Full Project-A CRITICAL ANALYSIS ON VALUE FOR MONEY AUDIT ON PUBLIC SECTOR OF AN ORGANIZATIONS

Click here to Get this Complete Project Chapter 1-5

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Auditing has existed as long as man has been required to account for their transactions. A famous example is in St. Mathew’s Gospel (Chapter 25) when the rich man went on a journey and delivered his goods to a servant to look after them while he was away. On his return, he asked each of these servants to account for the goods with which he had been entrusted. In the ancient ages, great land owners would not manage their own land, but would appoint stewards to manage their own land for them. The account of these land owners were checked by having them called out by those who gave them to those in authority (land owners) for hearing otherwise called stewardship accounting.

Auditing can be defined as the process of an independent examination of vouchers, internal control system and financial statements of an organization by a person or a group of persons called auditors so that the auditors can form and express opinion whether the vouchers, internal control system and financial statement, give a true and fair view of the organization. Auditing is carried in both the public and private sectors. In the case of public sector, there are two foremost types of audit that are carried out namely: Regulatory audit and financial audit and the third type is value for money (VFM) audit which is yet to be fully integrated in most part of the world.

According to Bechberger (2007), it is observed in the past decades that in order to fight global corruption and strengthening transparency and accountability in public sector organization across the world, public sector organizations are now under pressure from the public to integrate value for money principles in their management practices. Value for money according to National Audit Office (2007) means providing a service or a product in a way which is economical efficient and effective. Value for money audit is therefore, the type of audit that is used to asses the value for money system in any organization. It is an independent examination of the criteria (economy, efficiency and effectiveness) for the value for money to confirm that the organizations available resources are used wholly, necessarily, reasonably and exclusively so as to maximize progress towards the chosen objective.

1.2      STATEMENT OF PROBLEM

The research work “The critical analysis of value of money audit (VFM) and public sector performance in Enugu State centers on the major problems facing value for money audit in Enugu which includes:

a.  Problem of inconsistency in public sector objectives as a result of political and economic instability.

b.  Diversity in accounting records or lack of uniformity in accounting records system among public sector organization.

c.  The problem of cash basis rather than actual basis in public sector accounting.

d.  The problem of insufficient emphasis of accounting and stewardship in public sector organization.

e.  Inadequate implementation of laws in Nigeria.

1.3   OBJECTIVES OF STUDY

The main objective of the study is to analyze the effects of value for money audit on public sector organization while the specific objectives are:-

a.  To ascertain the problem of inconsistency in public sector objectives which is as a result of political and economic instability.

b.  To examine the problem of diversity in accounting system in public sector organization in Enugu State.

c.  To determine the problem of using cash basis of accounting in public sector organization.

d.  To ascertain the problem of insufficient emphasis on accountability and stewardship in public sector organization.

e.  To investigate the problem of inadequate implementation of laws in public sector organization in Enugu State.

1.4   RESEARCH HYPOTHESES

In order to achieve the objectives of this research study, the following hypothesis was formulated.

Hypothesis One

Ho: There is no significant relationship between economic and political instability and performance of public sector organization in Enugu State.

Hi: There is a significant relationship between economic and political instability and performance of public sector organization in Enugu State.

Hypothesis Two

Ho: There is no significant relationship between cash basis of accounting and performance of public sector organization in Enugu State.

Hi: There is a significant relationship between cash basis of accounting and performance of public sector organization in Enugu State.

Hypothesis Three

Ho: Inadequate implementation of law had no effect on performance of public sector organization in Enugu State.

Hi: Inadequate implementation of laws has been effect on performance of public sector organization in Enugu State.

1.5  RESEARCH QUESTIONS

1.  To what extent does the inconsistency in public sector objectives which is as a result of political and economic instability affect performance of public sector organization in Enugu State?

2.  How does the diversity in accounting records or lack of uniformity in accounting records affect the public sector organization in Enugu State?

3.  Could the problem of the use of cash basis rather than accrual basis accounting affect public sector organization in Enugu State?

4.  To what extent does the insufficient emphasis on accountability and stewardship affect public sector organization?

1.6   SIGNIFICANCE OF STUDY

This research therefore aims that value for money audit will be relevant in the public sector because of the special needs for government organizations to demonstrate their accountability and their regards for economy, effectively in the use of public funds and other resources. Value for money auditing is particularly appropriate for any organization whose activities cannot be judged solely by their contribution profit.

a.  Budgeting and budgeting control

b.  The development of management information system necessary to plan, cooperate and control an organization.

c.  Human resources management (that is planning procurement appraisal) construction procurement and utilization of physical asset such as property, plant and equipment.

1.7   SCOPE OF STUDY

This work is restricted to Enugu State Water Co-operation; this work will enlighten them on how to achieve their goals with a minimum cost.

1.8  LIMITATION OF STUDY

The limitations involved in the course of this research includes hostility and non co-operation on part of executive respondent unwilling to disclose their necessary and vital information or document which they felt it will be detrimental to their business. Also the financial implication was very high and this imposed certain restrictions. The constraint of time was also a limiting factor as one the areas of interest were not covered as they would have been adequate.

1.9   DEFINITION OF TERMS

Value for money: Providing a service for a product in way that is economical, efficient and effective.

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.

Click here to Get this Complete Project Chapter 1-5

You can also check other Research Project here:

1, Accounting Research Project

2. Adult Education
3. Agricultural Science
4. Banking & Finance
5. Biblical Theology & CRS
6. Biblical Theology and CRS
7. Biology Education
8. Business Administration
9. Computer Engineering Project
10. Computer Science 2
11. Criminology Research Project
12. Early Childhood Education
13. Economic Education
14. Education Research Project
15. Educational Administration and Planning Research Project
16. English
17. English Education
18. Entrepreneurship
19. Environmental Sciences Research Project
20. Guidance and Counselling Research Project
21. History Education
22. Human Kinetics and Health Education
23. Management
24. Maritime and Transportation
25. Marketing
26. Marketing Research Project 2
27. Mass Communication
28. Mathematics Education
29. Medical Biochemistry Project
30. Organizational Behaviour
31. Other Projects
32. Political Science
33. Psychology
34. Public Administration
35. Public Health Research Project
36. More Research Project
37. Transportation Management
38. Nursing

Need a Project Writer for a Different Topic

• MSC PROJECT WRITING SERVICES
• MBA RESEARCH PROJECT WRITING SERVICES
• Research Project Writing Services in Lagos Nigeria (Professional Writers) -Law, MSc, MBA,PhD, Dissertations, Thesis, Assignment, Speech
• Masters Research Project Writer in Lagos Nigeria
• MBA Research Project Writer in Lagos Nigeria
• LOOKING FOR A WRITING SERVICES FOR AN URGENT ASSIGNMENTS OR PROJECT WORK
• PROFESSIONAL WRITING SERVICES IN LAGOS NIGERIA (TERM PAPER, SPEECH WRITING, ASSIGNMENT, THESES, DISSERTATIONS, RESEARCH PROPOSAL, PROJECT WRITING SERVICES etc)
• BUSINESS ADMINISTRATION RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• CONSULT A RESEARCH PROJECT WRITER IN LAGOS NIGERIA (PH.D, MBA, MSC, M.ED, BSC)
• MANAGEMENT RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Education Research Project Writer in Lagos Nigeria
• Environmental Sciences Research Project Writer in Lagos Nigeria
• Guidance and Counselling Research Project Writer in Lagos Nigeria
• Human Kinetics and Health Education Project Writer in Lagos Nigeria
• Early Childhood Education Research Project Writer in Lagos Nigeria
• Christian Religious Studies(CRS) Research Project Writer in Lagos Nigeria
• Educational Administration and Planning Research Project Writer in Lagos Nigeria
• Political Science Research Project Writer in Lagos Nigeria
• Accounting Research Project Writer in Lagos Nigeria
• Economics Research Project Writer in Lagos Nigeria
• Management Research Project Writer in Lagos Nigeria
• Marketing Research Project Writer in Lagos Nigeria
• Public Administration Research Project Writer in Lagos Nigeria
• MBA Research Project Analysts
• In Need of MBA Research Project Writer in Nigeria
• MBA Dissertation Research Project Writer
• MBA Project writer
• EDUCATION DEPARTMENT PROJECT WRITING SERVICES
• BACHELOR OF SCIENCE (BSC) DEGREE PROJECT WRITING SERVICES(B.ED,B.A,B.SC)
• MASTER OF BUSINESS ADMINISTRATION (MBA) RESEARCH PROJECT WRITING SERVICES
• MASTER OF SCIENCE (MSC) RESEARCH PROJECT WRITING SERVICES
• POST GRADUATE RESEARCH PROJECT WRITER
• POST GRADUATE DIPLOMA (PGD) RESEARCH PROJECT WRITER
• MASTER RESEARCH PROJECT WRITER
• MASTER DEGREE RESEARCH PROJECT WRITING SERVICES
• POSTGRADUATE RESEARCH PROJECT WRITING SERVICES
• MASTERS RESEARCH PROJECT WRITING SERVICES
• RESEARCH PROJECT WRITER
• EXPERT IN RESEARCH PROJECT/THESIS/DISSERTATION WRITING SERVICES IN LAGOS NIGERIA
• HIRE A PROFESSIONAL BSC/HND RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL MBA/MSC RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL THESIS WRITER IN LAGOS NIGERIA
• SC/M.SC/MBA/PGD RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Master Degree Research Project Specialist/Writer in Lagos, Nigeria
• Hire A Research Project Writer in Lagos Nigeria
• Research Project Specialist in Lagos, Nigeria

• Education