results from them are
more reliable.
At the end of the study, the researcher intends to have
helped in identifying the problems associated with government audit; how to
minimize them, how efficiency it will be introduced into government accounting
and auditing and how the users of government financial statement will benefit
from the improved auditing standards and practices.
The researcher will in this chapter give the Background of
the study, Statement of Problem, Purpose of the Study, Research Question,
Hypothesis, Limitations of the Study and Definition of Terms.
1.1 BACKGROUND OF THE STUDY
The account system (including the system of auditing) in
Nigeria was patterned to the system of auditing obtainable from Britain.
According to Atlan Burns (1980), Britain was Nigeria’s colonial master prior to
her independence on 1st October, 1960. Hence there is no significant difference
between the civil service operational from the British government.
In view of the historical background, various ministries and
parastatals were established by the government at both federal and state
levels. In each ministry, account units were created which handle all
accounting problems and system of the ministries to ensure that the public
funds committed to these parastatals are judiciously accounted for. The Federal/State
Audit Department was established. This department is headed by the Auditor
General of the Federation. The Audit Act of 1956 directs the Auditor General of
the Federation to, “prepare and transmit a special report to the National
Assembly where necessary as it concern other issues such as programme, project,
activities, function or transaction concerning fraud or misappropriation of
public funds and property in the office. Recently, there have been several
changes in the civil service structure and operation in the country which have
brought about a lot of problems in the Audit of Government Accounts. Though the
changes were affect with reasonable objectives in view, but still have given
rise to such problems as far as the Auditors handling the public sector and
government accounts are concerned.
Multiplicity of fund is an element on government financial
report which have powerful influence on audit procedures. These are the
problems which have made the researcher to look into the study of the strategies
for the minimization of Audit problems in the public sector of the Federation
using Power Holding Company of Nigeria as a case study.
1.2 STATEMENT OF PROBLEM
The researcher addressed the following problems in the
process of the research work.
(1) The public sector is plagued with
inefficiency which needed to be improved. This inefficiency is one of Audit
problems in the public sector of the economy.
(2) A
review of the system of Internal Control generally referred to as the Interim
Audit. For Auditors to be able to perform on effective Audit of public sector,
the auditor has to carryout the necessary control in the organization he wants
to perform audit work. The researcher therefore dived into finding the
following;
(i) If the Auditors in the public sectors often
give audit report?
(ii) If
there is a necessary co-operation required between the audit department and
treasury department in the area of investigations and monitoring of the
required accounts.
If the public sector auditors are skillful enough to cope
with the present computerization of government accounts.
1.3 PURPOSE OF THE STUDY
This work sought to determine the purpose of expressing
lapses associated in auditing of Government Accounts vis-Ã -vis that of Power
Holding Company of Nigeria. Other objectives of the study which the researcher
intends to achieve are listed as follows:
(1) To
ascertain how often public sector auditors give audit report
(2) To
assess and test if the internal auditors in Power Holding Company of Nigeria
are effective.
(3) To
ascertain and explain the need for co-operation between the Audit department
and the financial department in the area of fraud prevention.
(4) To
ascertain the skill of public auditors in coping with the ongoing
computerization.
1.4 RESEARCH QUESTIONS
1. Are the internal
control auditors in the public sector very effective?
2. does the
treasury department in the public sector co-operate with auditor?
3. Are the public
sectors auditors skilled enough to cope with the present computerization?
4. Do auditors
often give audit reports in public sector?
1.5 RESEARCH HYPOTHESIS
Ho: There are no effective internal auditors in the public
sector
Hi: There are effective internal auditors in the public
sector.
Ho: Treasury department in public sectors do not co-operate
with auditors.
Hi: Treasury department in public sectors co-operate with
auditors.
Ho: Auditors in the public sector are not skilled enough to
cope with the present computerization of public sector.
Ho: Auditors is public sector does not give audit reports
often
Hi: Auditors is public sector give audit reports often.
1.6 LIMITATION TO THE STUDY
This study is designed to deal thoroughly with the public
sector accounting and auditing in all areas of the government parastatals.
However, the researcher during the cause of carrying out this assignment
stumbled into services of constraints such as pressure of work.
In the case of the financial constraint; the researcher on
her status as a student had not enough money at her disposal and this coupled
with the hard times provoked by this period of galloping inflation and
austerity posed too great a problem.
The researcher also had in her schedule to attend to other
equally pressing obligation, which she cannot inevitably evade. She therefore
had no option than to make do with the smallest possible time in bringing out
this work. Most of the respondents chosen by the researcher developed lukewarm and
non-challant attitude towards answering the questionnaires, culminating in
returning them late for the researcher’s use. However, the researcher got all
the questionnaires from all the respondents from which she made conclusions.
The collection of material for this project topic was by no
means an easy task. This was more so because of the singular fact that these
materials are not found on the same place. To get at these materials, the
researcher had to run from one place to the other which often times because
futile and the cost of transportation is high.
The researcher as at the time of this project work had to
grapple with some other academic oriented problems. Since these other works
must have to be attended to, common sense would demand that the time appointed
to these problem is definitely not adequate. The splitting of this small time
and resource among these, reduces the extent of perfection of this research
work to the barest minimum.
1.7 SIGNIFICANCE OF THE STUDY
The researcher became inspired to delve into this topic based
on her belief that the workers will be of immense benefit to the following
category of the people in Nigerian society.
(i)
Government: The government will benefit from the place by enjoying the
improved auditing standard that will arise from the identification and solution
of the audit problems which will result to audit efficiency.
(ii) Private
Auditing Firms (external audit): The research will be significant to the
external auditors in that they will now learn how to audit government account
in accordance with the relevant auditing standards.
(iii) Student:
This study will be significant to student in higher institutions of learning
for reference and academic purposes.
(iv)
Subsequent Researcher: The subsequent researchers will value this piece
of work since they can easily pick more research topics from the research
questions and research further on them.
1.8 DEFINITION OF TERMS
(i)
AUDITING: Auditing is the independent examination in order to ensure
that they have been properly kept, reflect the transactions of the organization
and that these transactions are in accordance with the laid down rules and
regulations.
(ii) CAAT:
Is an auditing term which simply means “Computer Assisted Auditing Techniques”
quantity and quality are acquired at the lost cost.
(iii)
EFFICIENCY: Efficiency is the production of as higher output using the
same resources or in the production of the same level of output using a lower
input.
(iv)
EFFECTIVENESS: Means the extent to which objective or goals are
achieved.
(v)
CO-OPERATION: The act of doing something together or working together
towards a share aim.
(vi)
COMPUTERIZE: To provide a computer or computer to do the work of
something.
(vii) CONSTRAINT:
A thing that limits or restricts something or your freedom to do something.
(viii) CULMINATE: To
end with a particular result or at a particular point.
(ix)
INVESTIGATE: An official group of inspectors who work together on the
same objects.
(x)
INTERNAL CONTROL: Is a measure used by management to regulate and
control the affairs of business.
(xi)
NON-CHALLANT: Behaving in a calm and relaxed ways that gives the
impression that you are not feeling any anxiety.
(xii)
MULTIPLICITY: Means a great number and variety of something.
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