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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.
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.
d. The
problem of insufficient emphasis of accounting and stewardship in public sector
organization.
e.
Inadequate implementation of laws in Nigeria.
1.3
OBJECTIVE OF STUDY
The main
objective of the study is to analyze the effects of value for money audit on
public sector organization while the specific objectives are:-
a. To
ascertain the problem of inconsistency in public sector objectives which is as
a result of political and economic instability.
b. To
examine the problem of diversity in accounting system in public sector
organization in Enugu State.
c. To
determine the problem of using cash basis of accounting in public sector
organization.
d. To
ascertain the problem of insufficient emphasis on accountability and
stewardship in public sector organization.
e. To
investigate the problem of inadequate implementation of laws in public sector
organization in Enugu State.
1.4 RESEARCH
HYPOTHESIS
In order to
achieve the objectives of this research study, the following hypothesis was
formulated.
Hypothesis
One
Null
Hypothesis (Ho)
There is no
significant relationship between economic and political instability and
performance of public sector organization in Enugu State.
Alternative
Hypothesis (Hi)
There is a
significant relationship between economic and political instability and
performance of public sector organization in Enugu State.
Hypothesis
Two
Null
Hypothesis (Ho)
There is no
significant relationship between cash basis of accounting and performance of
public sector organization in Enugu State.
Alternative
Hypothesis (Hi)
There is a
significant relationship between cash basis of accounting and performance of
public sector organization in Enugu State.
Hypothesis
Three
Null
hypothesis (Ho)
Inadequate
implementation of law had no effect on performance of public sector
organization in Enugu State.
Alternative
hypothesis (Hi)
Inadequate
implementation of laws has been effect on performance of public sector
organization in Enugu State.
1.5 RESEARCH
QUESTIONS
1. To what
extent does the inconsistency in public sector objectives which is as a result
of political and economic instability affect performance of public sector
organization in Enugu State?
2. How does
the diversity in accounting records or lack of uniformity in accounting records
affect the public sector organization in Enugu State?
3. Could the
problem of the use of cash basis rather than accrual basis accounting affect
public sector organization in Enugu State?
4. To what
extent does the insufficient emphasis on accountability and stewardship affect
public sector organization?
1.6
SIGNIFICANCE OF STUDY
This
research therefore aims that value for money audit will be relevant in the
public sector because of the special needs for government organizations to
demonstrate their accountability and their regards for economy, effectively in
the use of public funds and other resources. Value for money auditing is
particularly appropriate for any organization whose activities cannot be judged
solely by their contribution profit.
a. Budgeting
and budgeting control
b. The
development of management information system necessary to plan, cooperate and
control an organization.
c. Human
resources management (that is planning procurement appraisal) construction
procurement and utilization of physical asset such as property, plant and
equipment.
1.7 SCOPE OF
STUDY
This work is
restricted to Enugu State Water Co-operation; this work will enlighten them on
how to achieve their goals with a minimum cost.
1.8 LIMITATION
OF STUDY
The
limitations involved in the course of this research includes hostility and non
co-operation on part of executive respondent unwilling to disclose their
necessary and vital information or document which they felt it will be
detrimental to their business. Also the financial implication was very high and
this imposed certain restrictions. The constraint of time was also a limiting
factor as one the areas of interest were not covered as they would have been
adequate.
1.9
DEFINITION OF TERMS
Value for
money: Providing a service for a product in way that is economical, efficient
and effective.
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