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A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN PUBLIC SECTOR

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CHAPTER ONE

INTRODUCTION 

1.1        Background of the study

1.2        Statement of problem

1.3        Objective of the study

1.4        Research Hypotheses

1.5        Significance of the study

1.6        Scope and limitation of the study

1.7       Definition of terms

1.8       Organization of the study

CHAPETR TWO

2.0   LITERATURE REVIEW

CHAPETR THREE

3.0        Research methodology

3.1    sources of data collection

3.3        Population of the study

3.4        Sampling and sampling distribution

3.5        Validation of research instrument

3.6        Method of data analysis

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS AND INTERPRETATION

4.1 Introductions

4.2 Data analysis

CHAPTER FIVE

5.1 Introduction

5.2 Summary

5.3 Conclusion

5.4 Recommendation

Appendix

 

Abstract

This study is on a critical analysis of value for money audit in public sector. The total population for the study is 200 staff of Enugu water co-operation. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made account officers, production managers, sales managers and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies

 

 

 

 

 

 

 

 

 CHAPTER ONE

INTRODUCTION

  • 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 assess 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 THE 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.

  1. 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.
  2. Inadequate implementation of laws in Nigeria.

1.3 OBJECTIVE OF THE 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?

  1. To examine the problem of diversity in accounting system in public sector organization in Enugu State.
  2. To determine the problem of using cash basis of accounting in public sector organization.
  3. To ascertain the problem of insufficient emphasis on accountability and stewardship in public sector organization.
  4. To investigate the problem of inadequate implementation of laws in public sector organization in Enugu State.

1.4 RESEARCH HYPOTHESES

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.

1.5 SIGNIFICANCE OF THE 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.

  1. Budgeting and budgeting control
  2. The development of management information system necessary to plan, cooperate and control an organization.
  3. Human resources management (that is planning procurement appraisal) construction procurement and utilization of physical asset such as property, plant and equipment.

1.6 SCOPE AND LIMITATION OF THE 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. The researcher encounters some constrain which limited the scope of the study;

  1. a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
  2. b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
  3. c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities

1.7 DEFINITION OF TERMS

Value for money: Providing a service for a product in way that is economical, efficient and effective.

AUDIT: An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern.

PUBLIC SECTOR: The public sector is the part of the economy composed of both public services and public enterprises

1.8 ORGANIZATION OF THE STUDY

This research work is organized in five chapters, for easy understanding, as follows

Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding.  Chapter five gives summary, conclusion, and recommendations made of the study


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