The Effectiveness of Audit in Government Parastatals

 – The Effectiveness of Audit in Government Parastatals –

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ABSTRACT

This study is aimed at identifying the EFFECTIVENESS OF AUDIT IN GOVERNMENT PARASTSTALS, using Enugu State Water Corporation, Enugu State Broadcasting services and Enugu State Library board all in Enugu state as a study guide.

The entire work was dividend into five (5) chapters and the data for the study was collected using both primary and secondary sources, questionnaires, textbooks, literary materials and journals respectively.

The population of the study is 116; while the sample size was derived using YARO YAMANI 1964 formula and it gave 90. Thereafter, the data collected were presented in tables, analyzed using percentage analysis. Then the hypothesis of the study was tested using chi square formula.

The findings of the study was that, there is no effective audit in government parastatals, because of how often external audit is carried out.

There is consistent and effective internal audit accountable to management. Also, the government influences on parastatals affect their business objectives.

This is observed in the role of decision taking by the government on public enterprise, which result in delay of job execution.

Finally, the researcher made some useful recommendations to the parastatals that; when audit function is utilized to ensure the competency of public servants and improvement in the activities, procedures and administration of public enterprises. The cry about outright privatization will not be necessary.

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TABLE OF CONTENTS

Title Page – – – – – – – – – i
Approval Page – – – – – – – – ii
Declaration – – – – – – – – iii
Dedication – – – – – – – – – iv
Acknowledgement – – – – – – – v
Abstract – – – – – – – – – vi
Table of Content – – – – – – – – vii

CHAPTER ONE: INTRODUCTION

1.1 Background of the Study – – – — – – 1
1.2 Statement of the Problem – – – – – 2
1.3 Objectives of the Study – – – – – – 3
1.4 Research Questions – – – – – 3
1.5 Research Hypothesis – – – – – – 4
1.6 Significance of the Study – – – – 4
1.7 Scope and Limitation of the Study – – – – 5
1.8 Definition of Terms – – – – – – 5
References

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1 The Essential of Financial Reporting in Achieving Social and
Economic Goals – – – – – – – – 8
2.2 Auditing-Development and Objectives – – – 8
2.3 Internal Auditing Control – – – – – 10
2.4 Internal Control – – – – – – – 15
2.5 Audit of Government Parastatals – – – – – 16
2.6 The concept of the Auditor Independence – – – 16
2.7 The Public Enterprises in Nigeria, Management and Organizational Problems – 18
2.8 Privatization of Public Enterprises – – – – 19
2.9 Cases for and Against Privatization and Commercialization- – 19
References

CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY

3.1 Sources of Data – – – – – – – – 23
3.1.1 Primary Data – – – – – – – 23
3.1.2 Secondary Data – – – – – – – 24
3.2 Interview Questions – – – – – – 24
3.3 Sample Used – – – – – – – 24
3.4 Method of Data Collection – – – – – 25
3.5 Sample Used and Determination of Sample Size – – 25
3.6 Showing the Grouping of the labour in the Parastatals – – 25
3.7 Minimum Number of Respondents- – – – – 26
3.8 Showing Proportional Distribution of Sample size- – 27
3.9 Showing the Number of Questionnaires Administered and Returned  – 27
3.10 Statistical Technique used for Data Analysis – – 28
References

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1 Analysis of General Characteristics of Respondents- – 30
4.2 Hypothesis Testing. – – — – – – 39

CHAPTER FIVE; SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS

5.1 Summary of Findings – – – – – – – 46
5.2 Conclusion – – – – – – – – 47
5.3 Recommendations – – – – – – – 48
Bibliography

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INTRODUCTION

1.1 Background of the Study

Government participation in business (through public enterprise) unlike every other private enterprise has not yielded the desired result in terms of social, economic and political considerations. It is against this backdrop that this study seeks to examine the effectiveness of audit in government parastatals.

Nevertheless, the economic consideration as a major business objective of any enterprise, be it, public or private will dominate other considerations in this study. Thus, the economic considerations of government establishing public enterprises are to fulfill her social responsibilities to the masses.

Profits are needed from the government parastatals not only for sustaining the existing parastatals but also for establishment of new ones.

Government does not have in mind to establish parastatals for profit making but intervenes where the system of perfect competition has broken down.

Nevertheless, we are primarily concerned with mobility of public enterprises in Nigeria to at least breakeven vis-à-vis some of their private counterparts that make surplus profits.

There could have been no better time for this study than now when government debts are accumulating daily and foreign exchange earnings declining.

This points to the fact, why government wants their parastatals to generate enough profit to at least pay for their consumables and argument on their salaries where possible. No wonder the government stance on public enterprises tagged “privatization”.

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BIBLIOGRAPHY

AGUOLU, OSITA (2008): Fundamentals of Auditing, Nimo         Rex     Charles and Patrick Ltd.

AKPIEYI, W.E. (1985): Financing and Managing Commercial   Parastatals Business Times Monday December 23.

CHRISTOPHER NOBES (1980): Introduction to financial Accounting, London. GYASI KWAME (1982): An International Guide to Auditing, 1st Edition, London.Graham Buin

HOWARD F. STETTLER (1977): Auditing principles,        Englewood     cliff,     New Jersey, prentice,-Hall Inc.

HOLMES A.R (1985): Auditing Principles and Procedures, 6th Edition, Illinios: Richard Irwin Inc.

JUBRIN NDUUSA AHMADU (1996): Importance of Audit working papers. PETER N. DEAN (1984): financial management in the Nigeria  public  sector, London pitman books Ltd

MELG W.B, LARSON E.J and MELGS H. F (1997): Principles of Auditing, Homewood Illinois,                                  Richard D. Irwin, Inc.

NWABUEZE P.B.C (2000): Basic Principles of Auditing, Enugu.M’cal Communications Int.

NORMAN THORNTON (1978): Management Accounting London  Heinemann.

SANTOKI J. (1978): Case Studies in Auditing Estovern Plymouth: Macdonald and Evans Ltd.