ANALYSIS OF AUDIT PROCEDURE IN A PUBLIC SECTOR ORGANIZATION.

ANALYSIS OF AUDIT PROCEDURE IN A PUBLIC SECTOR ORGANIZATION (A CASE STUDY OF KADUNA STATE WATER BOARD)

ABSTRACT

Auditing is an essential tool for proper governance in the public sector. It constitutes an indispensable control mechanism for ensuring proper management of economic resources and for ensuring compliance with prescribed financial policies and regulations.

Effective audit procedures become important to the public sector organization in order to curtail the rate of financial mis-management and abuse which hampers the growth and proper administration of the organization.

Auditing in the public sector has extended more than the traditional financial statement audit to the value for money audit. This audit is concerned with the economy, efficiency and effectiveness of a particular function or department within the body whose affairs are being audited.

For the purpose of the study, data were collected through the use of questionnaire, observation and other written documents.

Major findings of the research shows:

-      That auditing cannot exist without the preparation of accounts.

-      That auditing has helped to uncover irregularities, error and other financial mismanagement.

-      That auditing is imperative in public sector as it would help them motivate and maintain operational autonomy and will alongside help them ensure economic stability.  

TABLE OF CONTENTS

  PAGES

Title page                                                                                                    i        

Certification                                                                                                ii

Dedication                                                                                                  iii

Acknowledgement                                                                                       iv

Table of Content                                                                                         v

Abstract                                                                                                      vi

CHAPTER ONE: INTRODUCTION

1.1     Background to the Study                                                                  1       

1.2     Statement of Problems                                                                      3

1.3     Aims and Objectives of Study                                                            3

1.4     Scope of the Study                                                                            4

1.5     Significance of the Study                                                                  5

1.6     Limitations of the Study                                                                    6

1.7     Statement of Hypothesis                                                                   7

1.8     Definition of terms                                                                            8

1.9     Historical Background of Case of Study                                            9

CHAPTER TWO: LITERATURE REVIEW

2.1     Origin of Audit                                                                                  10

2.2     Development and Growth of Audit in Nigeria Definitions of

Audit purpose of audit                                                                      10

2.3     Types of audit                                                                                    11

2.4     External audit                                                                                   13

2.5     Auditing guidelines Planning Controlling and Recording Internal

Audit Value for Money Audit                       14

2.6     Distinction between Accounting and Auditing Functions                 14

2.7     Auditing Guidelines and Procedures: Planning, Controlling

And Recording Planning                                                                             20

2.8     Audit Evidence                                                                                  25

2.9     Internal Controls                                                                               29

2.10   Internal Audit                                                                                    35

CHAPTER THREE: RESEARCH METHODOLOGY

3.1     Introduction                                                                                      48

3.2     Research Design                                                                                49

3.3     Population Description                                                                      50

3.4     Sample Description and Techniques                                                 50

3.5     Research Materials/ Instruments                                                      51

3.6     Method of Data Collection and Organization of Data.                       51

3.7     Organization of Data                                                                         53

3.8     Statistical Treatment of Data                                                             53

CHAPTER FOUR: DATA PRESENTATIONS AND ANALYSIS

4.1     Introduction                                                                                      55

4.2     Analysis and Evaluation of Data                                                       55

4.3     Test of Hypothesis                                                                                       62

4.4     Findings of the Study                                                                        68

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS.

5.1     Summary                                                                                          71

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