A Critical Analysis of Value for Money Audit In Public Sector : Current School News

A Critical Analysis of Value for Money Audit In Public Sector

ADS! Download JAMB CBT Software Now for FREE!

A Critical Analysis of Value for Money Audit In Public Sector.

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.

BIBLIOGRAPHY 

Afemikhe, S.O (2004). The Pursuit for Value for Money. Ibadan: Spectrum Publisher

Aigbokhaevbolo, O.M. (2006). Auditing for Accountants and Bankers, Benin City: Frantide Publishers. Churchhill G.A (1979). Marketing Research Methodological Foundations. Hinsdale, Illinois: The Dryden press.

John, O (2009). Business Research Methodology. Marland Enugu: Meteson Publicity Company.

Onah, P.C and Ovute A.O (1998). A Handbook on Education Research. Nsukka: Prize Publishers.

The Institute of Chattered Accountant of Nigeria, (2009). Study Pack Advanced Audit and Assurance, Lagos, VI Publishers.

Uzoagulu, A.E (1998) Practical Guide to Writing Research Project Interitary Institution. Enugu: John Jacob’s Classic Publishers Limited.

Mohammed, M. (2000). Value for Money Auditing Manual of Canada. Broma Publisher

Yamane, T. (1964) Statistics: An Introduction Analysis New York. Harper and Raw Publishers.

Enter your email address:

Delivered by TMLT NIGERIA

Join Over 5 Million Subscribers Today!


=> FOLLOW US ON INSTAGRAM | FACEBOOK & TWITTER FOR LATEST UPDATES

ADS: KNOCK-OFF DIABETES IN JUST 60 DAYS! - ORDER YOURS HERE

COPYRIGHT WARNING! Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. All contents are protected by DMCA.
The content on this site is posted with good intentions. If you own this content & believe your copyright was violated or infringed, make sure you contact us at [[email protected]] to file a complaint and actions will be taken immediately.

Tags: , , , ,

Comments are closed.

%d bloggers like this: