THE AUDIT DEPARTMENT AND ACCOUNTABILITY IN THE MINISTRY OF FINANCE

Abstract

The focus of this project is to appraise the application of MBO Programmes in the affairs of Union Bank of Nigeria Plc, Okpara Avenue Branch, Enugu. The programmes of MBO has been inadequately applied in Union Bank, Okpara avenue branch and his due to ignorance of the employees of the benefits that accrue to such full application. Four research question and hypothesis guided this study, two hundred (200) officials comprising the senior ands junior staff were interviewed.  The questionnaires were structural in such a way as to elicit information for the stated hypothesis in the study. Despite the benefits of MBO Union Bank Plc Okpara Avenue has not come to grip with this concept.,  Results of the study shows a clear abandonment of MBO y Union Bank Plc Okpara Avenue staff. Conclusions also arrived at indicating that Union Bank do not apply MBO in carrying out organizational policies.

 

 

 

 

 

TABLE OF CONTENT

Title page

Approval page

Dedication

Acknowledgment

Abstract

Table of content

CHAPETR ONE

1.0   INTRODUCTION 

1.1        Background of the study

1.2        Statement of problem

1.3        Objective of the study

1.4        Research Hypotheses

1.5        Significance of the study

1.6        Scope and limitation of the study

1.7       Definition of terms

1.8       Organization of the study

CHAPETR TWO

2.0   LITERATURE REVIEW

CHAPETR THREE

3.0        Research methodology

3.1    sources of data collection

3.3        Population of the study

3.4        Sampling and sampling distribution

3.5        Validation of research instrument

3.6        Method of data analysis

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS AND INTERPRETATION

4.1 Introductions

4.2 Data analysis

CHAPTER FIVE

5.1 Introduction

5.2 Summary

5.3 Conclusion

5.4 Recommendation

Appendix

 

 

 

 

 

 

 

 

CHAPTER ONE

INTRODUCTION

• Background of the study

Public Accountability is the hallmark of modern democratic governance. Democracy remains a paper procedure if those in power cannot be held accountable in the public for their acts and omissions, for their decisions, policies, and their expenditures. Public Accountability is the basic tenet of democracy (Cook, 1998). Accountability in the public sector throughout the world is being given serious attention in view of the fact that the government is the highest spender of public fund. Those in authorities assume fiduciary status with the attendant responsibilities requiring them to render their stewardship accounts to those for whom the authority is held in trust. The general public is increasingly requiring public officers to be accountable by demonstrating effective use of public assets and funds in the delivery of services and pursuit of government objectives (Obazee, 2006). It is the right of citizens to demand and know the activities of their elected public officers and the elected public officers ought to voluntarily give account of their stewardship to the public. It was on the basis of this that the Declaration of Rights and Man and of Citizens incorporated in the preamble of French Constitution as quoted in Turc (1997:1), thus: “Society has right to require of every public agent an account of his administration… All citizens have a right to decide either personally or through their representatives, as to the necessity of the public contribution…. and to know what uses it is put” In Nigeria, public accountability is the requirement of the law. The Constitution of the Federal Republic of Nigeria, 1999 through Section 47 established the National Assembly for the federation which consists of the Senate and the House of Representatives, while Section 90 of the 1999 Constitution established the House of Assembly for each of the 36 states of the federation. Both the National and State houses of Assembly consists of elected representatives of the people. The Constitution went further to establish the Executive (Chapter VI Sections 130-152) the Judiciary (Chapter VII, Sections236-259); and the Legislature (Chapter V Sections47-64); and also established three tiers of Government namely the Federal, the State and the Local Government. The activities of these bodies are referred to as public sector. The term ‘public service or sector has been defined as “the service of the federation in any capacity in respect of the government of the federation…” (Nigerian Constitution 1999). The public service can be sub-divided into three groups namely the core ministries, parastatals and the government agencies. Some of the second group is semi-autonomous while most of the agencies are autonomous, subject to the overall control of the government There is general awareness all over the world for the need to pay greater attention to the improvement of public sector management. The reason is obvious, government constitutes the largest single business entity and her pattern of expenditure through its various parastatals, agencies and commissions stimulate lot of economic activities. As a result of these Government huge involvements in economic activities, initiatives are being taken all over the world towards improvement of the standards of accounting and auditing departments in government. The public sector accountant has the responsibility of developing systematic arrangements to assist management in the performance of the services of the institution while the public sector auditor has among other duties, the complementary role to examine whether management actually performs that efficiently. The public sector auditor has to satisfy himself that the account presented have been prepared in accordance with statutory and constitutional requirements and regulation and that proper accounting practice have been observed in their compilation. With the growing size and complexity of public sector in the recent years, the importance of the internal audit has correspondingly increased so that it is today a major factor in establishing the quality of the public sector internal control and its development has made a considerable contribution to the improvement of the public sector management. The Internal audit is an integral part of the finance structure of public organization. A constant complaint in the sector is that internal audit department is too understaffed and under resourced generally to be fully effective. There exist a lot of arrears of work due to inadequate staffing of Internal Audit Departments. There is inadequate knowledge of Electronic Data Processing (EDP) and Computer for efficient auditing of computerized systems. Most of the public sector management working papers do not provide adequate documentation because of this Problem. Staff of the internal audit department is not well remunerated and it makes them to lack interest in their work. Many adduce the argument that internal auditors, being employees in public sector do not have the liberty to exercise the unbiased and independent attitude so necessary to an auditor. In the heat of the controversies for inept public sector performances, Nigeria as a developing economics and Kogi State in particular has to gear her resources for effective developmental utilization and the need for the services of Internal Auditors in the Public Sector becomes more imperative

• STATEMENT OF THE PROBLEM

Financial irregularities and malpractice has engulfed the activities of the public and private sector in Nigeria. Even though the public sector is not created for profit making, they engaged in revenue generating activities and fund management for the provision of social amenities. The internal auditors who ought to act as a watch dog to some of this political appointee most time become a partaker in the crime.   In the public sector, the value for money audit reports are mostly unquantified opinion in the midst of all the financial foul play, even in a glaring situation or cases of corrupt practice by the managers that means that auditors especially those in the public establishment compromise their duties or their duties are being influenced or threaten by the forces that be. So lack of transparency and adequate method of accountability is a major factor that hinders the growth and progress in the public sectors; it is on this backdrop that the researcher intends to investigate the efficacy of the audit department and accountability in the ministry of finance.

 

• OBJECTIVE OF THE STUDY

The main objective of this study is to assess audit department and accountability in the ministry of finance. But to aid the successful completion of the study, the researcher intend to achieve the following specific objectives

1. To ascertain the role of audit department in ensuring accountability.
2. To investigate the relationship between audit unit and fraud control

• To investigate the impact of fraud control in curtailing financial irregularities.

1. To ascertain the role of internal audit in attaining accountability in public sector.
   • RESEARCH HYPOTHESES

To aid the successful completion of the study, the following hypotheses were formulated by the researcher:

H₀: the audit department does not play any significant role in ensuring financial accountability in the ministry of finance

H₁: the audit department does play a significant role in ensuring financial accountability in the ministry of finance

H₀²: there is no significant relationship between audit department and fraud control in the ministry of finance

H₂: there is a significant relationship between audit department and fraud control in the ministry of finance

• SIGNIFICANCE OF THE STUDY

There is need to inform the management in the business organization on the role of audit department as regards to fraud control, detection and prevention in order that the auditor would be giving a maximum co-operation in the performance of the study.

It will also encourage the interest groups in the organization eg. potential investors, creditors etc.

It will also 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 also serve as a reference for further researches concerning auditors and fraud control and it will add to our knowledge generally.

• Scope and limitation of the study

The scope of the study is the assessment of the audit department and accountability in the ministry of finance. However, the study has some constrained and limitations which are:

(a)Availability of research material: The research material available to the researcher is insufficient, thereby limiting the study.

(b)Time: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.

(c)Finance: The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover.

• Definition of terms

 Auditing

It is the systematic examination and verification of a firm’s books of account, transaction records and other relevant documents.

Tool

It is a device or implement especially one held in the hand, used to carry out a particular function.

Fraud control

Fraud control occurs when a trusted person in a high position of responsibility in a company, corporation or state subverts the organization and engages in extensive fraud for personal gain.

Public sector

A public sector is that portion of an economic system that is controlled by national, state or provincial and local governments.

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.

Public sector

The portion of an economy in which the activities are under the controland direction of the state.

Private sector

That portion of the economy in which the activities are under the control and direction of a non-governmental economic unit.

The federal ministry of finance

The federal ministry of finance is the government body that manages the finances of the Federal Government of Nigeria including managing, controlling and monitoring federal revenues and expenditures.

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 1.8 ORGANIZATION OF THE STUDY

This research work is organized in five chapters, for easy understanding, as follows

Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study. Chapter two highlight the theoretical framework on which the study its based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding.  Chapter five gives summary, conclusion, and recommendations made of the study.

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