PROBLEM AND PROSPECT OF AUDITING IN GOVERNMENT ORGANIZATIONS
CHAPTER ONE
1.1 Introduction
Auditing is a process carried out by auditors to assure owners of a business that their resources are well managed by persons acting on their behalf. The origin of audit dates from ancient times when the landowners allowed tenant farmers to work on their land whilst the landowners themselves did not become involved in the business of farming. Auditing is regulated by statutes (Company and Allied Matters Act, 1990 as amended), professional regulations in form of accounting standards and auditing standards issued by Institute of Chartered Accountants of Nigeria (ICAN) and in some cases adapted from those of some more developed countries. The criticism of auditors by society reflects in the litigious environment which characterizes auditing today and can be traced to the audit expectation-performance gap (Boyd et al 2001:56).
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitations of the Study and Definition of technical terms.
1.2 Background of Study
Government organizations have played a greater part in the economic growth of any economy, especially in the Nigerian economy. The contributions they have made so far cannot be overemphasized because their utmost aims of establishment is to provide some vital or essential services to improve the social and economic well being of the people.
These government organizations are mainly being funded either by the federal or state government through their budgetary allocations made to them yearly and they can also obtain loans or overdraft from commercial bank as well as subvention from government. These funds are expected to be utilized effectively and efficiently. But in most practices they are being misappropriated or embezzled by some government officials.
As a result of this mis-appropriation this has characterized most of the government organizations. Honestly and prudently managed. The audit is expect to show whether proper principles of accounts and audit ethics have been adhered to and that financial statements prepared give a true and fair view.
Therefore, in Nigeria where the research was carried out, the activities that was conducted is to know the Problem and Prospect of Auditing in Government Organizations.
1.3 Statement of Problems
Investigation revealed that in any business Organization in which allocation and application of funds serves as a backbone for financial activities to be carried out the following are problems in which are bound to be encountered.
- Embezzlement of fund by some government Officials
- Failure to exercise due professional care and the appropriate level of professional skepticism.
- Overreliance on inquiry as a form of audit evidence
- Deficiency in confirming accounts receivable
- Failure to recognize related party transactions and assuming internal control exist when they may not.
These and other factors contribute to problems of auditing in government organization.
1.4 Aim and Objectives of Study
The aim of the study is to examine the Problem and Prospect of Auditing in Government Organizations. In achieving this aim, the following specific objectives were laid out as follows:
- To ascertain the problems encountered while auditing in government establishment.
- To know if auditors exhibit enough professional competence in conduct of their work.
- To know how effective auditing is in government establishment.
1.5 Research Questions
The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:
- Are auditors being threatened or intimidated during their audit work?
- Are auditors being faced with some problems during their audit work?
- Are vital documents needed for the audit of the organization being held from the auditors?
1.6 Research Hypothesis
In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.
Hypothesis One
- H0: Financial reports submitted are not in consonance with the transactions carried out by the government establishment
- H1: Financial reports submitted are in consonance with the transactions carried out by the government establishment.
Hypothesis Two
- H0: Treats and intimidation do not positively affect the quality of auditors work in government establishment.
- H1: Treat and intimidation positively affect the quality of auditors work in government establishment.
Hypothesis Three
- H0: Poor professional conducts by auditors do not affect the quality of work done by auditor in government establishment.
- H1: Poor Professional conduct by auditors affects the quality of work done by auditors in government establishments.
1.7 Significance of Study
The study where audit principles and procedures are carried out in government organizations the following benefits are derived of which these work will be beneficial to the following people and establishments:
- Government good audit work will prevent, expose fraud, errors and irregularities in government establishment.
- Auditors: will benefit by knowing the challenges facing them in their audit work and thereafter the prospects.
- Banks; will also benefit because it will give them insight on how to handle audit work successfully.
- Students and researchers will benefit by gaining knowledge on the audit challenges to banks and the prospects.
1.8 Scope of Study
The research work would cover arrears such as audit principle(s) and procedures giving as in depth analysis on how audit work is carried out in government organizations. Attempts have been made by the researcher to discuss in depth the various short comings behind this operational framework of auditing in government organization and also self investigation carried out.
1.9 Limitations of the Study
During the course of this study, many things militated against its completion, some of which are:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Establishment Policies: Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this project work. There were lots of information needed from the staffs of this establishment to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
- Research material: availability of research material is a major setback to the scope of the study.
- Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
1.10 Definition of Terms
Fraud: Is a mis-presentation of data with the intention to theft which is dishonest act involving theft of assets and the falsification of accounting records and financial statements (Akpankpan, 2000.126) Embezzlement: The fraudulent appropriation of property lawfully in one's custody, (Kohther, 1970:173)
Auditing or Audit: Is concerned with an independent examination of financial statements and accounting records by an independent certified or chartered accountant and expression of an opinion by the public accountant on the financial statements of an organization stating whether the finance; al statements present fairly by the financial position of the firm concerning the period covered by the financial statement.
Auditor: An auditor is the qualified accountant who is professionally licensed to audit or examine financial statements or report of business or non-business organizations.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Introduction
- 1.2 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Problem and Prospect of Auditing in Government Organizations" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Introduction
- 1.2 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Problem and Prospect of Auditing in Government Organizations" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
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