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
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.
The International Journal of Social Science and Economic Research Inviting Papers/Articles for Current Issue Volume 4 No. 9 September 2019.
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