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Title: A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN THE NIGERIA PUBLIC SECTOR
Authors: Dr Bassey E. Bassey., Dr (Mrs) Eme J. Efiong, Edet Wofai Mbang, Nwaeze Veronica Ugonna
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1Dr Bassey E. Bassey., 2Dr (Mrs) Eme J. Efiong, 3Edet Wofai Mbang, 4Nwaeze Veronica Ugonna 1. Department of Accounting, University of Calabar, Nigeria 2. Department of Accounting, University of Calabar, Nigeria 3. M.Sc Student, Department of Accounting, University of Calabar, Nigeria 4. M.Sc Student, Department of Accounting, University of Calabar, Nigeria
MLA 8 Bassey, Dr Bassey E., et al. "A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN THE NIGERIA PUBLIC SECTOR." Int. j. of Social Science and Economic Research, vol. 4, no. 8, Aug. 2019, pp. 5718-5727, ijsser.org/more2019.php?id=439. Accessed Aug. 2019. APA Bassey, D., Efiong, D., Mbang, E., & Ugonna, N. (2019, August). A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN THE NIGERIA PUBLIC SECTOR. Int. j. of Social Science and Economic Research, 4(8), 5718-5727. Retrieved from ijsser.org/more2019.php?id=439 Chicago Bassey, Dr Bassey E., Dr (Mrs) Eme J. Efiong, Edet Wofai Mbang, and Nwaeze Veronica Ugonna. "A CRITICAL ANALYSIS OF VALUE FOR MONEY AUDIT IN THE NIGERIA PUBLIC SECTOR." Int. j. of Social Science and Economic Research 4, no. 8 (August 2019), 5718-5727. Accessed August, 2019. ijsser.org/more2019.php?id=439.
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Abstract: This study critically analyzed value for money audit in the Nigeria public sector. The study intends to explore the essential characteristics of value for money audit by identifying the effect of the composition of the public accounts committee of the national assembly on the audit reports. It is expected that the committee should consist of members who are intellectually sound in the field of Accounting, Finance or Economics to make meaningful recommendations from the observations raised by the Auditor-General of the federation. A secondary method of data collection was used in this study. Data on performance indices of government institutions were examined. It was found that the Nigeria political system is bedeviled with issues of corruption, nepotism, favoritism and tribal bigotry. These factors affect both the composition of the public accounts committee and the procedure for award of contracts in Nigeria. Nevertheless, the impact of due process and certification of contracts was reviewed. And the study concluded that lack of due process has accounted for poor performance of value for money audit in Nigeria. Therefore, the composition of the public accounts committee should reflect the contemporary issues affecting the economy of the nation. Thus, to qualify as a member, one should have expertise in Accounting and Finance or Economics. This would lend credence and reasonable assurance to the reports emanating from the observations raised by the Auditor-General's report submitted to it.

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