Public Sector Auditing and Integrity of Government Financial Reporting in Nigeria

Files

Public Sector Auditing and Integrity of Government Financial Reporting in Nigeria.pdf (308.11 KB)

Date

2019-11-20

Authors

Journal Title

Journal ISSN

Volume Title

Publisher

Department of Public Administration, Nasarawa State University Keffi

Abstract

It is in the public domain that public entities are poorly managed, directed and governed in view of the magnitude of wastage, extravagance and high level of corruption which have permeated the system. This perception has undermined the reliability and integrity of financial reporting in Nigeria. Therefore, this study examined public sector auditing and integrity of government financial reporting in Nigeria with a view to allaying the fear of public mistrust, real or imagined and to enhance public confidence on public financial management. The data for this study was elicited from a primary source using a structured questionnaire. Analysis of Variance (ANOVA) with the aid of the SPSS was used to analyze the data. The findings revealed that International Public Sector Accounting Standards (IPSASs) adoption has improved the quality of financial reporting in Nigeria; reforms initiated by the government in public sectors have promoted accountability and transparency of public resources; the perception of members of the public on public entities reporting quality has improved and less suspicious and IPSASs takes into cognizance value for money audit (VFM) in public sector financial recording.

Description

Keywords

Auditing, Extravagance, Financial reporting, Independence, Public mistrust

Citation

Akhidime, A. E (2012). Accountability and financial reporting in Nigeria public financial management: An empirical exploration. Journal of accounting and management science, 7(6), 36-44. Biddle, G.C., Hillary, G., & Verdi, R.S. (2009). How does financial reporting quality relate to investment efficiency? Journal of accounting and economics, 48(2), 112–131. Crockett, C.A. (2011). International financial reporting Financial reporting, http:/www/bankofengland.co.uk/publications/speeches/2009 Donaldson, l., & Davis, J.H. (1989). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-65. Ekumankama, O., & Uche, C. (2009). Audit committees in Nigeria: Corporate ownership and control, 117.Ijeoma & Oghogbomeh (2014). Adoption of international public sector accounting standards in Nigeria: Expectation, benefits and challenges. Journal of investment and management, 3(1), 21-29. Hayes, R., Dassen R., Schilder A., and Wallage, P. (2005). Principles of auditing: An introduction to international standards on auditing (Second Edition); Prentice Hall New York Pages 44:47 Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360. Nkwagu, L.C., Uguru, L.C & Nkwede, F.E (2016). The implication of International Public Sector Accounting Standards on financial accountability in the Nigerian Public Sector: A study of South Eastern States. Journal of business and management,18(7), 105-118. Odia, J.O. (2015). Auditor tenure, auditor rotation and audit quality – A review. European Journal of Accounting, Auditing and Finance Research. 3(10), 79 -96. Okere, W., Eluyola, D., Bassey, I., & Ajetunmobi, O (2017). Public sector accounting standards and quality of financial reporting: A case of Ogun State government administration in Nigeria. Business and Management Research Journal, 7(7), 76-81. Ojo, M (2006). Avoiding another Enron: The role of the external auditor in financial regulation and supervision. Munich Personal Repec Archive . Okpala, K.E (2012). The audit committee and the integrity of financial statements: A preventive the mechanism for corporate failure. Australian Journal of business and management research, 2(8), 32-40. Oyedokun, G. E.; Enyi, P. E., & Dada, S. O. (2018). Forensic accounting techniques and integrity of financial statement. Journal of African Interdisciplinary Studies (JAIS). 2(2), 4-16. A Publication of the Centre for Democracy, Research and Development (CEDRED), Nairobi. Kenya Organization for Economic Cooperation and Development (OECD), OECD Principles of Corporate Governance, http://www.oecd.org/daf/governance/principles/htm The Institute of Chartered Accountants of Nigeria (2014). Public sector accounting and finance study pack.

URI

https://keffi.nsuk.edu.ng/handle/20.500.14448/2086

Collections

Conferences