AUDITING AS AN EFFECTIVE TOOL FOR FINANCIAL CONTROL IN NIGERIA

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AUDITING AS AN EFFECTIVE TOOL FOR FINANCIAL CONTROL IN NIGERIA

TITLE PAGE

CERTIFICATION

DEDICATION

ACKNOWLEDGEMENT

TABLE OF CONTENT

CHAPTER ONE: INTRODUCTION

1.1 BACKGROUND OF THE STUDY ————————————————–

1.2 STATEMENT OF THE PROBLEM —————————————————–

OBJECTIVES AND JOF THE STUDY ———————————

RESEARCH QUESTION————————————–

RESEARCH HYPOTHESES———————————————————-

SIGNIFICANT OF THE STUDY—————————————————-

SCOPE AND LIMITATION OF THE STUDY————————————–

CHAPTER TWO: LITERATURE REVIEW

INTRODUCTION————————————————————-

AUDITS AS TOOLS FOR FINANCIAL CONTROL IN PUBLIC SECTOR—–

WHAT FINANCIAL CONTROL AND PUBLIC SECTOR IS ALL ABOUT—–

ROLES AND RESPONSIBILITIES OF INTERNAL AUDITOR ——————–

CONTROLS IN PUBLIC SECTOR MANAGEMENT ———————————

THE NEED FOR FINANCIAL CONTROL IN PUBLIC SECTOR ACCOUNTABILITY IN OUR PUBLIC SECTOR——–

PROBLEMS OF FINANCIAL CONTROL IN PUBLIC SECTOR—————–

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 INTRODUCTION

3.2 RESEARCH DESIGN

3.3 RESEARCH INSTRUMENTS

3.4 RESEARCH POPULATION

3.5 SAMPLING AND SAMPLING TECHNIQUES

3.6 DATA COLLECTION

3.7 METHOD OF DATA ANALYSIS

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1 INTRODUCTION

4.2 THE DATA PRESENTATION

4.3 INTERPRETATION OF RESULTS

CHAPTER FIVE: SUMMARY AND CONCLUSION AND RECOMMENDATIONS

5.1 INTRODUCTION

5.2 SUMMARY

5.3 CONCLUSION

5.4 RECOMMENDATIONS

5.5 SUGGESTION FOR FURTHER STUDY

REFERENCE

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

There is general awareness all over the world for the need to pay greater attention to the improvement of public sector management. The reason is obvious, government constitutes the largest single business entity and her pattern of expenditure through its various parastatals, agencies and commissions stimulate lot of economic activities. As a result of these, Government huge involvements in economic activities, initiatives are being taken all over the world towards improvement of the standards of accounting and auditing departments in government. The public sector accountant has the responsibility of developing systematic arrangements to assist management in the performance of the services of the institution while the public sector auditor has among other duties, the complementary role to examine whether management actually performs that efficiently. The public sector auditor has to satisfy himself that the account presented have been prepared in accordance with statutory and constitutional requirements and regulation and that proper accounting practice have been observed in their compilation. With the growing size and complexity of public sector in the recent years, the importance of the this audit has correspondingly increased so that it is today a major factor in establishing the quality of the public sector financial control and its development has made a considerable contribution to the improvement of the public sector management in Nigeria, (Howard, 2008).

However, financial control as the name implies means the proper management and control of financial aspects, the efficiency effective and management of finance of the organisation. The finance control and management law 1968 is designed for control and management for the public financial and matters connected there with and it stipulates under section 33 that the accountant general shall under to the auditor general accounts showing the financial position of the state at the end of every financial year and these include:

(a) Statement showing the sums estimated to be received as revenue into the consolidated revenue fund and sums actually so received in the period of account.

(b) Statement of assets and liabilities.

(c) A statement showing the sums estimated to be issued out of the consolidated revenue fund and the sums actually so issued in the period of accounts.

So in every organisation or public sector, there is the need for financial control, (Adeniji, 2011).

Therefore, Wamakko ministry of finance should not be an exception. Every staff of the ministry is involved to some extent in controlling of financial as well answerable to their conduct. Almost all the workers in the civil services especially those involved in government financial operation and well acquainted with and an updated knowledge of the principles of financial controls. Financial control is linked with financial planning. This is not withstanding control parameter are outcomes of financial planning decisions.

However, systematic planning in itself requires a degree of control in terms of its process and procedures. In most cases, government constitutes largest single business entity and in many places, the core of the economy.

Hence, its pattern of expenditure or manner of resources allocation determines the extent to which accountability for economy, efficiency and effectiveness can be achieved.

Unfortunately, the management team most times is not committed to support the auditors in rendering appropriate financial control. This weakens the auditing process. An internal control system has been found very significant to the Local government Area especially in the assurance of reliability of the financial report, however, despite the preponderance of literatures there are indications that disparity gap exist between audit practice and financial performance of Local governments (Kiabel, 2012). Therefore, it is against this background, the study seeks to assess the impact of auditing as an effective tool for financial control in the public sector in Nigeria, using Wamakko LGA of Sokoto State, Nigeria as case study.

AUDITING AS AN EFFECTIVE TOOL FOR FINANCIAL CONTROL IN NIGERIA

AUDITING AS AN EFFECTIVE TOOL FOR FINANCIAL CONTROL IN NIGERIA