Title: VALUE FOR MONEY AUDIT: AN ACCOUNTABILITY TOOL IN THE NIGERIA PUBLIC SECTOR
Abstract: As a constitutional requirement, it is the responsibility of public sector organizations at federal, state and local government levels to embrace the concepts of value for money audit and integrate it in their organizations. However, determining how economical, efficient and the extent to which the related programmes are effective in meeting their objectives is still a subject of debate in most jurisdictions. Triangulating existing knowledge on the topic, this paper examines the importance of value for money audit as an accountability tool in the Nigeria public sector and evaluates its techniques and problems. Using the desktop approach the analysis shows that lack of the processes affects the promotion of accountability in the Nigeria Public Sector. The paper recommends for proper Value for Money Audit process in the Nigeria Public sector and suggests a need for a formal accounting system and associated controls. It further recommends that to make the system to be easily imbibed, there is a need to reward individuals who conform to the ethics and penalize those who undercut the process.
Publication Year: 2015
Publication Date: 2015-01-01
Language: en
Type: article
Access and Citation
Cited By Count: 7
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot