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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
From
time past productive resources owned by one person or group of persons.
It has been a convention that the managers of the productive resources
from time to time report back to the owner (s) of the resources on how
thye fare with the resources entrusted to them.
In a similar view
Millichmp 1999 opined that most business today are operated by limited
companies, which are owned by their shareholder and managed by directors
appointed by the shareholder. Corporally the public own central
government resources including nationalized industries but they are
managed by the government.
As a result of this divorce between
resources management and ownership it has become expedient and pertinent
that has become expedient and penitent that an independent body or
person (s) different form both management and ownership be situated to
examine the account rendered by the manager to the owner of the economic
resources for such accounts to be reliable credible and trust writing
by the owners and other interested user of financial report hence the
emergence of auditing as a profession.
Auditing which has become the
owners “third eye” is very important in the public sector of Nigeria
economy in view of fact that over 65% of the assets base and other
productive resources of the country come under the control of the public
sector of the economy. These assets need to be safeguarded in order
that the real owner (the public) can enjoy their full benefits.
The
relevance of auditing as it regards proper accountability and safeguard
to the nation asset base was borne out of the fundamental roles the
public sector accounting play in effective and efficient governance of
the country. Ani 2001 save the rotes of public sector accounting to
include the following.
a. Control purpose: To ensure efficient financial administration through system of internal control and management
b. Planning Purpose: To provide historical bases for model budget and plans as guide to the formulations of policies
c.
Accountability purposes: To provide a system of financial
accountability by which will promote stewardship of assets deter waste
dishonesty and extravagance and promote effectiveness of reasonable
cost.
d. Appraisal Purpose: To provide outsider with financial data that will help them to reach informed decision.
The basic functions of auditing therefore are of two types :
Primary and secondary functions.
The
primary function of auditing is to enable the auditors to report as to
whether the financial prepared my manager presents a true and fair view
of the state of the financial affairs of the organization during the
period under review while the secondary functions as are to detect fraud
and errors and prevent fraud and errors in the accounting system. But
how relevant has public sector auditing become in view of the current
decay in the management of public resources in Nigeria? In the nutshell
corruptions bribery mismanagement of government resources and lack of
honesty that characterize the economic life in Nigeria has dragged the
efficiency and proficiency of public sector auditing in Nigeria to the
mud.
Public office holder and the entirely of the agents of
government at all levels in Nigeria have made the public sector audit
system which to was enshrined in our constitution to ensure proper
accountability transparency and good government a mere subject of
contemplators system should not permit looting of real asserts and
public funds and mismanagement of the scare economic resources as it
obtain in Nigeria public sector.
The factors or problem that lead to
the ugly scenario described above are not far fetched. This is because
most of the auditors appointed by the executive arms of government at
all level of governance to take the mantle of auditors responsibilities
in the public sector are benefit of the contravention ethical and
professional qualities and standards which an auditor must have.
The
professional qualities and auditing standards issued and approved by
American institute of certified public accountants and adopted by
Nigeria Accounting Standard Board (NASB) includes:
a. Competence: An
auditors must be thoroughly trained and move his competence before he
can sign an audit report. This implies that he must belong to a
professional body approved by the parliament.
b. Independence: An
auditor cannot give an unbiased opinion unless he is independent of all
parties involved and must be seen to be so.
c. Integrity: Qualified accountants are renowned for their honest discretion and tactfulness.
In
Nigeria these qualities and standards enumerated above are almost
absent and auditors are not appointed inconsonance with relevant
statutory provision of audit regulatory authorities or laws such as
relevant sections of company and allied Matters act 1990 (CAMA) and the
Nigerian constitution. Nepotism tribalism and police affiliation and
compensations are criteria used in Nigeria to appoint auditors into the
public sector. These have made audit system in the public sector a weak
ineffective and above all unreliable when it is compared with what
obtains in the civilized world where we repatriated the practice of
auditing to Nigeria. The independence of auditors in the public sector
do not consider whether guaranteed and therefore are impaired. The
manner in which auditors are also appointed in the public sector as not
consider whether the person to be appointed has competence and all the
technical where withal and know how required of an auditor the qualities
of honesty discretion and tactfulness which are paramount and the aroma
of auditing world over are exiting in Nigeria only in theory.
Based
on these distortions and decadence in the system of auditing in the
public sector it has become a clarion call that a reappraisal of public
sector auditing in Nigeria be done to reposition and revamp the system
so as to reap all the benefit inherent in an functional audit system
hence my choice of the topic (auditing as a control in the public sector
accounting)
1.2 STATEMENT OF PROBLEM
The enumerated problem below are found to be inherent in the audit system of the public sector in Nigeria.
1.
The impact of auditors role to promote transparency accountability and
encourage good governance are not felt in the public sector.
2. It
was difficult to ascertain the extent professional ethics and auditing
standards were applied by auditors in the public sector
3. Bribery
and corruption in the public sector has reduced the efficiency and
proficiency of auditing in serving its control purpose
4. It was
difficult to ascertain the extent nepotism and political affiliation
interfere in the appointment and removal of auditors in the public
sector.
1.3 PURPOSE OF THE STUDY
This research top
auditing as a control in public sector accounting a case study of
federal ministry of finance Enugu was set towards establishing the
following objectives.
a. To ascertain the roles auditors play to
promote transparency accountability and encourage good governance in the
public sector especially in the federal ministry of finance Enugu.
b. To find out the extent professional ethics and audit standards were applied by auditors in the public sector.
c.
To ascertain the extent bribery and corruption in the public sector has
reduced the efficiency and proficiency of auditing in playing its
control purpose in federal ministry of finance Enugu.
d. To find out
the extent nepotism favoritism and political affiliation interfere in
the appointment and removal of auditors in federal ministry of finance
Enugu.
1.4 SCOPE OF THE STUDY
This research work is limited to the role auditing system play in public sector accounting in federal ministry of finance Enugu.
1.5 RESEARCH QUESTIONS
To guide this study four research questions were formulated as follows
1.
To what extent do auditors role promote transparency accountability and
encourage good governance in the federal ministry of finance.
2. To what extent do profession ethics and auditing standards were applied by auditors in the federal ministry of finance Enugu
3.
To what extent does bribery and corruption in the public sector reduce
the efficiency and proficiency of auditing in serving its control
purposes in the federal ministry of finance Enugu.
4. To what extent
do nepotism favoritism and political affiliations have interfered in the
appointment and removal of auditors in the federal ministry of finance
Enugu?
1.6 HYPOTHESIS
Ho1: There was no significance difference (P<:05) between the mean
perception
of the senior and junior staff of federal ministry of finance on
whether the impact of auditors role to promote transparency
accountability and encourage good governance are felt in the ministry.
Ho2: There was no significance difference (P<:05) between the view of
senior
and junior staff of federal ministry of finance on whether the extent
professional ethics and auditing standards were applied by auditor in
the ministry
Ho3: There was no significance difference (P<:05) between the mean
perception
of the senior and junior staff of federal ministry of finance on extent
bribery and corruption in the public sector has reduced the efficiency
and proficiency of auditing in the ministry.
Ho4: There was no significance difference (P<:05) between the view of the
senior
and junior staff of federal ministry of finance on the extent nepotism
favoritism and political affiliation interfere in the appointment and
removal of auditors in the ministry.
1.7 SIGNIFICANCE OF THE STUDY
This work will be
of immense benefit to the federal ministry of finance because of the
elaborate emphasis placed on the role auditing play in ensuring proper
accountability transparency waste determinate and promotion of good
governance which the ministry is striving to achieve.
The entire
stakeholder in the management of centrally owned economic resources will
find the research work very beneficial especially now that fight
against corruption and bribery is one of the priorities and challenges
of present dispensation.
The work will also be immense benefit to all the following peculiar ways:
1.
The study attached serious emphasis on the auditing standards such as
independence competence integrity and objective as the fundamental
criteria to serve as bench marks in measuring the qualities of auditors
to be appointed in the public sector.
2. The study exposed a lot
about corruption in the public sector and this will serve as means of
complimentary government effort in the fight against corruption in the
sector.
3. The knowledge that accounting and auditing activities are
geared towards guiding against misuse of scare economic resources is
vital indispensable in the management of public financial affairs. The
study gives knowledge to the key player in the public sector. The study
also highlighted area of significance in the public sector auditing
which need serious and immediate improvement such areas includes auditor
independence auditor’s liability auditors appointment and removal.
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