ABSTRACT
This research work is design
to achieve a specific purpose on the role played by Auditors in
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 of
asset, deter wastes, dishonesty and promote effeteness of reasonable cost.
However, the literature review helps
to ascertain other writes view concerning the subject of the study which
explains how government owned establishment is so organized in such a way that
fraud could be detected easily and on time just because particular audits are
assigned to particular personnel. The data used for this work was collected
from primary and secondary source. Questionnaire were also used
(200 in number) 120 were retained on filled while 20 missed on transit
and total used was 60 in number. Against the background, invaluable
and reliable discoverers were made.
Finally the research recommends
that the legislative are of government should make it mandatory for
the accountant general to submit financial statement of government
account to audit department for audit work within 6(six month of auditors
to be given power to execute or enforce its finding after its work has
been review by the public account committee (P.Ac).
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
For a long time now Nigeria have
been witnessing a down turn in her development efforts. This primary cause of
this down has been linked with the in or deinate ambition of the average
Nigeria to get rich quick at the expense of less piviltedge ones. Those
who a seen them selves as being opportunity to control government owned
establishment use the opportunity to perpetrate fraud or misappropriate
public funds and properties. However,
the auditor should recognize the possibilities of material, misstatement or
irregularities or fraud, and see that errors which could distort the trueness
and fairness of the financial account are not committed. Therefore, a
statutory auditor is said to be a watch dog and not a blood hound.
Our law makers have seen the need
for acceptable accountability by making a provision for the federal and stated
government to report on the account of stewardship rendered by these public
officers.
Section 126 (1) the constitution of
the federal republic of Nigeria 199. States that there shall be an audit
general for each state who shall be appointed in accordance with the provision
of section 126 of the constitution”.
Section (2) says that the public
account of a state and of all offices and courts of the state shall be audited
by the auditor general for the state”.
This study focused attention how
well or otherwise the government audit department conduct it activities in
response to section 125 of 1999 constitution of the federal republic of
Nigeria.
1.2
STATEMENT OF THE PROBLEM
Public embezzlement always create a
consciousness on the part of the supervisory authorities as to the quality and
digree of protective management in government
- 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.
- Inherent weakness in the existing. Administrative arrangement for government owned establishment accounting function.
- Improper supervision of over all officers under the authority entrusted with the receipts expenditure of public money.
Inability of the government owned
establishment maintain a sound system of internal control.
1.3
OBJECTIVE OF THE STUDY
In regards to this study, is set
forth to present fresh insight into the nature and role of a statutory auditor
in controlling fraud in government owned establishment with a view to
enabling the public appreciate the various limitations and weaknesses, inherit
their effort in fraud detection and control in government owned establishments
- To find out roles played by the audit department in protection of public funds.
- To provide a system of financial accountability which will promote proper stewardship of assets deter wastes dishonesty and extravagancy and promote effectiveness at reasonable costs.
- To ensure efficient financial administration through system of internal control and management information.
- To determine the extent to which fraud misapporiation and embezzlement of public funds have persisted in public services.
- To find out the delays in carrying out audit of account of government establishment.
1.4
SIGNIFICANT OF THE STUDY .
The significance of this study is
that, it will teach the inherent disabilities and limitation of auditing in
government owned establishment.It is expected that the result of this
study will help improve financial reporting by government owned
establishment providing annual reports in accordance with the requirement of
audit acts, 1990.
The significant of the study to
society in general is to correct the wrong notion of the society in
general is to correct the wrong notion of the wealth of government
which contrary to realty is usually. Regarded in position could cut his own
share at will and get away with it.
To the government is ensuing the
standard that down in the ministry manual of responsibilities and procedure are
maintained.
To the auditor to pin point to
them the risk that confronts the auditors in the excretes of his duties
the legal action that could be taken against the auditor she/he deficit in
this duty.
The study sure as a quite for
future quern mental policy formulation on auditing guideline to
government owned establishment .
Finally, it is expected that this
study will serve as a work of reference to future researchers.
1. Time constraints: The researcher
as a student also engaged in other activities which limited the time.
Used for the project the research
was deeply affected by the shortness of time as a result of the short semester
being ran by the school. The semester coupled with dash of programme of
the school and there is no special time given for proper investigation are the
constraints which left the researcher with little or no time to carry out this
project.
- SCOPE: Due to the vastness of the areas to be covered by the researcher, the researcher found it way difficult she could not obtain information from each of theses areas. For instance there are many firms dealing with auditing and investigation and for the fact that it is very difficult for one to gather information or data from each of these firm one being a student was compelled to unit his study to federal pay office (add your state after office)
- LACK OF STATISTICAL INFORMATION:
Facts were not easy to come about
during the course of this project work. Even where the facts are available they
were either out dated or the authorities concerned refused to bring it out or
are subject necessary protocols. At the expense of my limited time before they
were male available.
- FINANCIAL CONSTRAINTS:
The researcher lacked the necessary
finance to carryout extensive research on this topic .
- NON –RESPONSES:
Inadequate responses such as some
ministries when interviewed defined responses and unable to help due to
internal problem like staff of local government audit department of ( ADD
YOUR STATE HERE).
- BUREAUCRACY:
The bureaucracy in government
establishment has made it very difficult for researcher to obtain research
information.
- SECREY:
Most Nigeria dislike activities that
appear to be probing them, they tend to avoid researchers because they gelt
their activities which are not meant for public consumption would be exposed
through research work.,
1.5
RESEARCH QUESTION
The following research question were
formulated by the researcher for the conduct of this project.
- What aspect of the accounts government policies hinders effective and efficient auditing of account of government owned establishment
- How can government establishment supervise the expenditure of government taking care that no payment were made which is not covered by proper authority.
- To what extent do fraud effect economic development of the country.
- What measures showed be taken to ensure that objective of auditing are achieved in government owned establishment.
1.6
STATEMENT OF HYPOTHESIS
H o: The audit does not play
effective and efficient role in the control of fraud in government owned
establishment .
Hi: The auditor play effective and
efficient role in the control poof fraud in government owned establishment.
1.7
SCOPE / LIMITATION OF THE STUDY
The study is a case study of federal
pay office pay officer Enugu between 1990 2003.
In this study the researcher only
considered the ministerial accounting structure or accounting structure of selected
government establishment on parastatals in the state, because of the
following limitation.
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