TABLE OF CONTENTS
Cover page
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
CHAPTER ONE
1.0-Introduction
………………………………………………………………………………….. 1
1.1-Background of the study
……………………………………………………………….. 1-2
1.2-Statement of the problem
……………………………………………………………… 2
1.3-Purpose of the study
……………………………………………………………………… 3
1.4-Research questions
……………………………………………………………………….. 3
1.5-Research hypothesis
……………………………………………………………………… 4
1.6-Significance of the study
……………………………………………………………..… 5
1.7-Scope and limitation of the study
………………………………………………….. 5-6
1.8-Definition of terms
………………………………………………………………………… 6-7
Reference
.……………………………………………….…………………………………….8
CHAPTER TWO
2.0-Review of related literature
………………………………………………………….. 9
2.1-Nature of auditing
………………………………………………………………………… 9-11
2.2-Features of auditing
……………………………………………………………………… 11-13
2.3-Auditors report
…………………………………………………………………………….. 13
2.4-Types of audit
……………………………………………………………………………….. 14-15
2.5-Duties of auditors
………………………………………………………………………….. 15-16
2.6-Objectives of auditing
……….………………………………………………………….… 17-19
2.7Appointment of auditors
…………………………………………………………………. 19-20
2.8-Rights of an auditor
………………………………………………………………………… 20-21
2.9-Classification of study
…………………………………………………………………….. 21-24
2.10-Advantages of auditing
…………………………………………………………………. 25-26
2.11-Nature and definition of government organization and auditing
…… 26-28
2.12-Audit objectives with respect to government organization
……………. 29-30
2.13-Prospects of auditing in government organization
…………………………. 30-31
2.14-Historical development of federal mortgage bank
…………………………. 31-32
Reference
…………………………………………………………………………………….. 33
CHAPTER THREE
3.0-Research methodology
…………………………………………………..…………..…. 34
3.1-Introduction
………………………………………………………………………..…………. 34-35
3.2-Research design
………………………………………………………………………….…. 35
3.3-Arear of
study……………………….………………………………………………………… 36
3.4-Population of the study
………………………………………………………………….. 36-37
3.5-Sample and sampling technique
……………………………………………………… 37-38
3.6-Questionnaire design and distribution
……………………………………….…… 38-40
3.7-sources of data
…………………….………………………………………………………… 40
3.8-instrument for data collection.
……………………………………………………….. 41
3.9-Method of data analysis
……………………………………………………………..…… 41-43
3.10-Validity and reliability of instrument
……………………………………………… 43-44
CHAPTER FOUR
4.0-Data presentation and analysis ….………………………………………….….
45-46
4.1-Presentation and Analysis of data ………………………………………….….
46-57
4.2-Testing of hypothesis …………………………………………………………………
57-67
CHAPTER FIVE
5.0-Summary of findings, conclusion and recommendation …….………
68
5.1-Findings …………………………………………………………………………………….
68-69
5.2-Conclusion …………………………………………………………………………..……
69-71
5.3-Recommendation ……………………………………………………………………..
71-73
Bibliography ……………..………….…………………………………………………….
74
Questionnaire …………………….…………………………………………………….…
75-78
ABSTRACT
The topic of this research is problems and prospects of auditing in
government organization, the population of the study was 82 while the
research used yaro Yamani formula in the determination of the sample
size which was 68.The researcher used both the primary and the
secondary sources in obtaining the relevant data used in the course of
the study. The primary data was collected using the questionnaire while
that of the secondary data was obtained using written textbooks,
journals, magazines, newspapers, and the use of library. The researcher
used chi-square in the testing of the hypothesis formulated while simple
percentages were used in analyzing the research questions. Some of the
problems bound to be encountered when auditing government
establishments are embezzlement of funds by some government
officials, deficiency in confirming accounts receivable and failure to
exercise due professional care. Some findings were made of which one
out of them is that financial reports submitted are not in consonance
with the transactions carried out by the government establishment.
Recommendations were also made of which one out of them is that the
auditor should maintain his position of independence as much as
possible.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Government organization have played a greater part in
the economic growth of any economy, especially in the
Nigerian economy. The contributions they have made so far
cannot be overemphasized because their utmost aims of
establishment is to provide some vital or essential services
to improve the social and economic well being of the people.
These government organizations are mainly being
funded either by the federal or state government through
their budgetary allocations made to them yearly and they
can also obtain loans or overdraft from commercial bank as
well as subvention from government. These funds are
expected to be utilized effectively and efficiently. But in
most practices they are being misappropriated or embezzled
by some government officials.
As a result of this mis-appropriation which has
characterized most of the government organizations.
Honestly and prudently managed. The audit is expect to
show whether proper principles of accounts and audit ethics
have been adhered to and that financial statements
prepared give a true and fair view.
1.2 Statement of the Problem
In any business Organization in which allocation and
application of funds serves as a backbone for financial
activities to be carried out the following are problems in
which are bund to be encountered.
1. Embezzlement of fund by some government Officials
2. Failure to exercise due professional care and the
appropriate level of professional skepticism.
3. Overreliance on inquiry as a form of audit evidence
4. Deficiency in confirming accounts receivable
5. Failure to recognize related party transactions and
assuming internal control exist when they may not.
These and other factors contribute to problems of auditing
in government organization.
1.3 Purpose of the Study
The purpose of studying this topic is to examine the
importance, problems and prospects of auditing in
government institution.
To ascertain the problems encountered while auditing
in government establishment.
To know if auditors exhibit enough professional
competence in conduct of their work.
To know how effective auditing is in government
establishment
1.4 Research Questions
This research work seeks to ask the following questions
among others, deduced from the purpose of the study.
Are auditors being threatened or intimidated during
their audit work.
Are auditors being faced with some problems during
their audit work.
Are vital documents needed for the audit of the
organization being held from the auditors
1.5 Research Hypothesis
Based on the purpose, and research questions the following
hypothesis are put forward.
Ho Financial reports submitted are not in consonance with
the transactions carried out by the government
establishment
HI Financial report submitted are in consonance with the
transactions carried out by the government
establishment.
Ho Treats and intimidation do not positively affect the
quality of auditors work in government establishment.
HI Treat and intimidation positively affect the quality of
auditors work in government establishment.
Ho Poor professional conducts by auditors do not affect
the quality of work done by auditor in government
establishment.
HI Poor Professional conduct by auditors affects the
quality of work done by auditors in government
establishments.
1.6 Significance of the study
Where audit principles and procedures are carried out in
government organizations the following benefits are
derived of which these work will be beneficial to the
following people and establishments:
Government good audit work will prevent, expose
fraud, errors and irregularities in government
establishment.
Auditors: will benefit by knowing the challenges facing
them in their audit work and thereafter the prospects.
Banks; will also benefit because it will give them
insight on how to handle audit work successfully.
Students and researchers will benefit by gaining
knowledge on the audit challenges to banks and the
prospects.
1.7 Scope and limitation of the study
This project would cover arrears such as audit
principle(s) and procedures giving as in depth analysis on
how audit work is carried out in government organizations.
Attempts have been made by the researcher to discuss
in depth the various short comings behind this operational
framework of auditing in government organization and also
self investigation carried out.
Part of the constraint encountered by the researcher
and limitations are as follows.
Cost of carrying out the research
Short duration of time limit dedicated on the project
Distance and financial constraint.
Restriction placed upon by some organization to have
access to some vital documents.
Secrecy maintained by some government officials by
not revealing certain information which they term as
“Keep government secrets secret”.
1.8 Definition of terms
Fraud: Is a mis-presentation of data with the intention to
theft which is dishonest act involving the theft of assets and
the falsification of accounting records and financial
statements (Akpankpan, 2000.126)
Embezzlement: The fraudulent appropriation of property
lawfully in one‟s custody, (Kohther, 1970:173)
Auditing or Audit: Is concerned with an independent
examination of financial statements and accounting records
by an independent certified or chartered accountant and
expression of an opinion by the public accountant on the
financial statements of an organization stating whether the
finance; al statements present fairly by the financial position
of the firm concerning the period covered by the financial
statement.
Auditor: An auditor is the qualified accountant who is
professionally licensed to audit or examin financial sttments
or report of business or non-business organizations.
Reference
Adeniji, A.A .(2004). Auditing and Investigation 3rd Edition.
Lagos. Eltoda venture limited.
Leslie r. Howard.(1981). Principles of Auditing: Twentieth
Edition. Estover plymouth mac jonal and Evans Ltd
J.C. Eze. (2003). Principles and Techniques of Auditing,
Revised Edition JTC publishers.
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