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THE IMPACT
OF AUDITING IN THE PREVENTION OF FRAUDS IN THE NIGERIAN PUBLIC SECTOR
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The term
fraud is commonly used to describe a wide variety of dishonest behaviors such
as deception, bribery, corruption, forgery, false representation, collusion and
concealment of material facts. It is usually to describe the act of depriving a
person or something by decent, which may involve the misuse of funds or other
resources, or the supply of false information. Actual gain, benefits or loss to
another does not occur for an act to be fraudulent but these does have to be
intent to make a gain or cause a loss.
Over the
years, audited financial statements have established an impressive record of
reliability. All business entities whether private or public, irrespective of
size, nature or scope of operation have expert or written policies and
definitely keep records.
Such records
to be kept constitute valuation information and thus, subject to some form of
independent verification in order to confer reasonable credibility on them. The
task of the independent verification constitutes in providence of auditing and
the person who perform this task is referred to as the auditor.
Auditing has
been defined by Glyne (1981) as the independent examination and investigation
of the book, accounts and voucher of a business with view to enabling the
auditors to report whether the balance sheet and profit and loss account are
properly drawn up so as to present true and fair view of the state of the
affairs of the business according to the best of the auditors.
In the
course of this study, it is significant to differentiate between the public and
private sector. The public sector whose wealth is owned collectively by the
public, it consists of ministries departments, public corporation, the
parastatals and the three tiers of government (Federal, state and local
government) of which the sole aim is to provide useful services to all the
citizens irrespective of their status in the society.
The legal
basis in the public sector constitute, Audit Act 1958, Finance Regulations,
Treasury Circular, Appropriation Act of the year in question, and all form of
the legal basis.
The public
sector accounting is the composite activities of recording, analyzing,
summarizing, reporting and interpreting financial fiscal transactions of the
government and its agencies.
It reflects
all levels of transactions involving the receipts, custody and disbursement of
fund and the users of public sector account. While the private sector consists
of ownership and shareholders and the report of their transaction is to the
owners, shareholders and the outsiders.
The cash
basis system of accounting is used in the public sectors while the accrual
basis is used in the private sector. In addition, the equity or share interest
of the public sector cannot be owned, bought or sold and profit making does not
contribute to its survival unlike the private sector where profit making is the
main stay and driving force.
The private
sector on the other hand has its bulk of wealth owned collectively by
individuals or groups of individuals. The sole motive of the sector is for profit
making. The legal basis in the private sector is formed by the companies and
Allied Matter Act 1990, the partnership Law, etc.
1.2 STATEMENT OF PROBLEMS
The cash
basis system employed in the public sector accounting has been identified to
have serious effects through its simple application. Some of the effects are as
follows:
Problem of
compliance with application law and regulation.
Problem of
effectiveness in achieving the program result.
Problem of
efficiency economy of operation.
Problem of time
constraints.
1.3 OBJECTIVE OF THE STUDY
The primary
objective of the research work is to evaluate the effect of auditing in the
prevention of fraud in the Nigeria public sector.
1.4 RESEARCH QUESTIONS
This
research work will provide answer to the following questions:
How best can
fraud in the public sector be prevented?
What role
does proper accounts records play in the effective execution of public sector
audit?
What are the
factors that hinder or promote the proper auditing of the public sector?
How best are
the auditors to carry out public sector audit?
How best can
the current problems faced by the auditors in auditing public sector or solves?
1.5 STATEMENT OF HYPOTHESIS
H0: There is
no relationship between auditing and fraud prevention.
HI There is
a relationship between auditing and fraud prevention.
1.6 SIGNIFICANCE OF THE STUDY
The research
will be beneficial to many sectors of economy due to it’s importance in the
sense that it will assist in knowing whether all the legal basis of government
accounting are strictly followed by the official in the preparation of
financial statement in the public sector.
It will
point out and proffer to the sectors of economy the solutions, such ways and
such areas that could help in the prevention of fraud in any organization
especially in the public sectors. The research will also draw clear lines of
distinctions between public sector and private sector accounting that profit is
not the main drive of the public sector, unlike private sector where profit is
the main drive.
1.7 SCOPE OF THE STUDY
This project
is restricted to the impact of auditing in prevention of fraud in the Nigerian
public sector, a case study of National Judicial Council Abuja. Attention will
be given specifically to the Audit Unit and Accounting Department respectively.
1.8 DEFINITION OF TERMS
Auditing:
This is a systematic process of objectively obtaining and evaluating
evidence/regarding assertion that economic action and events are ascertain and
communicate the results to interested parties.
Auditor:
Auditor is a statutory professional body that is concerned with giving the
independent opinion of the financial statement. Auditor can be internal or
external.
Internal
Auditor: These are auditors that are concerned with the internal review of
the financial statements within the
organization. They are employees of the organization and they are involved in
the day to day checks of account in an organization.
External
Auditors: External Auditors are members of the public accounting firms or
government agencies and serve as independent reviewers of the accounting system
of clients or regulated firms.
Financial
Statement: This is the record that an auditor provide information on. It
includes profit and loss, the balance sheet and assets of the business.
Fraud: Fraud
has been referred to as irregularities in the financial statement and they are
deliberate actions that are taken by the management or employee of an
organization. Fraud could through manipulation of account by the managers or
outright theft of the company’s assets
which involves defalcation.
Errors: The
word errors is used to refer to unitentional mistake in financial statements
whether of mathematical nature or electronically or whether due to over sight
or misinterpretation of the relevant facts.
Independent:
It is the state of characterized by objectively and integrity by an auditor.
True and
Fair: This auditor’s statement that the information received and the treatment
and presentation of such information are in agreement with the accounting
records and returns true. By true, it means that financial statement are:
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