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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.
You either get what you want or your money back. T&C Apply
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