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THE IMPACT OF AUDITING IN GOVERNMENT PERASTATTALS

               ABSTRACT

The aim of this study is to find out the impact of auditing in government parastatals. To carryout this study three chapters where used.

The first chapter highlighted on the general background of the study, chapter two talks on meaning of auditing, objectives and government voucher, etc. In the third chapter, I ended with the summary of finding, conclusion and recommendation, after this the reference followed it.

TABLE OF CONTENTS

CHAPTER ONE

1.0     INTRODUCTION                                                                   1

1. Background Of Study                                                    1
2. Statement of problem                                                    3
3. The objective of study                                                   3
4. The scope of study                                                                  3
5. Research questions/hypothesis                                                4
6. Significant of the study                                                  4

CHAPTER TWO

2.0     Review of Literature                                                      5

1. What is Auditing                                                           5
2. Objective of auditing                                                      6
3. Qualities of an auditor                                                   7
4. Qualification of an auditor                                             8
5. Internal control and internal check                                9
6. Rights and duties of an auditor                                               9
7. Government voucher                                                     11
8. Legal basis of government accounting                                     12
9. Fraud in government parastatals                                   12

CHAPTER THREE    

Summary of findings conclusion and Recommendation.                  14

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF STUDY

Almost all human activities revolve round the pivot of the principle of auditing, just as the auditors carryout audit work on the state of affairs of financial statement to know whether the financial statement prepared by an accountant gives a true and fair view. The technologist, merchants, markets, and even mediocre do the same to find out whether their research, trades, factory activities such as production, businesses and their daily activities or transactions are carried out with care and prudency to ensure prosperity is seen.

Auditing is a thorough examination of an expression of an opinion on financial statement that had been prepared by an accountant. This audit is a check of the work of an accountant. In the view of audit operational standard audit is defined as an instatements of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with the relevant statutory obligation. One can point out from this definition that an auditor has to be purely independent. The need for independence is to enable him carryout his audit job without inference by the management.

It is very necessary to point out that the auditing jobs are discharged by an auditor – an auditor is a qualified accountant who had also passed a professional examination. Institute of chartered accountant of Nigeria is the only board that is empowered by company and Allied Matters act of 1990 to conduct such examination. Such a person must have a vast knowledge and able to understand a practical business endeavour always to grasps technicalities and business methods of any concern whose account he undertakes to audit.

Parastatals are enterprise own and managed by the government or its agencies, distinguishable from private enterprise and organized on behalf of the whole citizen. Examples of parastatals are Nigerian National Petroleum corporation (NNPC), etc. The accounting of parastatals is designed to demonstrate the correctness and reasonableness of transactions and their agreement with established rules and to give evidence of accountability and stewardship of government resources.

1. STATEMENT OF PROBLEM

Inspite of all the ideas and contributions of some academician, and some noble men in government parastatals the researcher had encountered some few problems which are:

1. Inadequate fund available for his research work.
2. Inadequate material or related literature.
3. Inadequate respond by some personality.

 

1. OBJECTIVE OF STUDY

The researcher’s main objective is to find out the impact which auditing has shown in government parastatals. To also alert or inform the internal auditor on their duty as a watch dog to government parastatals and organizations other than government parastatals.

1. THE SCOPE OF THE STUDY

The researcher’s work is limited to government parastatals and with a kilm interest on administration of the government parastatals.

1. RESEARCH QUESTIONS

In an attempt to achieve a satisfactory work some questions may be asked. In this case the questions asked are:

1. Do government parastatals keep records of their books.
2. Do government parastatals maintain an accounting practice according to fundamental accounting principles.
3. Do parastatals keep complete accounting records.

 

1. SIGNIFICANT OF STUDY

The study will provide a measure management of government parastatals to correct lapses and mend loops holes where necessary within the organisation.

This work will provide a plat-form for user in applying a sound principle of accounting in preparation of financial statement and also ensure a cordial relationship between the employer and employee.

It is hoped that permanent secretary of both state and federal ministry and parastatals will make this work their great companion.

Churches and voluntary organizations will find this work useful.

 

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