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PROJECT TOPIC: EFFECTIVENESS OF A STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT

 EFFECTIVENESS OF A STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT

 

Abstract

This research work is designed to achieve the specific objective of examining the role played by Auditors in the protection of public funds in the government owned establishments, ministries or government parastatals. The research goes into providing a systematic financial accountability that will promote proper stewardship for asset, deter wastes, dishonesty and promote effectiveness. However, the literature review helped to ascertain other writers’ views concerning the subject under study which explains how government owned establishments are organized such that fraud could be detected easily and in time just because particular audits are assigned to particular personnel. The data used for this work was collected from primary source, using questionnaire. Against the background, invaluable and reliable discoveries were made. Finally the research recommends that the legislative of government should make it mandatory for the accountant general to submit financial statement of government account to audit department for audit work. Auditors should be given power to execute or enforce its finding after its work has been review by the public account committee.

 

CHAPTER ONE

INTRODUCTION

Background to the Study

There is a general awareness all over the world for the need to pay greater attention to the improvement of government establishment. The reason is obvious, government constitutes the largest single business entity and her pattern of expenditure through its various parastatals, agencies and commission stimulate lot of economic activities. As a result of these government huge involvement in economic activities, initiatives are being taken all over the world toward improvement of the standard of account and auditing department in government. The public sector accounting has the responsibility of developing systematic arrangement to assist management in the performance of the services of the constitution. While the public sector auditor has among other duties, the complementary role to examine whether management actually performed efficiently.

The public sector auditor has to satisfy himself that the account presented have been prepared in accordance with statutory and constitutional requirement and regulation and that the proper accounting practice have been observed in their complication with the growing sized and complexity of public sector in the recent years. The importance of the statutory auditor has correspondingly increase so that it is today a major factor in establishing the quality of public sector internal control and its development has made a considerable contribution to the improvement of the government establishment.

The purpose of this research is to investigate the effectiveness of a statutory auditor in fraud management in government establishment using Federal Pay Office Benin City as my case study.

 

 EFFECTIVENESS OF A STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT

 

Statement of Problem

Most organization and individual employ the service of an external auditor in order to comply with the legal requirement of the act. They may be unaware of the usefulness of the auditor to the organization and as a result of the ignorance, the auditor is bound to encounter some inherent problem in performing his duties properly. To put an end to the problem, the auditor on his own extra care, from an independent opinions which can be wholly relied upon by the financial statement users.

Therefore as regard the corporation under the study, the examination of the following problems are considered worthwhile and thus deserve an adequate attention.

  • Lack of understanding of the purpose of auditing among the society in general.
  • Lack of a well defined goal oriented policies aimed at building up a strong and sound financial system.

Inability for the government owned establishment to maintain a sound system of internal control

 

EFFECTIVENESS OF A STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT

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