Problem and prospect of auditing in government organizations

Project Abstract

<p> </p><p>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.</p><p>You are reading project material titled Problem And Prospect Of Auditing In Government Organizations</p><p>Title Page Acknowledgement Sample Dedication Sample<br>Table Of Content</p> <br><p></p>

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><p><strong>1.1 Background of the Study</strong></p><p>Government organizations 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.</p><p>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.</p><p><strong>1.2 Statement of the Problem</strong></p><p>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.</p><p>These and other factors contribute to problems of auditing in government organization.</p><p><strong>1.3 Purpose of the Study</strong></p><p>The purpose of studying this topic is to examine the importance, problems and prospects of auditing in government institution.<br> To ascertain the problems encountered while auditing in government establishment.<br> To know if auditors exhibit enough professional competence in conduct of their work.<br> To know how effective auditing is in government establishment</p><p><strong>1.4 Research Questions</strong>&nbsp;This research work seeks to ask the following questions among others, deduced from the purpose of the study.<br> Are auditors being threatened or intimidated during their audit work.<br> Are auditors being faced with some problems during their audit work.<br> Are vital documents needed for the audit of the organization being held from the auditors</p><p><strong>1.5 Research Hypothesis</strong></p><p>Based on the purpose, and research questions the following hypotheses 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 Threats and intimidation do not positively affect the quality of auditors work in government establishment. HI Threat 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.</p><p>HI Poor Professional conduct by auditors affects the quality of work done by auditors in government establishments.</p><p><strong>1.6 Significance of the study</strong></p><p>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:<br> Government good audit work will prevent, expose fraud, errors and irregularities in government establishment.<br> Auditors: will benefit by knowing the challenges facing them in their audit work and thereafter the prospects.<br> Banks; will also benefit because it will give them insight on how to handle audit work successfully.<br> Students and researchers will benefit by gaining knowledge on the audit challenges to banks and the prospects.</p><p><strong>1.7 Scope and limitation of the study</strong></p><p>This project would cover arrears such as audit principles 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 shortcomings 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.<br> Cost of carrying out the research<br> Short duration of time limit dedicated on the project<br> Distance and financial constraint.<br> Restriction placed upon by some organization to have access to some vital documents.<br> Secrecy maintained by some government officials by not revealing certain information which they term as “Keep government secrets secret”.</p><p><strong>1.8 Definition of terms Fraud:</strong></p><p>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) <strong>Embezzlement:</strong>&nbsp;The fraudulent appropriation of property lawfully in one’s custody, (Kohther, 1970:173)<br><strong>Auditing or Audit:</strong>&nbsp;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 financial statements present fairly by the financial position of the firm concerning the period covered by the financial statement.<br><strong>Auditor:</strong>&nbsp;An auditor is the qualified accountant who is professionally licensed to audit or examine financial statements or report of business or nonbusiness organizations.</p><h3>Reference</h3><p>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</p><p>J.C. Eze. (2003). Principles and Techniques of Auditing, Revised Edition JTC publishers.</p><p>Chapter One of Problem And Prospect Of Auditing In Government Organizations Project Material ends here.<br>Posted by UniProjects.Net under Project Topics and Materials</p><p>Chapter two of this Problem And Prospect Of Auditing In Government Organizations” research work is available. Order full work to download. Chapter Two of “Problem And Prospect Of Auditing In Government Organizations Contains: Review Of Related Literature, Nature Of Auditing, Features Of Auditing, Types Of Audit, Duties Of Auditors, Objective Of Auditing, Appointment Of Auditing, Rights Of An Auditor, Classification Of The Study, Audit Objectives With Respect To Government Organization, Prospects Of Auditing In Government Organization, Historical Development Of Federal Mortgage Bank And Reference.</p><p>Chapter three of this Problem And Prospect Of Auditing In Government Organizations” academic work is available. Order full work to download. Chapter Three of “Problem And Prospect Of Auditing In Government Organizations” Contains: Research Methodology, Introduction, Research Design, Area Of Study, Population Of The Study, Sample And Sampling Technique, Questionnaire Design And Distribution, Source Of Data, Instruments For Data Collection, Method Of Data Analysis And Validity/Reliability Of Instrument.</p><p>Chapter four of this Problem And Prospect Of Auditing In Government Organizations project work is available. Order full work to download. Chapter Four of Problem And Prospect Of Auditing In Government Organizations Contains: Data Analysis, Presentations And Testing Of Hypothesis.</p><p>Chapter five of this Problem And Prospect Of Auditing In Government Organizations material is available. Order full work to download. Chapter Five of Problem And Prospect Of Auditing In Government Organizations Contains: Summary Of Findings, Conclusion, Recommendation, Bibliography And Questionnaire.</p> <br><p></p>