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Project Topic:

STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT(A CASE STUDY OF FEDERAL PAY OFFICE, EDO STATE)

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 72 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   162 people found this useful

Project Department:

ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

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Abstract

This research work is designed to achieve the specific objective of examining the role played by Auditors in the protection of public funds in the government owned establishments, ministries or government parastatals. The research goes into providing a systematic financial accountability that will promote proper stewardship for asset, deter wastes, dishonesty and promote effectiveness. However, the literature review helped to ascertain other writers’ views concerning the subject under study which explains how government owned establishments are organized such that fraud could be detected easily and in time just because particular audits are assigned to particular personnel. The data used for this work was collected from primary source, using questionnaire. Against the background, invaluable and reliable discoveries were made. Finally the research recommends that the legislative of government should make it mandatory for the accountant general to submit financial statement of government account to audit department for audit work. Auditors should be given power to execute or enforce its finding after its work has been review by the public account committee.

 

 

TABLE OF CONTENTS

        Title Page                                                                 i

        Certification                                                             ii

        Dedication                                                               iii

        Acknowledgement                                                    iv

        Abstract                                                                   v

        Chapter One: Introduction                                      1

  1. Background to the Study                                         1
  2. Statement of Problem                                              3
  3. Research Questions                                                 4
  4. Objectives of the Study                                            4
  5. Statement of Hypothesis                                          5
  6. Significance of the Study                                         5
  7. Scope of the Study                                                   6
  8. Limitations of the Study                                         7

Chapter Two: Review of Related Literature              8

  1. Introduction                                                             8
  2. Fraud                                                                       12
  3. Auditing in Nigeria                                                   16

 

  1. Conduct of an Auditor                                             18
  2. Auditors Rule in Controlling Fraud                          21
  3. Auditor and His Contribution towards

Efficient Management of Government owned

Establishment                                                         26

Chapter Three: Research Method and Design                 34

  1. Introduction                                                             34
  2. Research Design                                                      34
  3. Description of Population of the Study                    35
  4. Sample Size                                                             35
  5. Sampling Technique                                                        37
  6. Sources of Data Collection                                       38
  7. Method of Data Presentation and Analysis              39

Chapter Four: Data Presentation, Analysis

and Interpretation                                                    41

  1. Introduction                                                             41
  2. Data Presentation and Analysis                                       41
  3. Hypothesis Testing                                                  51

 

 

Chapter Five: Summary of Findings, Conclusion

and Recommendations                                            58

  1. Introduction                                                            58
  2. Summary of Findings                                              58
  3. Conclusion                                                              61
  4. Recommendations                                                   62

References                                                               66

Appendix A                                                              69

Appendix B                                                              70

Appendix C                                                              71

 

 

CHAPTER ONE

INTRODUCTION

  1. Background to the Study

There is a general awareness all over the world for the need to pay greater attention to the improvement of government establishment. The reason is obvious, government constitutes the largest single business entity and her pattern of expenditure through its various parastatals, agencies and commission stimulate lot of economic activities. As a result of these government huge involvement in economic activities, initiatives are being taken all over the world toward improvement of the standard of account and auditing department in government. The public sector accounting has the responsibility of developing systematic arrangement to assist management in the performance of the services of the constitution. While the public sector auditor has among other duties, the complementary role to examine whether management actually performed efficiently.

The public sector auditor has to satisfy himself that the account presented have been prepared in accordance with statutory and constitutional requirement and regulation and that the proper accounting practice have been observed in their complication with the growing sized and complexity of public sector in the recent years. The importance of the statutory auditor has correspondingly increase so that it is today a major factor in establishing the quality of public sector internal control and its development has made a considerable contribution to the improvement of the government establishment.

The purpose of this research is to investigate the effectiveness of a statutory auditor in fraud management in government establishment using Federal Pay Office Benin City as my case study.

 

     

  1. Statement of Problem

Most organization and individual employ the service of an external auditor in order to comply with the legal requirement of the act. They may be unaware of the usefulness of the auditor to the organization and as a result of the ignorance, the auditor is bound to encounter some inherent problem in performing his duties properly.

To put an end to the problem, the auditor on his own extra care, from an independent opinions which can be wholly relied upon by the financial statement users.

Therefore as regard the corporation under the study, the examination of the following problems are considered worthwhile and thus deserve an adequate attention. 

  • Lack of understanding of the purpose of auditing among the society in general.
  • Lack of a well defined goal oriented policies aimed at building up a strong and sound financial system.
  • Inability for the government owned establishment to maintain a sound system of internal control.
    1. Research Questions

The following research questions were formulated by the researcher for the conduct of this project:

  1. To what extent do frauds affect economic development of the country?
  2. To what extent have fraud and mis-appropriation of public fund and properties persisted in the government establishment?
  3. How regular is audit work supposed to be carried out in government establishment?
    1. Objectives of the Study

The objectives of this study are as follows:

1.     To find out how frauds affect economic development of the country.

2.     To examine the extent of fraud and mis-appropriation of public fund and properties persisted in the government establishment.

3.     To ascertain how regular audit work are carried out in government establishment.

  1. Statement of Hypothesis              

The following hypothesis will guide this study:

Hypothesis One

Ho:  The Auditor does not play effective and efficient role in managing fraud in government owned establishment.

HI:    The Auditor play effective and efficient role in managing fraud in government owned establishment.

Hypothesis Two

Ho:  The total amount involved in fraud has no effect on the development of Nigerian economy.

Hi:   The total amount involved in fraud has affected on the development of Nigerian economy.

  1. Significance of the Study             

The significance of this study is that, it will teach the inherent disabilities and limitation of auditing in government owned establishment. It is expected that the result of this study will help improve financial reporting by government owned establishment providing annual reports in accordance with the requirement of Audit Acts, 1990.

The significance of the study to the society in general is to correct the wrong notion on the wealth of government.

It is significant to the government in ensuring that standard in the ministry manual of responsibilities and procedures are maintained.

It is important to the Auditor by showing to them the risk that confronts the auditors in his/her duties, the legal action that could be taken against the auditor if he/she deficit in his duty.

Finally, it is expected that this study will serve as a reference point to future researchers.

   

  1. Scope of the Study

There is the need for the statutory auditor to be effective so as to create improvement in the government parastatals. Positive improvement in the public sector will definitely benefit the citizens of the Nigerian nation. The research was based mainly on the Federal Paid Office Benin City. Decision and conclusions were only based on the views expressed by respondents and special investigation was conducted in addition.  

  1. Limitation of the Study

The factors that tend to hinder the scope of this study include:

Reluctant attitude of Respondents: The researcher work was equally saddled with the problem of the reluctant attitude of respondents who found it difficult to avail the researcher with information necessary for the work for fear of exposition.

Distance: Long distance or appropriate place of interest to obtain relevant information was a problem encountered.

  1. Definition of Terms

Fraud: This is the action or an instance of deceiving somebody in order to make money or obtain goods illegally.

Detection: The act of discovering or the fact of being discovered.    

Protection: This is the action of stopping something from happening or arising.

Role: According to the Oxford Advanced Learners Dictionary, role is defined as the function or position that somebody has or is expected to have in an organization.

Role mode: The degree to which somebody is involved in a situation.

Accounting: By the American Accounting Association is defined as the process of identifying, measuring, classifying and communicating economy information to permit informed judgement and decision by users of the information. It should therefore be noted that there are three classes of accounting which include the following;

Financial accounting: This can be defined as a systematic identification, measuring, classifying, summarizing, communication and interpreting of financial information so as to enable stakeholders to have stewardship report and make investment decisions.

Management accounting: This is defined as the application of professional knowledge and skill in the preparation of accounting information in such a way as to assist management in the formulation of policies and planning and controlling of the operations of the undertaking.

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