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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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1.8 SIGNIFICANCE OF THE STUDY
1.There is need to inform the management in the business organization on the value for money audit as regard to fraud control , detection and prevention in
order that the auditor would be giving a maximum co-operation in the performance of his study.
2. It will also encourage the interest groups in the organization e. g potential investors, creditors’ e. t. c.
3. It will enlighten the public on the topic and provide further literature in the field of auditing and investigation.
Also the research work will be handy and serve as reference for further researches concerning auditors and fraud control, and it will add to our knowledge generally.
1.9 DEFINITION OF TERMS
Auditing: An independent examination of an expression of opinion on the fundamental statement of an entity by an appointed auditor (Ihe and Umeaka 2006)
Economy: An organized scientific study of the problem by which scarce resources which have alternative uses are allocated among competing wants with the objective of maximizing welfare (Nnamocha 2002)
Efficiency: Is the maximization of the ratio of output to input or the relationship between resources consumed in the process of generating effective output and output so produced (Norbert 1999)
Effectiveness: Refers to the degree to which the resulting output satisfied predetermined organization objectives (Norbert 1999)
Internal control system: The whole system of control financial and otherwise established by management in other to carry out the business of an enterprise in an orderly and efficient manner (Chukwu 2005: 17)
Management: An applied discipline concerned with the achievement of organizational objectives (Norbert 1999)
Public sector: The portion of an economy in which the activities are under the control and direction of the state (Ihe and Umeaka 2006:1)
Private sector: that portion of the economy in which the activities are under the control and direction of a non- governmental economic unit (Ihe and Umeaka 2006:2)
Fraud: Refers to intentional act by one or more individual among management, those charged with governance, employees, or third parties involving the use of deception to obtain an unjust or illegal advantage (Anesike 2009)
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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---
