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INTERNAL AUDITING AND EFFECTIVE PUBLIC SECTOR ADMINISTRATION IN NIGERIA

INTERNAL AUDITING AND EFFECTIVE PUBLIC SECTOR ADMINISTRATION IN NIGERIA

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  • Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
  • Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
  • Full Access Fee: ₦4,000

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TABLE OF CONTENT

Content                                                                                                      Page

Title page                                                                                                   i

Certification                                                                                               ii

Declaration                                                                                                          iii

Dedication                                                                                                  iv

Acknowledgement                                                                                      v

Abstract                                                                                                     vii

Table of content                                                                                         viii

CHAPTER ONE

INTRODUCTION

1.1     Background of the Study                                                                           1

1.2     Statement of the Problem                                                                           3

1.3     Statement of the Objective                                                                4

1.4     Research Questions                                                                          5

1.5     Scope and Limitation of the Study                                                   6

1.6     Delimitation of the Study                                                                           7

1.7     Significance of Study                                                                        8

1.8     Definition of Terms                                                                          9

CHAPTER TWO

LITERATURE REVIEW

2.1     Theoretical Framework                                                                      11

2.2     Review of Related Literature                                                             12

2.2.1  The Public Sector                                                                                        12

2.2.2  Scope of Public Sector                                                                       13

2.2.3  Overview of Public Sector Accounting                                              13

2.2.4  Principles and Procedures of Public Sector Accounting                              16

2.2.5  Objectives of Public Sector Accounting                                             17

2.2.6  Internal Auditing in Public Sector                                                      18

2.2.7  Public Sector Internal Audit Functions                                              22

2.2.8  Internal Audit Policy                                                                         22

2.2.9  Appointment of Internal Auditor in the Public Sector                       23

2.2.10                   Duties of Internal Auditors in Public Sector                                      24

2.2.11                   Principal Functions of Internal Auditing                                  24

2.2.12                   Reporting in Public Sector                                                       25

2.2.13                   Treasury Department Internal Audit in Public Sector             26

2.2.14                   Internal Audit Programme in Public Sector                                       27

2.2.15                   Accountancy and Audit in Public Sector                                 28

2.2.16                   Accounting Records                                                                 29

2.2.17                   External Reports                                                                     30

2.2.18                   Accounting Failure                                                                  32

2.2.19                   Auditing Parastatals in Public Sector                                                34

2.2.20                   Limitation of the Effectiveness of Internal Auditing                38

2.3              Summary of Literature Review                                                         39

CHAPTER THREE

3.0     Research Methodology                                                                      41

3.2     Research Design                                                                                41

3.3     Research Population                                                                         42

3.4     Sample and Sampling Techniques                                                     42

3.5     Data Collection Method                                                                              43

3.6     Validity of Study                                                                               43

3.7     Reliability of Study                                                                           43

3.8     Method of Data Analysis                                                                            43

CHAPTER FOUR

4.0     Presentation and Analysis of Data                                                    44

4.1     Data Presentation                                                                                       44

4.2     Data Analysis                                                                                    44

4.3     Analysis of Questionnaire                                                                 45

4.4     Research Question One                                                                     45

4.5     Research Question Two                                                                              48

4.6     Research Question Three                                                                   51

4.7     Research Question Four                                                                    55

CHAPTER FIVE

5.1     Summary of Findings                                                                        57

5.2     Conclusion                                                                                        60

5.3     Recommendations                                                                                       61

          References                                                                                         63

          Appendix 1                                                                                       64

          Appendix 2                                                                                                 65


CHAPTER ONE

GENERAL INTRODUCTION

1.1            BACKGROUND OF THE STUDY

The achievement of organizational aims and objectives either in the private or public sector is crucial to the management and all stakeholders of any organization. The achievement of common goals is dependent upon the attitude of management of human and material resources, particularly the financial resources as finance is the livewire of any organization. Management in order to achieve this fact, need to carryout independent appraisal activity within the organization. This appraisal is done by the internal audit department of the organization.

According to the Institute of Internal Auditors as in Obara (2002) “ Internal Auditing is an independent appraisal activity within an organization for review of accounting, financial and other operations: as a basic for service to management. It is a managerial control which functions by measuring an evaluating the effectiveness of other control.

The appraisal activity within an organization ensures that staff entrusted with responsibilities within the ambit of the organizational legal framework. Kiabel (2002) stats, “Auditing has also been a potent factor in ensuring compliance with legal requirement and organizational rule”. The formalization of an organization establishing rules and regulations, give the managers of the organization a proper direction in its administration. The adherence of these organizational norms will definitely bring about effective administration. Therefore, when we talk about effective administration we are talking about a management that carry out its responsibilities according to laid down rules and regulations, with a view to achieving organization goals.

The Nigerian public sector today is faced with several administrative ineffectiveness which had caused unprecedented damages to the economy. Several government owned companies and parastatals have either wound up or become dormant and unproductive. This is in spite of the fact that work in these organizations is departmentalized; division of labour and each department has a competent staff at the helm of affairs. The situation maladministration, in the public sector is so worrisome that one is tempted to ask if actually there are Internal Audit department in practice and what role it has been playing in public sector administration. It is in view of that, this study is designed to examine the role of internal auditing in effective public sector administration.

1.2            STATEMENT OF PROBLEM

Organization of different categories (private/public organization) often encounter problems of financial irregularities, ineffectiveness, maladministration, non-compliance of laid down policies. Excessive and/or inexplicable expenses and elaborate internal control system on records does not guarantee a good system in operation. If so what are the factors responsible for it? How can organizations have an effective and efficient administration and maintain the completeness and accuracy of records?

The occurrence of insufficiencies had however, become more prominent in Government parastatals, could it be as a result of inadequate internal auditing. The worrisome nature of this act has therefore necessitated the following questions.

·        How effective is internal auditing in public sector?

·        To what extent are accounting records reliable for the production of appropriate revenue.

·        Does the policies and producers established by accounting standard for public sector in use?

·        What are the consequences of inadequate internal auditing in public sector?

·        Is there any way of restricting or replacing the existing audit system for proper effective accounting in public sector administration?

This study will therefore investigate internal auditing and public sector administration effectiveness.

1.3         STATE OF OBJECTIVE

The importance of adequate internal auditing to both governmental and non-governmental organizations cannot be over emphasized. For these reasons the following objectives for this study include:

·        To determine whether there is an effective internal auditing in the public sector administration.

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  • Included: Attributes: Abstract, All Chapters, Figures, Appendix, References
  • Study Level: Study Level: BTech, BSc, BEng, BA, HND, ND or NCE

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