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A CRITICAL ANALYSIS OF VALUE FOR
MONEY AUDIT-IN-PUBLIC-SECTOR
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Auditing has
existed as long as man has been required to account for their transactions. A
famous example is in St. Mathew’s Gospel (Chapter 25) when the rich man went on
a journey and delivered his goods to a servant to look after them while he was
away. On his return, he asked each of these servants to account for the goods
with which he had been entrusted.
In the
ancient ages, great land owners would not manage their own land, but would
appoint stewards to manage their own land for them. The account of these land
owners were checked by having them called out by those who gave them to those
in authority (land owners) for hearing otherwise called stewardship accounting.
Auditing can
be defined as the process of an independent examination of vouchers, internal
control system and financial statements of an organization by a person or a
group of persons called auditors so that the auditors can form and express
opinion whether the vouchers, internal control system and financial statement,
give a true and fair view of the organization.
2
Auditing is
carried in both the public and private sectors. In the case of public sector,
there are two foremost types of audit that are carried out namely: Regulatory
audit and financial audit and the third type is value for money (VFM) audit
which is yet to be fully integrated in most part of the world.
According to
Bechberger (2007), it is observed in the past decades that in order to fight
global corruption and strengthening transparency and accountability in public
sector organization across the world, public sector organizations are now under
pressure from the public to integrate value for money principles in their
management practices.
Value for
money according to National Audit Office (2007) means providing a service or a
product in a way which is economical efficient and effective. Value for money
audit is therefore, the type of audit that is used to asses the value for money
system in any organization. It is an independent examination of the criteria
(economy, efficiency and effectiveness) for the value for money to confirm that
the organizations available resources are used wholly, necessarily, reasonably
and exclusively so as to maximize progress towards the chosen objective.
1.2
STATEMENT OF PROBLEM
The research
work “The critical analysis of value of money audit (VFM) and public sector
performance in Enugu State centers on the major problems facing value for money
audit in Enugu which includes:-
a. Problem
of inconsistency in public sector objectives as a result of political and
economic instability.
b. Diversity
in accounting records or lack of uniformity in accounting records system among
public sector organization.
c. The
problem of cash basis rather than actual basis in public sector accounting.
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