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Evaluation Of Value For Money Audit, As A Tool For Fraud Control In The Public Sector
[A STUDY OF POWER HOLDING COMPANY OF NIGERIA ABUJA]
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Therefore these studies tend to find out why there are:
Improper methods of appointment of auditors
Inadequate internal control
Lack of independence of auditors
Untimely and unreliable financial statements
Lack of transparency and inadequate method of accountability
1.3 OBJECTIVES OF THE STUDY
This study tends to find out some of the objectives which will include:
1. To find out the effect of value for money audit in fraud detection and control in the public sector.
2. To find out the relationship between internal control and fraud detection.
3. To determine what extent is the value for money audit relevant to the effectiveness and control of an organization.
4. To find out why there is lack of transparency and inadequate method of accountability.
5. To find out why there is inadequate internal control system.
1.4 RESEARCH QUESTION
1. Is there any significant effect of value for money audit in fraud detection and control in the public sector?
2. Is there any alignment relationship between internal control and fraud detection?
3. To what extent is the value for money audit relevant to the effectiveness and control of an organization?
4. What are the causes of lack of transparency and inadequate method of accountability?
1.5 RESEARCH HYPOTHESIS
The hypotheses are stated in null and alternative forms.
Ho1: There is no significant effect of value for money audit in fraud detection in the public sector.
HA1: There is a significant effect of value for money audit in fraud detection in the public sector.
Ho2: There is no alignment between internal control and fraud detection.
HA2: There is an alignment between internal control and fraud detection.
Ho3: The value for money audit does not institute financial discipline in organization.
HA3: The value for money audit institute financial discipline in an organization.
1.6 SCOPE OF THE STUDY
Basically, the scope of this research work is on the value for money audit in the controlling of fraud, detection and financial crime prevention in our present day public sector using “power holding company of Nigeria†as a study. It focuses on the need for auditing and the importance of auditing in detecting and preventing fraud in other for organizations to ascertain their problems.
The population of study in selected staff in four of the units or department of the power sector namely the audit unit, finance, account and public relation department.
1.7LIMITATION OF THE STUDY
Virtually every research work comprises of one limitation or the other. However during the course of carrying out this research work, a lot of set locks were encountered which include:
1. Time constant: there was limited time so the topic could not be broadened.
2. Non-challant attitude of some respondent: the response gotten from some of the staff of the power holding company poses another problem. Most of them due to lack of knowledge fear to provide information and also to protect their job due to corruption, they could only give information which concerns them most.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACTThe scope of governmental auditing has been widened over the year by the demand for independent verification of information to the extent that it can no longer be limited to the audit of financial operations, but value for money audit which ensures that the activities and programs are carried out at low cost and high standard. Lack of commitment in cost efficiency to the overall achievement of goals by the managers in the public sector brought the need of this research work titled †... Continue reading---
