Auditors’ Assurance Services: Tools for Information on Project Execution and Risk Management in Public Sector of Nigerian Economy (Published)
The study examined the role of audit firms in providing valuable information for project execution and risk management in the public sector of the Nigerian economy. The aim was to investigate the impact of auditing and assurance services of auditors (predicator variables) on project delivery (dependent variables). Data for the study were obtained through questionnaire administered on 350 top government officials at state and local government councils in Gombe, Nasarawa and Kogi states. The questionnaire was designed to reflect five (5) Likert scale. Response from 227 respondents representing approximately 65 percent responses rate were empirically analysed using multiple regression with diagnostic test of the predicator variables carried out using multicolinearity test. The result of the analysis suggests that the independent variables of the study have significant impact on the dependent variable. The study recommends engagement of independent audit firms by government officials in their project initiation and implementation programmes for the impactful nature of the services of auditors in public project execution and expenditure management there on.
Keywords: Public Sector, Risk Management, auditing and assurance, project execution, valuable information
Financial Control and Accountability in the Public Sector in Nigeria (Published)
The research work examined the usefulness of financial control and accountability in the public sector institutions in Nigeria. The objectives of the study were to investigate if the control of public funds is appropriate and to find out whether necessary accounts are kept and to examine the proper administration of government funds. The research was carried out, using the Federal Medical Centre, Owo, Ondo State as the case study. Primary Data was collected through convenience sampling method and using self-administered questionnaires for 40 respondents. They included Staff in the Audit and Account department. Also, Secondary data was retrieved from the Central Bank of Nigeria Statistical Bulletin on federally generated revenue and expenditure incurred (Capital and Revenue). Chi- Square was used to test the hypotheses. Simple Linear Regression was used to analyze the secondary data to test for the relationship between the revenue generated by federal government and expenditure incurred. From the findings, it was found that financial controls and accountability exist in the public sector. The researcher also found that a positive relationship exist between revenue generated by federal government and expenditures incurred. This study concluded that financial control and accountability is effective and efficient. Therefore, the study recommends that existing financial controls should be strengthened to improve accountability in the public sector in Nigeria.
Keywords: Accountability, Capital Expenditure, Public Sector, Recurrent Expenditure, Revenue, financial control
Effects of International Public Sector Accounting Standards on Financial Accountability in Nigeria Public Sector (Published)
The study examined the effect of International Public Sector Accounting Standards on financial accountability in the Nigerian public sector. Specifically, the study investigated the effect of International public sector accounting standards on the efficient management of public fund in the Nigerian public sectors and assessed the extent to which international public sector accounting standards enhance effective budget implementation in the Nigeria public sector. The population of the study comprises of all the staff in internal audit department, accounting department and finance department of the 18 Local Governments in Ondo State. Questionnaire was used to gather information from the selected respondents in the departments. The questionnaire was ranked using five-point Likert scale. The study employed Multiple Regression Analysis and Pearson’s Correlation Matrix to identify the effect of the effect of International Public Sector Accounting Standards on financial accountability in the Nigerian public sector. The study revealed that International Public Sector Accounting Standards has positive and significant effect on the efficient management of public funds in the Nigerian Public sector. The study recommended that the federal government should release fund to power the adoption IPSAS and made fund available for training of civil servants on International Public Sector Accounting Standards software.
Keywords: Accounting Standards, Financial Accountability, International, Nigeria, Public Sector
An Assessment of the Implication of Treasury Single Account Adoption on Public Sector Accountability and Transparency (Published)
Government is saddled with the responsibility of being accountable to its citizenry through effective and efficient service delivery. In order to achieve this goal, government enacted the treasury single account (TSA) policy for mobilization of government revenue. The objective of this study is to assess the implication of adoption of TSA on accountability and transparency in the Nigerian public sector; with a view to find out if the policy is capable of promoting government accountability function. The study consist of all ministries, departments and agencies (MDAs) in the public service with sample size of ten (10) MDAs involved in revenue generation selected using purposive sampling technique. The hypotheses were tested using regression analysis (ANOVA). The finding of the study showed that, TSA significant positive impact on financial leakages, transparency and curb financial misappropriation. Hence, considering the findings of this study, it is recommended that government should continue to sustain the adoption of the policy and enact laws that will extend it to state and local governments.
Keywords: Accountability, Public Sector, Transparency, Treasury Single Account (TSA)