ABSTRACT
In Nigeria, there is increasing government
expenditure and budgetary allocations while there seem to be relatively
diminishing standard of living. And the dwindling and scarce ii attire of
resources here makes it a matter of urgency to explore ways of achieving
economy, efficiency and effectiveness in every public expenditure. This is what
value-for-money auditing hopes to achieve. However, the rate of adoption of the
concept of value-for-money auditing appears to be relatively slow in Nigeria
particularly in the public sector. This could be due to some latent problems,
some of which, we have discovered in this work. Opinion survey was carried out
while the budgeted and actual capital expenditures of the sanipled local government
areas for 10 year between 1999-2008 were collected. Also collected were costs
of purchase of certain items by 1/ic public sector anui costs of similar items wli cmi p urcli used bp lb e private sector
establishment. Descriptive analysis and t-statistics were used ii, the analyses
and it was discovered i/mat, contrary to a priori expectations, the audit and
accounting staff of the public sector know a great deal about value for money
auditing (VFMA) yet its implementation is at a low ebb having a nzean of 1.21.
Sonic of I/ic causes of this include bribery amid corruption, poor record
keeping practice, political and executive influences, use of incompetent and
unskilled staff and others. It was also established iii at public projects were
not cost effective amid that public budgets were not significantly implemented.
It was lb cmi recomniended lii at an in dependent consultant be emigaged to
design and muon itor a water-fig/it internal control system for public
establishments and that employment should be based on merit while profession
alis,n should be encouraged iii the public sector. Furl/icr, genuine
competition s/i ould be encouraged amid contracts should be awarded based on
"lowest responsible bid" instead of "lowest bid" and
budgets must reflect tile conditions expected to prevail during its
implementation and the public lutist be carried along iii 1/ic btidgetim'ig
process of 1/ic public sector particularly (IS it concermis capital
expenditures on public goods.
MICHAEL, U (2021). Assessment Of The Prospects And Problems Of Value- For- Money Auditing In Nigeria. (A Case study of abia State Public Sector).. Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/assessment-of-the-prospects-and-problems-of-value-for-money-auditing-in-nigeria-a-case-study-of-abia-state-public-sector-7-2
UNIVERSITY, MICHAEL. "Assessment Of The Prospects And Problems Of Value- For- Money Auditing In Nigeria. (A Case study of abia State Public Sector)." Mouau.afribary.org. Mouau.afribary.org, 22 Nov. 2021, https://repository.mouau.edu.ng/work/view/assessment-of-the-prospects-and-problems-of-value-for-money-auditing-in-nigeria-a-case-study-of-abia-state-public-sector-7-2. Accessed 01 Nov. 2024.
UNIVERSITY, MICHAEL. "Assessment Of The Prospects And Problems Of Value- For- Money Auditing In Nigeria. (A Case study of abia State Public Sector).". Mouau.afribary.org, Mouau.afribary.org, 22 Nov. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/assessment-of-the-prospects-and-problems-of-value-for-money-auditing-in-nigeria-a-case-study-of-abia-state-public-sector-7-2 >.
UNIVERSITY, MICHAEL. "Assessment Of The Prospects And Problems Of Value- For- Money Auditing In Nigeria. (A Case study of abia State Public Sector)." Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/assessment-of-the-prospects-and-problems-of-value-for-money-auditing-in-nigeria-a-case-study-of-abia-state-public-sector-7-2