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PROJECT TOPIC- IMPORTANCE OF AUDITING IN THE LOCAL GOVERNMENT SYSTEM PARTICULARLY IN IZZI LOCAL GOVERNMENT AREA OF EBONYI STATE OF NIGERIA

PROJECT TOPIC- IMPORTANCE OF AUDITING IN THE LOCAL GOVERNMENT SYSTEM PARTICULARLY IN IZZI LOCAL GOVERNMENT AREA OF EBONYI STATE OF NIGERIA

CHAPTER ONE

INTRODUCTION

  • Background of the Study

The idea of check and balance was conceptualized as a result of outrageous increase in man’s avarice and crookedness, which often result to fraud and aggrandizament, consequently looking at government and public treasury forms regular part of global crime today. As the complicated nature of human character crimed man is insatiable desire for wealth accumulation worsen this menace.

However, the introduction of monetary economy and the growth of capitalist exploitative leaders have led to stratification of the society ensuring wealth as prime index, thus, increasing the incidence of fraud. Furthermore, the increases in membership of various businesses organizations, managerial inefficiency, and poor span of control and lack of effective material control system skyrocket the incidence of fraud in both private and government establishments.

To minimize wide spread of those problems, certain control and regulatory measures are put in place by various firms. Local government system which is also a firm of public sector organization with people of heterogeneous character and back ground, equally adopted this measure. The emergence of auditing as an administrative tools of checking frauds, errors and other financial irregularities has inevitablely contributed to successful existence of several local government systems especially where management is in a efficient.

From it humble beginning, auditing has because increasingly cutting across activities o ah organization are assured of the reliability, credibility and authoricity of their administration. Also fraud and other financial irregularities are this minimized. However, it is appalling that several local government(s) have not really embraced the significance of auditing to their economic endeavours this often result to embezzlesment and mismanagement of that finds, also poor literacy levels of members and lack of accounting experience make some local government to keep security record of their business which cannot forms a strong basis for detail audit work.

In order to see the extant auditing has contributed to the success of local government administration, a research will be carried out within   Ebonyi State, using Izzi local government as a case study. According to the economic regulation units broadcasting and telecommunication market review 2011/2012. Izzi local government local areas has been seen as explosive growth in mobile, money caption in the last few years, growing from the case-talker chairman of the council 95 million active user in 2015 to 5.2 million in 2013.

Now the rate of mobile money account ownership outstrips bank account ownership, which stood at 3.6 million bank account as at 2015. However, Izzi local government council mobile money market has been a playground for fraudsters. Reportedly, on a average at least 100 mobile money user lose money every week, some lose millions of naira. The approaches to fraud executed by the con-man (fraudsters) demonstrate them through understanding of the mobile money system and the lacuna in the processes in place, which the regulators were busy fixing the lacks in the system and processes, the fraudsters also learnt and evolved their modus operandi to find new ways to cheat people or to cheat mobile money agents and customers.

Their fraud mechanizes have become more sophisticated over the years. For today’s is workers in the local government and financial institutions, fraud is inevitable. It is no longer a matter of if you will be affected it is a mater of when you will be affected. Even with the state of the art detection and prevention mechanism in place the like word of being victimized by fraud.

PROJECT TOPIC- IMPORTANCE OF AUDITING IN THE LOCAL GOVERNMENT SYSTEM PARTICULARLY IN IZZI LOCAL GOVERNMENT AREA OF EBONYI STATE OF NIGERIA

  • Statement of the Problem

The inhabitant of Izzi local government area had formed a lot administration through integrated effort but not all those administrations perform satisfactorily due to inadequate audit exercise and it underlying consequences. On the otherhand, some local government which recognize the importance of auditing as one of their statutory obligations have experienced some problems which are listed below.

  • Lack of adequate accounting record could contribute to ineffective audit in local government administration.
  • Low literacy level of the local government administration in Izzi local government is responsible for their poor financial record keeping.
  • Lack of regular auditing in Izzi Local Government area.
  • Importance of audit are well told when audit or denied to vital accounting record.
  • Lack of qualified local government auditors
  • The inability of the Izzi local government council to ensure proper quitting as to limit the rate of fraud is the problem of this study.

1.2 Research Question

  • How effective is the audit system in Izzi local government area?
  • Does Izzi local government keep adequate and reliable records of its activities?
  • Does Izzi local government experience fraud and mismanagement of resources?
  • Are there enough auditors in Izzi local government to audit the local government?
    • Objectives of the Study.

The general objectives of this research, is to find out the importance of auditing in the local government system particularly in Izzi local government area of Ebonyi State of Nigeria.

  • To ascertain the effectiveness of audit system in Izzi local government.
  • To examine the extent to which auditing has contributed to fraud control in Izzi Local governments.
  • To ascertain the extent to which Izzi local government council keep adequate and reliable records of it activities.
  • To find out the extent to which auditing can help in minimizing fraud and mismanagement of resources among the local government workforce in Izzi local government area.

1.4 Research Hypothesis

       The following hypotheses were formulated for the study.

HA1: Izzi local government council keep adequate and reliable records of its activities through the use of computers and certified receipts.

HO1: Izzi local government council neither uses computers nor certified receipts to ensure adequate and reliable records of it activities.

HA2: Frequent financial auditing in Izzi local government has significantly helped in reducing fraud and mismanagement of resources.

HO2: Fraud and mismanagement of resources has not in anyway reduced despites the frequent financial auditing Izzi local government council.

1.5 Significance of the Study.

This study will be very significant at its possible beneficiaries abound. This the study will enable the student’s who will use it in future to get sight no auditing and its usefulness to local government system. It will also reveal the actual meaning of auditing as tools used in controlling fraud in the local government and its objects and relevance to any concerned individual. This research might of great help to member of local government who experience fraud and other financial irregularities, since it will help than to device some workable and reliable remedial strategies toward curbing such threat. More proficiently, this research with obviously assist in widening the research is intellectual horizon, test his ability to collect, analyzed and interpret data as will as assisting the research in accomplishing practical requirement for the award of B.Sc (degree in his discipline)

1.6 Scope and Limitation of the Study.

This study covers all the departments in Izzi local government area particularizing on emphasis on identifying the role of audit in fraud question in Izzi local government system for the period of 2012 to 2015. On the other hand, the limitation of the study include time factor, coupled with the coming examination and financial inadequacy, which made it difficult for a research to extant his investigation as he planed. Also the response might not be 100 percent accurate since the sample of the population was only studied.

1.7 Theoretical Framework

This work adopted the theoretical frame work of Expectancy theory. The theory was propounded by victor (Abba, Anazodo and Okoye). The theory was propounded in the year 2004. The theory states that the strength of an expectation and the act will be followed by a given outcome and the attractiveness of that outcome to the individual. It also states that the strength of an expectation and the strength of a tendency to act on a expectation and the act will be followed by a given outcome and on the attractiveness of that outcome to the individual.

Thus, an employee can extract a high level of effort when he believes that the effort will head to organizational rewards like bonus, salary increase or promotion which will combines to satisfy the personal goals of the employee. Accordingly, an employee may evaluate various categories of behavior for example, working hard or not working hard and then whose the particular action or strategy he believes will head to work hard to related reward (pay increase or promotion).

If the individual believes, for instance, that working hard will earn him a promotion, then that is the behavior he would adopt. This theory is therefore very relevant to this study. The expectancy theory provides a logical way of analyzing the performances of workers. The reason for this is because the theory states that if an individual perceives a relationship between his efforts (expectancy) and his ability to perform successfully (first level of outcome) and a relationship between successful performance and rewards that he values instrumentality, he will work very hard. Furthermore, the effort performance relationship reflects the training and developmental function of appraisal process while the performance reward relationship focuses on the performance function.

PROJECT TOPIC- IMPORTANCE OF AUDITING IN THE LOCAL GOVERNMENT SYSTEM PARTICULARLY IN IZZI LOCAL GOVERNMENT AREA OF EBONYI STATE OF NIGERIA

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