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Critical Analysis Of Value For Money Audit In Public Sector
[A CASE STUDY OF SELECTED PARASTATALS IN ENUGU STATE]
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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?
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.
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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