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Download the complete Accounting project topic and material (chapter 1-5) titled A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN PUBLIC SECTOR here on PROJECTS.ng. See below for the abstract, table of contents, list of figures, list of tables, list of appendices, list of abbreviations and chapter one. Click the DOWNLOAD NOW button to get the complete project work instantly.

 

PROJECT TOPIC AND MATERIAL ON A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN PUBLIC SECTOR

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  • Name: A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN PUBLIC SECTOR
  • Type: PDF and MS Word (DOC)
  • Size: [585]
  • Length: [92] Pages

CHAPTER ONE

INTRODUCTION
1.1 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.
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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.
Value for money according to National Audit Office (2007) means
providing a service or a product in a way which is economical efficient and
effective. Value for money audit is therefore, the type of audit that is used to
asses the value for money system in any organization. It is an independent
examination of the criteria (economy, efficiency and effectiveness) for the
value for money to confirm that the organizations available resources are
used wholly, necessarily, reasonably and exclusively so as to maximize
progress towards the chosen objective.

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1.2 STATEMENT OF PROBLEM
The research work “The critical analysis of value of money audit (VFM)
and public sector performance in Enugu State centers on the major problems
facing value for money audit in Enugu which includes:-
a. Problem of inconsistency in public sector objectives as a result of
political and economic instability.
b. Diversity in accounting records or lack of uniformity in accounting
records system among public sector organization.
c. The problem of cash basis rather than actual basis in public sector
accounting.
d. The problem of insufficient emphasis of accounting and stewardship in
public sector organization.
e. Inadequate implementation of laws in Nigeria.

1.3 OBJECTIVE OF STUDY
The main objective of the study is to analyze the effects of value for money
audit on public sector organization while the specific objectives are:-
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a. To ascertain the problem of inconsistency in public sector objectives
which is as a result of political and economic instability.
b. To examine the problem of diversity in accounting system in public
sector organization in Enugu State.
c. To determine the problem of using cash basis of accounting in public
sector organization.
d. To ascertain the problem of insufficient emphasis on accountability and
stewardship in public sector organization.
e. To investigate the problem of inadequate implementation of laws in
public sector organization in Enugu State.

1.4 RESEARCH HYPOTHESIS
In order to achieve the objectives of this research study, the following
hypothesis was formulated.
Hypothesis One
Null Hypothesis (Ho)
There is no significant relationship between economic and political instability
and performance of public sector organization in Enugu State.
Alternative Hypothesis (Hi)
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There is a significant relationship between economic and political instability
and performance of public sector organization in Enugu State.
Hypothesis Two
Null Hypothesis (Ho)
There is no significant relationship between cash basis of accounting and
performance of public sector organization in Enugu State.
Alternative Hypothesis (Hi)
There is a significant relationship between cash basis of accounting and
performance of public sector organization in Enugu State.
Hypothesis Three
Null hypothesis (Ho)
Inadequate implementation of law had no effect on performance of public
sector organization in Enugu State.
Alternative hypothesis (Hi)
Inadequate implementation of laws has been effect on performance of public
sector organization in Enugu State.

1.5 RESEARCH QUESTIONS
1. To what extent does the inconsistency in public sector objectives which
is as a result of political and economic instability affect performance of
public sector organization in Enugu State?
2. How does the diversity in accounting records or lack of uniformity in
accounting records affect the public sector organization in Enugu State?
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3. Could the problem of the use of cash basis rather than accrual basis
accounting affect public sector organization in Enugu State?
4. To what extent does the insufficient emphasis on accountability and
stewardship affect public sector organization?

1.6 SIGNIFICANCE OF STUDY
This research therefore aims that value for money audit will be relevant in
the public sector because of the special needs for government organizations
to demonstrate their accountability and their regards for economy, effectively
in the use of public funds and other resources. Value for money auditing is
particularly appropriate for any organization whose activities cannot be
judged solely by their contribution profit.
a. Budgeting and budgeting control
b. The development of management information system necessary to
plan, cooperate and control an organization.
c. Human resources management (that is planning procurement
appraisal) construction procurement and utilization of physical asset
such as property, plant and equipment.

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1.7 SCOPE OF STUDY
This work is restricted to Enugu State Water Co-operation; this work
will enlighten them on how to achieve their goals with a minimum cost.

1.8 LIMITATION OF STUDY
The limitations involved in the course of this research includes hostility
and non co-operation on part of executive respondent unwilling to disclose
their necessary and vital information or document which they felt it will be
detrimental to their business. Also the financial implication was very high and
this imposed certain restrictions. The constraint of time was also a limiting
factor as one the areas of interest were not covered as they would have been
adequate.

1.9 DEFINITION OF TERMS
Value for money: Providing a service for a product in way that is economical,
efficient and effective.

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