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ABSTRACT
The scope of governmental auditing has been widened over the
year by the demand for independent verification of information to the extent
that it can no longer be limited to the audit of financial operations, but
value for money audit which ensures that the activities and programs are
carried out at low cost and high standard. Lack of commitment in cost
efficiency to the overall achievement of goals by the managers in the public
sector brought the need of this research work titled “Evaluation of value for money
audit as tool for fraud control in the public sector”. The aim was to ascertain
whether government auditing achieves the purposes for which programs are
authorizes and funds released economically and efficiently in accordance with
applicable law and regulations. A survey research design was adopted for the
study with sample size of 100 respondents randomly sample and stratified from
Audit and finance department of PHCN (Abuja). Three hypotheses were tested at
5% level of significance using the analysis of variance (ANOVA) statistics. it
was found that value for money audit play a vital role in promoting the
effectiveness and efficiency of activities in the public sector the researcher
recommend that government should support the implementation of policies
formulated to enhance value for money audit in the public sector.
CHAPTER ONE 1.1 BACKGROUND OF THE STUDY
Every sector of the economy both the private and the public
sector has its own objectives and goals to achieve. For the public sector of
the economy, their goal is to satisfy the social needs of the citizens and in
the effort to achieve these purposes, auditing more often, play a vital role.
The size and scope of these sectors have sometimes made it
clear for the executor to exercise personal and first hand supervision of
operation. It is in this light that value for money audit established by
management is initiated, for any organization to carry out its business
efficiently and effectively, there must be some factors that must be put in
place for the smooth running of the organization like materials, machines,
human labor and money e. t. c.
Auditing is seen to play an intermediary function in between
management and the resources of the organization. It is also fundamental to any
business either the public or private sector, which will help the business to
keep its adequate financial records. These financial records are kept in
response to the demand by a system control which requires that the business
enterprise must be carried out in an orderly manner, ensure adherence to
management policies, safe guard the assets and secure possibly the completeness
and accuracy of the records. Irrespective of these facts of system of control
established by the management of the organization, fraud still thrives.
In the early 1970s, the role of the state auditors began to
change dramatically. Changes began in USA, Canada, and in several European
countries. The representative of the people started demanding information on
the efficiency and effectiveness of public expenditure.
In Nigeria no specific legislation has been put in place to
empower auditors to carryout value for money audit. However, the 1999
constitution section 88 (2) empowered both the two federal house and the state
house of assembly to conduct investigation to expose corruption, inefficiency
or waste on the execution or administration of law within the legislative
competence and in the disbursement or administration of fraud appropriated by
it.
Therefore, fraud control has become increasingly important to
managers of various governments in an organization. In general, financial
statements fraud has always weakened investors’ confidence in both private and
public sector investment. This is because 1 fraud against an organization
reduces the net income by 1 and services to be provided to people in the case
of public sector.
However, value for money audit will be wildly concerned with
the economy and efficiency of an organization and the effectiveness of
achieving its desired objective thereby controlling fraud to evaluate the
effectiveness of the internal control system within the organization.
(BRIEF REVIEW OF THE FIRM, POWER HOLDING COMPANY OF NIGERIA,
PHCN)
The history of electricity in Nigeria can be dated back to
the end of the 19th century when the first generating plant was installed in
Lagos in 1898. From then until the 1950, the platform of electricity
development was in the form of individual electricity power undertaking
scattered all over the towns, some of the few undertaking were federal
government bodies under the public works department, some by the native
authorities and others by the municipal authorities.
1.2 STATEMENT OF THE PROBLEM
Fraud is a complex phenomenon. It is rampant in both private
and public sectors of Nigerian economy. In the public sector, value for money
audit reports are mostly unqualified even in a glaring situation or cases of
corrupt practice by the managers that means that auditors especially those in
public establishment compromise their duties or their duties are influenced and
threatened in the performance of their statutory functions.
Therefore these studies tend to find out why there are:
Improper methods of appointment of auditors
Inadequate internal control
Lack of independence of auditors
Untimely and unreliable financial statements
Lack of transparency and inadequate method of accountability
1.3 OBJECTIVES OF THE STUDY
This study tends to find out some of the objectives which
will include:
1. To find out the effect of value for money audit in fraud
detection and control in the public sector.
2. To find out the relationship between internal control and
fraud detection.
3. To determine what extent is the value for money audit
relevant to the effectiveness and control of an organization.
4. To find out why there is lack of transparency and
inadequate method of accountability.
5. To find out why there is inadequate internal control
system.
1.4 RESEARCH QUESTION
1. Is there any significant effect of value for money audit
in fraud detection and control in the public sector?
2. Is there any alignment relationship between internal
control and fraud detection?
3. To what extent is the value for money audit relevant to
the effectiveness and control of an organization?
4. What are the causes of lack of transparency and inadequate
method of accountability?
1.5 RESEARCH HYPOTHESIS
The hypotheses are stated in null and alternative forms.
Ho1: There is no significant effect of value for money audit
in fraud detection in the public sector.
HA1: There is a significant effect of value for money audit
in fraud detection in the public sector.
Ho2: There is no alignment between internal control and fraud
detection.
HA2: There is an alignment between internal control and fraud
detection.
Ho3: The value for money audit does not institute financial
discipline in organization.
HA3: The value for money audit institute financial discipline
in an organization.
1.6 SCOPE OF THE STUDY
Basically, the scope of this research work is on the value
for money audit in the controlling of fraud, detection and financial crime
prevention in our present day public sector using “power holding company of
Nigeria” as a study. It focuses on the need for auditing and the importance of
auditing in detecting and preventing fraud in other for organizations to
ascertain their problems.
The population of study in selected staff in four of the units
or department of the power sector namely the audit unit, finance, account and
public relation department.
1.7 LIMITATION OF THE STUDY
Virtually every research work comprises of one limitation or
the other. However during the course of carrying out this research work, a lot
of set locks were encountered which include:
1. Time constant: there was limited time so the topic could
not be broadened.
2. Non-challant attitude of some respondent: the response
gotten from some of the staff of the power holding company poses another
problem.
Most of them due to lack of knowledge fear to provide
information and also to protect their job due to corruption, they could only
give information which concerns them most.
1.8 SIGNIFICANCE OF THE STUDY
1.There is need to inform the management in the business
organization on the value for money audit as regard to fraud control ,
detection and prevention in order that the auditor would be giving a maximum
co-operation in the performance of his study.
2. It will also encourage the interest groups in the
organization e. g potential investors, creditors’ e. t. c.
3. It will enlighten the public on the topic and provide
further literature in the field of auditing and investigation.
Also the research work will be handy and serve as reference
for further researches concerning auditors and fraud control, and it will add
to our knowledge generally.
1.9 DEFINITION OF TERMS
Auditing: An independent examination of an expression of
opinion on the fundamental statement of an entity by an appointed auditor (Ihe
and Umeaka 2006)
Economy: An organized scientific study of the problem by
which scarce resources which have alternative uses are allocated among
competing wants with the objective of maximizing welfare (Nnamocha 2002)
Efficiency: Is the maximization of the ratio of output to
input or the relationship between resources consumed in the process of
generating effective output and output so produced (Norbert 1999)
Effectiveness: Refers to the degree to which the resulting
output satisfied predetermined organization objectives (Norbert 1999)
Internal control system: The whole system of control
financial and otherwise established by management in other to carry out the
business of an enterprise in an orderly and efficient manner (Chukwu 2005: 17)
Management: An applied discipline concerned with the
achievement of organizational objectives (Norbert 1999)
Public sector: The portion of an economy in which the
activities are under the control and direction of the state (Ihe and Umeaka
2006:1)
Private sector: that portion of the economy in which the
activities are under the control and direction of a non- governmental economic
unit (Ihe and Umeaka 2006:2)
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