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Problems and Prospects of Auditing in Government Organization

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Problems and Prospects of Auditing in Government Organization.

ABSTRACT

The topic of this research is problems and prospects of auditing in government organization, the population of the study was 82 while the research used yaro Yamani formula in the determination of the sample size which was 68.

The researcher used both the primary and the secondary sources in obtaining the relevant data used in the course of the study.

The primary data was collected using the questionnaire while that of the secondary data was obtained using written textbooks, journals, magazines, newspapers, and the use of library. The researcher used chi-square in the testing of the hypothesis formulated while simple percentages were used in analyzing the research questions.

Some of the problems bound to be encountered when auditing government establishments are embezzlement of funds by some government officials, deficiency in confirming accounts receivable and failure to exercise due professional care.

Some findings were made of which one out of them is that financial reports submitted are not in consonance with the transactions carried out by the government establishment.

Recommendations were also made of which one out of them is that the auditor should maintain his position of independence as much as possible.

TABLE OF CONTENTS

Cover page
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents

CHAPTER ONE
1.0-Introduction………………………………………………………………………………….. 1
1.1-Background of the study……………………………………………………………….. 1-2
1.2-Statement of the problem……………………………………………………………… 2
1.3-Purpose of the study……………………………………………………………………… 3
1.4-Research questions……………………………………………………………………….. 3
1.5-Research hypothesis……………………………………………………………………… 4
1.6-Significance of the study……………………………………………………………..… 5
1.7-Scope and limitation of the study………………………………………………….. 5-6
1.8-Definition of terms………………………………………………………………………… 6-7
Reference.……………………………………………….…………………………………….8

CHAPTER TWO
2.0-Review of related literature………………………………………………………….. 9
2.1-Nature of auditing………………………………………………………………………… 9-11
2.2-Features of auditing……………………………………………………………………… 11-13
2.3-Auditors report…………………………………………………………………………….. 13
2.4-Types of audit……………………………………………………………………………….. 14-15
2.5-Duties of auditors………………………………………………………………………….. 15-16
2.6-Objectives of auditing……….………………………………………………………….… 17-19
2.7Appointment of auditors…………………………………………………………………. 19-20
2.8-Rights of an auditor………………………………………………………………………… 20-21
2.9-Classification of study…………………………………………………………………….. 21-24
2.10-Advantages of auditing…………………………………………………………………. 25-26
2.11-Nature and definition of government organization and auditing…… 26-28
2.12-Audit objectives with respect to government organization……………. 29-30
2.13-Prospects of auditing in government organization…………………………. 30-31
2.14-Historical development of federal mortgage bank…………………………. 31-32
Reference…………………………………………………………………………………….. 33

CHAPTER THREE

3.0-Research methodology…………………………………………………..…………..…. 34
3.1-Introduction………………………………………………………………………..…………. 34-35
3.2-Research design………………………………………………………………………….… 35
3.3-Area of study……………………….………………………………………………………… 36
3.4-Population of the study………………………………………………………………….. 36-37
3.5-Sample and sampling technique……………………………………………………… 37-38
3.6-Questionnaire design and distribution……………………………………….…… 38-40
3.7-sources of data…………………….………………………………………………………… 40
3.8-instrument for data collection.……………………………………………………….. 41
3.9-Method of data analysis……………………………………………………………..…… 41-43
3.10-Validity and reliability of instrument……………………………………………… 43-44

CHAPTER FOUR
4.0-Data presentation and analysis ….………………………………………….….45-46
4.1-Presentation and Analysis of data ………………………………………….….46-57
4.2-Testing of hypothesis …………………………………………………………………57-67

 

CHAPTER FIVE
5.0-Summary of findings, conclusion and recommendation …….………68

5.1-Findings …………………………………………………………………………………….68-69
5.2-Conclusion …………………………………………………………………………..……69-71
5.3-Recommendation ……………………………………………………………………..71-73
 Bibliography ……………..………….…………………………………………………….74
 Questionnaire …………………….…………………………………………………….…75-78

INTRODUCTION

  • Background of the Study

Government organization 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 which 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.

Bibliography

Adeniji, A.A (2004). Auditing and Investigation, 3rd Edition, Lagos, Eltoda ventura limited.

Teshe R. howard (1981). principles of Auditing: Twentieth Edition, Esteover plymouth MacDonald and Evans Ltd.

J.C Eze (2003). Principles and Techniques of Auditing Revised Edition JTC Publishers.

Okoli, J.U.T (2002). The Concept and practice of Auditing Ibadan, Evans, Brothers Nig. Publishers Ltd. Millichamp. A.H (1996). Principle of Auditing, 7th Edition London, leths educational Aldine Place. Awogemi, E.O. (1989). A Guide to government Accounting and Internal Audit: 2nd Edition, Ibadan, Onibonoje press.

Okoke, T.O (2005). Research Method A guide to success in project writing Bauchi, Multisjs Nigeria ENT.

Peter M. Chisnall. (1981). Marketing Research Analysis and Measurment: 2nd Edition UK MC Graw. Hell Brok Co. Ltd.a

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