EFFECTIVE IMPLEMENTATION O ORGANIZATION POLICES AND PRODUCERS IN NIGERIA BUSINESS

(A CASE STUDY OF FIRST BANK OF NIGERIA PLC ENUGU)

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

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ABSTRACT

 

 

This study is aimed at finding a tool to effective unplementation of organizational policies and procedures in our day to day business. Its important can never be over emphasized.

To achieve this aim I target, it is backed on the designed of mangers who do not sit there as a ceremonial heads rather they have role of implementing the organic function of management in today dynamic and competitive business environment in Nigeria .

In generation the data needed for this profit, it well entails constants ie time money and lack of corporation by the audience .

The source of data comes from both primary and secondary modes of data collection. The secondary data form the centre stages on which this project was based.

The research depth of knowledge is broaden it embark on renew of related literatures. The data is also presented on frequency table and analysis  in sample percentages (%) hypothesis tested with Z. test.

Based on the data collected and analyzed some findings were made which was proceeded by conclusion and some recommendation. Suggestions were also made for further studies summarily from the questionnaire administrated and data collected which were analyzed and interpreted it has been generally in inter prated that most organization can not get the best out of their workers or reach to their target because of or implementation of organizational polices and procedure in Nigeria business.

 

TABLE OF CONTENT

 CHAPTER ONE

• Introduction
• Background of study
• Statement of problems
• Purpose of study
• Scope of study
• Scope of the study
• Research question
• Significance of the study
• Definition of terms

 

CHAPTER TWO

• Review of related literature
  • Effective implementation of policies
  • Effective implementation of organization function
  • Effective control of organization policies.
  • Profile of first bank Nigeria plc.
  • The management structure of FBN Plc
  • Banking Nigeria
  • Electronic banking
  • Critical issues in banking
  • Effective function of bank generally

 

CHAPTER THREE

• Research and methodology
  • Research design
  • Are of study
  • Population of the study
  • Sample size and its determination
  • Instrument for data collection
  • Validation of the instrument
  • Reliability of the instrument
  • Method of data collection
  • Method of data analysis

 

CHAPTER FOUR

• Data presentation and analysis
  • Presentation and analysis of data
  • Testing and prove of hypothesis

 

CHAPTER FIVE

• Summary of finding conclusion and recommendation
  • Conclusion
  • Recommendation
  • Bibliography
  • Questionnaire used

CHAPTER ONE

 

INTRODUCTION

• GENERAL BACKGROUND OF THE STUDY

Effective implementation of organizational policies and procedures in Nigeria business encourages delegation of decision making to business mangers who not sit there as a ceremonialteas rather they have the role of implementing the organize function id management in  to days    dynamic and competitive business environment in Nigeria., this  research work is designed to expose and aid the serious minded mangers to be adequately equipped to face the challenges ahead as future management pensioner in business.  Good policies provides definite an clear director by top management and at the same time allow subordinate to make   their own  decision with clearly stated limited. The usual source of policies and procedure in Nigerian business is embedded on manger and it is apartment to note that for a business to retain it position as a “going concernentity, it is imperative that managers formulated polices, plan strategies and also implement those plan effectively for the continued growth and survival of the business enterprise.  This is a major aspect           of a task facing mangers especially in a modern complex business situation. Therefore, to day’s mangers must take into consideration the following measured for effective implementation of organizational policies and procedure in Nigeria business.

They must specifically take into account the forces and trends such as environmental, economic, political social psychological technological legal and ethnical factors while formulating the policies that can facilitate the accomplishment of the over all objectives and goals of the business in question of course, if a policy has been formulated but has not been carried out or implemented into action it can not be effective since it has not come to the attention of the employees but it runs the risk of being overlooked or misinterpreted but according to (Akpala 1990: 59) he said that written  policies are more precise and less prone to misunderstanding for effective implementation of organization policies and procedures in Nigeria business to be properly executed the laid down rules guiding the organization must be followed.

Procedure on the other hand can be stated as the system that described in details the step to be taken in order to accomplish a set objective in business which is the  main target that he at to effective implementation of policies and procedures emphasis more in details while policies concentrate on the basic general approaches A policy is therefore a guilder for making decision thus according to AKPALA (1990:57) he simple define policy as a guidelines to managerial actions while Coventry and Barker (1985;93) defines policies as the guideline laid down in general or specific terms to make organization to reach the expected target or objectives.

 

• STATEMENT OF THE PROBLEM

This boils down to what constitute the problem of the study of effective implementation of organizational policies and procedure in Nigeria business can not exist on it own, it needs employers who will work in implement those polices needed for effective business environment and all these will not take expected standard unless workers who are properly motivated is given required training internal and external incentives and their     salary may even be increased paying them overtime and considering them as human beings and not machines by so doing the business will be booming since it I effectively structured and implemented but if the reverse is the case, things will be moving haphazardly and it will constitute a lot of  problem to the study.

 

• PURPOSE OF THE STUDY

THE USEFULNESS OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF COMPANIES AND IN GUIDING INVESTMENT DECISIONS

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

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CHAPTER ONE:  INTRODUCTION

• Background of the study
• Statement of the problem
• Objectives of the study
• Significance of the study
• Scope and limitation of the study
• Research Questions

1.7     Statement of Hypothesis

1.8     Definition of terms

 

CHAPTER TWO:  REVIEW OF RELATED LITERATURE

• Basic concepts
• Points of sales
• Development of generally accepted accounting principles
• Profile of the company
• Analysis of trading accounts of marketing department of the company
• Analysis of profit and loss account of the company
• The fund flow statement
• Profit and Loss Appropriation Account
• Interpretation of Final Accounts of the company.
• Evaluation of items with ratios.
• Auditors report and information.

CHAPTER THREE:  RESEARCH DESIGN AND METHODOLOGY

• Sources of Data
• Interview questions
• Sample Design
• Method of Investigation
• Statistical method used for data analysis.

CHAPTER FOUR:

• Presentation, Analysis and Interpretation of data

4.1     Data presentation

4.2     Data Analysis

4.3     Testing of Hypothesis

4.4     Data interpretation

CHAPTER FIVE:  FINDINGS, CONCLUSION AND RECOMMENDATION

• Discussion of findings
• Conclusion
• Recommendation

Bibliography

Appendix A:  Questionnaire

ABSTRACT

The use of financial statement in any business organization cannot be over emphasized, financial statements are needed by variety of people for different purposes.

For instance, the government needs the financial books (reports) of a company for taxation purposes, the investors want to know how profitable a company is and will be able if the management of the company will like to know the level of their performance, all these cannot be known without the analysis of financial statement of the company or companies involved.

The research work therefore forecast on the usefulness of financial statements in assessing the performance of companies and guiding investment decisions, in order to provide investors, management, government and others what the company is worth.

Finally, the sources of data which are, primary and secondary data which led to the discussion of findings, conclusions and recommendation of the research topic.

CHAPTER ONE

 

• INTRODUCTION:

1.1     BACKGROUND OF THE STUDY:

A company’s financial statements are analyzed internally by management and externally by investors and creditors.

Management analysis of financial statements primarily relates to parts of the company which enables management to plan, evaluate, and control operation within the company.  Investors and creditors generally focus their analysis of financial statements on the company as a whole, which helps them decide whether to invest in or extend credit to the company.

As a minimum, financial statement will include a statement of source and application of funds.  Having been able to obtain a fair knowledge of the legal aspects of preparing financial statements and having worked examples through basic financial statements of a company, it is reasonable to begin to think of the significance of the futures therein.

His is because except the figure in financial statements will not in itself serve any purpose, the figures in the financial statements are therefore:

• How well or badly the company is performing.
• How financially strong or otherwise the company is.
• How valuable or otherwise the company is in terms of its assets base.

Unless a means is available for being able to obtain the information specified above a financial statement would just be of no substance and use.

In order therefore to interpret financial statements for the proper information of users, there is the need to proper ratio analysis and when to present to management, a number of issues must be considered.

These include:

• Profitability of the business, operations, particularly in relation to capital employed.
• Solvency of the firm: The ability of the business to pay its creditors the adequacy of its working capital and the liquidity of its current assets viewed side by side with the current liabilities.
• The business trend: An analysis of the pattern of business overtime to determine whether profits are rising or falling and the implications for future performance.
• The gearing and cover: Assessing the adequacy of profits to meet interest payments, pay dividends to shareholders’ investment.

 

• STATEMENT OF THE PROBLEM:

This research work intends to look into the extent to which investors do carry out and rely on the results of financial statements analysis before making their investment decisions, and the employment by companies of financial statement analysis in assessing their performance and that of their respective management.

BUDGETING AS A CONTROL STRATEGY

(A CASE STUDY OF UNIONBANK OF NIGERIA PLC ENUGU OGUI ROAD)

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

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CHAPTER ONE

 

INTRODUCTION

• Background of study

               Union Bank of Nigeria plc is one of the first generation banks started to the colonial era. Formally known as Baraclays bank DCO (Dominion Colonial and Overseas) it was opened in1917.

In compliance with the directive of the government in 1968, that all companies (Including Banks) must be incorporated  locally in Nigeria in1969 and its name was consequently changed to Baraclays Banks of Nigeria Limited with its registered Head office at 40 Marina Lagos.

As a result of Nigerian Enterprises promotion decree of 1972 and 1977, the federal government of Nigeria acquired 52% of the Bank shares Leaving 40% for Barclays Bank international ltd (Now Baraclays-Bank plc) while the remaining 8% was taken up by the Nigerian public Baraclays Bank plc sold 20% of its shares to Nigerian in 1979 and the remaining 2% in June 1989.  Thus, it became an indigenous bank wholly managed by Nigerians.  And the name was changed to Union Bank of Nigeria Limited.  In 1990 the name was further changed to Union Bank of Nigeria Plc.

The bank is one of the commercial bank that survives and strives during the nations economic unsteadiness.  Union bank of Nigeria plc currently has her corporate head office at 40 marina Lagos.  This Head office building “The STALLION PLAZA” is a 32 story edifice and is now the most magnificent and tallest building in Africa.

The bank now has 9 Area office branches, including full indigenous branch in LONDON and SOUTH AFRICA respectively.  It has 5 staff training centres with on LAGOS, IBADAN, PORT-HARCOURT, ZARIA JOS.  The bank which is regarded as the largest employer of labour in banking industry in Nigeria, now has a staff strength of 8 workers.  It has some group of company such as union merchant bank, union assistance and union Homes.

The bank is about 75% computerian and has an outstanding record in term of profitability.  As at Septembers 30^th 1998 bank’s gross earnings total assets and deposit base stood at N13.8 billion N102.4 billion and N77 billion respectively.

The principle and consent of budgeting centres around the optional allocation scarce resources.  Resources are limited but human wants are not only unlimited but also multifarious.  In order to make the best use of available resources, the principle of budgeting has to be adopted.

Every business organization, government, sole propertor and banks employs the principle of budgeting as a control strategy.  Even individuals like salary earners hardly know that they are adopting the principle of budgeting when at the end of the month,  they try to reconcile their monthly salaries with their expenses for the month.

The budgetary control strategy calls for the preparation of plane in the form of ideas and values for the future.  Budgeting cannot be performed in isolation.  This is one of the reasons that all managers should be financially aware because almost every decision taken will have financial implication and will therefore effect other department, even if this means they have less money available for their Own budget.

Clearly, once a budget has been established it is necessary to set up  control and procedures which enables the  budget to be monitored.

Budgetary control is the establishment of budget relating the responsibilities of executives to the requirement of actual with budgeted results either to secure by individual action the objective of the policy or the provide basis for its revision. It should be pointed out that there is on significant difference between the principles of budgeting control in either the banks or public sectors, the statement implies that as budgets are established for various elements of the bank managers are given responsibility foe the management  of  budget resources in those.

Clearly, a strategy require information which has to be related to the delegate responsibilities within the bank, these should be related to the objectives of the  budget and then be monitored as  out turn figures  become available.  Overall, it was  felt that the budgetary control process and demand that it places on financial management skills represents the major challenges of change being faced by the bank.

The budget can be a powerful tools for motivating people to achieve the bank objectives or it can lead to either bad or good consequence according the way it applied in various type of organization.

Budgeting is essentially concerned with establishing a t plan or target of performance which co-ordinates all the activities of the business and calculating differences or various and analysising the reason for them. One general purpose of budget in bank, sole proprietor and government is to enable them to plan their financial resources which will be consumed and generated during the course of the budget period

The period generally adopted for budgeting is one year and this usually coincides with the financial year of the bank.

Finally, in introducing an effective budgeting strategy, management has to make penetrating critical and uncompromising study of the business to determine its strength and weakness in relation to what it is trying to achieve.  Budgets should be capable of change when circumstances changes so that the yardstick is a realistic attainable one. The strategy should operate to assist motivation and not simply be used as a bigstick or a pressure device.

 

• STATEMENT OF RESEARCH PROBLEM

It is generally agreed that every business organization, government and sole-proprietors should employ the principle and concept of budgeting control as a tool in achieving set goals. Consequently, for this research work, the following are the problems which this study hope to provide solution to:

The inability of banks to property forecast expenditure matched to revenue given the insta

THE ROLE OF AUDITORS IN CONTEMPORARY TIME

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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PREFACE

This write-up focuses that auditors express important opinion on financial statement.

And it describe the principles and technique that auditor use to ascertain the true and fair view of financial statement. Therefore the primary aim of this work is to provide a simple but thorough approach to understanding of auditing concepts principles and techniques.

It start in chapter one the introduction and theoretical frame work of auditor chapter two meaning of auditor and auditing the right and duties of auditors and other point that contain in this work. Chapter three focuses on summary of role of auditors which follows by conclusion and recommendation.

CHAPTER ONE

• INTRODUCTION

The role of an auditor are impressed by the layman is that of an auditor being in quest of errors, theft, defalcation and fraud. But  the impression of various accounting society on the role of auditor cuts across this limit of layman view. Accountant see the purpose of audit by an auditor beyond the layman view to include the inquiry of the truth and fairness of the entity affairs as represented in their records, whether they have prepared it in accordance with the general accepted financial statement of the current period and the proceeding period and, conform the statutory requirement.

The observance of generally accepted auditing standards, the auditor must exercise sound professional judgment in determine the auditing procedures, which will lend a reasonable basis for his opinion. In the case of unqualified opinion auditors should not make to be thought have represented that no undetected fraud exist or grant that the financial statement is of affair representation of the financial position and result of operation. for instance this implies that he should portray the expertise of the medical doctor in guaranteeing theta an operation will be successful.

The auditors responsibility to detect fraud is determine by audit survival instruct users demand and, regulatory imposition and requirement of financial statement.

Historical detection of fraud was and major audit objective influenced by Mckenons Robins case (1940) and the 1939 statement on auditing procedures No 1, extensions of audit procedures, which states that “ordinary examination incident to the starting of an opinion representing financial statement in not designed and can not be relied opinion to disclose defalcation and other similar irregularities.

My purpose of this term paper is to discuss the role an auditor performed in the conduct of an audit in an entity to the extent of this job, the qualification required of him, distinguishing his function to that of an accountant and to know when a report is qualified or unqualified. Thus auditing controls the financial activities of a company to our tail fraudulent act and to ascertain the true and fair view of the financial statement Of financial Statement of that company.

• THEORITICAL FRAME WORK (3)

The continuous change in pace of business systems and the impact of statute and the publics request to has changed the role of auditors over time.

In next chapter we will examine the concept of audit, the meaning of

AUDITING AS A CONTROL IN PUBLIC SECTOR ACCOUNTING

(A CASE STUDY OF FEDERAL MINISTRY OF FINANCE ENUGU).

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Chapter one   

1.0            Introduction

1.1     Background

1.2            Statement of problems

1.3            Purpose of the study

1.4            Scope pf the study

1.5            Research questions

1.6            Null hypothesis

1.7            Significance of the study

Chapter two 

2.0            Review of related literature

2.1     History of auditing as a profession

2.2            Legal framework of public sector auditing

2.3            Auditing and corruption in Nigeria

2.4            Auditing and fraud detection in government institutions

2.5            Internal auditing in government agencies

2.6            Compliance and efficiency auditing in the public sector

2.7            Relevance of auditing standards in the public sector.

2.8            Auditing and internal control in the public sector.

2.9            Summary or related reviewed literature

 

Chapter three

3.0            Research methodology

3.1     Design of the study

3.2            Area of the study

3.3            Population of the study

3.4            Sample and sampling procedure

3.5            Instrument for data collection

3.6            Validation of the instrument

3.7            Reliability of the instrument

3.8            Administration of the instrument

3.9            Method of data analysis

Chapter four

4.0            Data presentation and result

4.1     Summary of result

Chapter five

5.1            Discussion of result

5.2            Conclusion

5.3            Implication of the research findings

5.4            Recommendation

5.5            Suggestion for further study

5.6            Limitation of the study

References

Appendixes

LIST OF TABLES

4.1     Reception of senior and junior staff of federal ministry of   finance Enugu on the extent auditors role promote transparency accountability deter waste and encourage good government in the ministry.

4.ii.    T- test analysis of the difference between the mean perception scores of the staff of federal ministry of finance Enugu

4.iii    Perception of senior and junior staff of federal ministry of finance Enugu on the extent professional ethics and auditing standards  were applied by the auditors in the ministry.

4.iv    T- test analysis of the difference between the view scores of the staff of federal ministry of finance Enugu

4.v     Perception of senior and junior staff of the federal ministry of finance Enugu on the extent Bribery and  corruption has reduced the efficiency and proficiency of public sector in servicing its control purpose in the ministry

4.vi    T- test analysis of difference in perception of senior and junior staff on causes of audit failure in the federal ministry of finance Enugu

4vii    Views of senior and junior staff of federal ministry of finance Enugu on the interference of nepotism, faviour and political affiliation in the appointment and removal  of auditors in the federal ministry of finance Enugu.

4vii    T- test analysis of difference in perception of senior and junior staff on the interplay of nepotism favoritism and political affiliation in the appointment and removal of auditor in the ministry

 

ABSTRACT

This work border on the auditing as a control in public sector accounting   a case study of federal ministry of finance Enugu. Its main theme is the purpose auditing serve in the public sector as a control for all financial accountability and otherwise in the public sector. Importance of the study was to help the financial controllers of government agencies understand that auditing of public sector is as more important as that of the private sector. The area of the study was federal ministry of finance Enugu.

This study is divided into five chapter, chapter one gives the general introduction about the reason why the work was embarked upon. Chapter two report the views of other authors that have conducted work  relevant to the theme of the study. Chapter three described the actual process and methods of the research the researcher used. Chapter four gives the details of researcher is analysis of data collected form the respondents  using the t-test statistics in testing the null hypothesis.

Finally in chapter five the researcher presents recommendation as well as suggestion for further research.

 

 

CHAPTER ONE

INTRODUCTION

1.1              BACKGROUND OF THE STUDY

From time past productive resources owned by one person or group of persons. It has been a convention that the managers of the productive resources from time to time report back to the owner (s)  of the resources on how thye fare with the resources entrusted to them.

In a similar view Millichmp 1999 opined that most business today are operated by limited companies, which are owned by their shareholder and managed by directors appointed by the shareholder. Corporally the public own central government resources including nationalized industries but they are managed by the government.

As a result of this divorce between resources management and ownership it has become expedient and pertinent that has become expedient and penitent that an independent body or person (s) different form both management and ownership be situated to examine the account rendered by the manager to the owner of the economic resources for such accounts to be reliable credible and trust writing by the owners and other interested user of financial report hence the emergence of auditing as a profession.

Auditing which has become the owners “third eye” is very important in the public sector of Nigeria economy in view of fact that over 65% of the assets base and other productive resources of the country come under the control of the public sector of the economy. These assets need to be safeguarded in order that the real owner (the public) can enjoy their full benefits.

The relevance of auditing as it regards proper accountability and safeguard to the nation asset base was borne out of the fundamental roles the public sector accounting play in effective and efficient governance of the country. Ani 2001 save the rotes of public sector accounting to include the following.

1. a.                 Control purpose:  To ensure efficient financial administration through system of internal control and management
2. b.                Planning Purpose:   To provide historical bases for model budget and plans as guide to the formulations of policies
3. c.                  Accountability purposes:  To provide a system of financial accountability by which will promote stewardship of assets deter waste dishonesty and extravagance and promote effectiveness of reasonable cost.
4. d.                Appraisal Purpose:  To provide outsider with financial data that will help them to reach informed decision.

The basic functions of auditing therefore are of two types :

Primary and secondary functions.

The primary function of auditing is to enable the auditors to report as to whether the financial prepared my manager presents a true and fair view of the state of the financial affairs of the organization during the period under review while the secondary functions as are to detect fraud and errors and prevent fraud and errors in the accounting system. But how relevant has public sector auditing become in view of the current decay in the management of public resources in Nigeria? In the nutshell corruptions bribery mismanagement of  government resources and lack of honesty that characterize the economic life in Nigeria has dragged the efficiency and proficiency of public sector auditing in Nigeria to the mud.

Public office holder and the entirely of the agents of government at all levels in Nigeria have made the public sector audit system which to was enshrined in our constitution to ensure proper accountability transparency and good government a mere subject of contemplators system should not permit looting of real asserts and public funds and mismanagement of the scare economic resources as it obtain in Nigeria public sector.

The factors or problem that lead to the ugly scenario described above are not far fetched. This is because most of the auditors appointed by the executive arms of government at all level of governance to take the mantle of auditors responsibilities in the public sector are benefit of the contravention  ethical and professional qualities and standards which an auditor must have.

The professional qualities and auditing standards issued and approved by American institute of certified public accountants and adopted by Nigeria Accounting Standard Board (NASB) includes:

a.       Competence:      An auditors must be thoroughly  trained and move his competence before he can sign an audit report. This implies that he must belong to a professional body approved by the parliament.

b.      Independence:  An auditor cannot give an unbiased opinion unless he is independent of all parties involved and must be seen to be so.

c.       Integrity:  Qualified accountants are renowned for their honest discretion and tactfulness.

In Nigeria these qualities and standards enumerated above are almost absent and auditors are not appointed inconsonance with relevant statutory provision of audit regulatory authorities or laws such as relevant sections of company and allied Matters  act 1990 (CAMA) and the Nigerian constitution. Nepotism tribalism and police affiliation and compensations are criteria used in Nigeria to appoint auditors into the public sector. These have made audit system in the public sector a weak ineffective and above all unreliable when it is compared with what obtains in the civilized world where we repatriated the practice of auditing to Nigeria. The independence of auditors in the public sector  do not consider whether guaranteed and therefore are impaired. The manner in which auditors are also appointed in the public sector as not consider  whether the person to be appointed has competence and all the technical where withal and know how required of an auditor the qualities of honesty discretion and tactfulness which are paramount and the aroma of auditing world over are exiting in Nigeria only in theory.

Based on these distortions and decadence in the system of auditing in the public sector it has become a clarion call that a reappraisal of public sector auditing in Nigeria be done to reposition and revamp the system so as to reap all the benefit inherent in an functional audit system hence my choice of the topic (auditing as a control in the  public sector accounting)                                                     

 

1.2               STATEMENT OF PROBLEM

The enumerated problem below are found to be inherent in the audit system of the public sector in Nigeria.

1. The impact of auditors role to promote transparency accountability and encourage good governance are not felt in the public sector.
2. It was difficult to ascertain the extent professional ethics and auditing standards were applied by auditors in the public sector
3. Bribery  and corruption in the public sector has reduced the efficiency and proficiency of auditing in serving its control purpose
4. It was difficult to ascertain the extent nepotism and political affiliation interfere in the appointment and removal of auditors in the public sector.

 

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