PROBLEMS AND PROSPECTS OF AUDITING IN GOVERNMENT ORGANIZATION (A CASE STUDY OF FEDERAL MORTGAGE BANK ENUGU STATE)

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CHAPTER ONE

 

1.0-Introduction

1.1-Background of the study

1.2-Statement of the problem

1.3-Purpose of the study

1.4-Research questions

 

1.5-Research hypothesis

 

………………………………………………………………………  4

 

1.6-Significance of the study

 

……………………………………………………………..…  5

 

1.7-Scope and limitation of the study

 

…………………………………………………..-6  5

 

1.8-Definition of terms

 

………………………………………………………-7  6

 

Reference

 

.……………………………………………….……………………………………

 

 

 

CHAPTER TWO

 

2.0-Review of related literature

 

…………………………………………………………..  9

 

2.1-Nature of auditing

 

…………………………………………………………………………-11  9

 

2.2-Features of auditing

 

………………………………………………………………………-13  11

 

2.3-Auditors report

 

……………………………………………………………………………..  13

 

2.4-Types of audit

 

………………………………………………………………………………..-15  1

 

2.5-Duties of auditors

 

…………………………………………………………………………..-16  15

 

2.6-Objectives of auditing

 

……….………………………………………………………….…-19  17

 

2.7Appointment of auditors

 

………………………………………………………………….-20  19

 

2.8-Rights of an auditor

 

…………………………………………………………………………-21  20

 

2.9-Classification of study

 

……………………………………………………………………..-24  21

 

2.10-Advantages of auditing

 

………………………………………………………………….-26  25

 

2.11-Nature and definition of government organization and auditing

 

……-28  26

 

2.12-Audit objectives with respect to government organization

 

…………….-30  29

 

2.13-Prospects of auditing in government organization

 

………………………….-31  30

 

2.14-Historical development of federal mortgage bank

 

………………………….-3231

 

Reference

 

……………………………………………………………………………………..

 

CHAPTER THREE

 

3.0-Research methodology

 

…………………………………………………..…………..….  34

 

3.1-Introduction

 

………………………………………………………………………..………….-35

 

3.2-Research design

 

………………………………………………………………………….….

 

3.3-Arear of

 

study……………………….…………………………………………………

 

3.4-Population of the study

 

…………………………………………………………………..-37  36

 

3.5-Sample and sampling technique

 

………………………………………………………-38  37

 

3.6-Questionnaire design and distribution

 

……………………………………….……-40  38

 

3.7-sources of data

 

…………………….………………………………………………………..

 

3.8-instrument for data collection.

 

………………………………………………………..  41

 

3.9-Method of data analysis

 

……………………………………………………………..……-43  41

 

3.10-Validity and reliability of instrument

 

………………………………………………-44  43

 

 

 

CHAPTER FOUR

 

4.0-Data  presentation  and  analysis  …

 

45-46

 

4.1-Presentation  and  Analysis  of  dat

 

46-57

 

4.2-Testing  of  hypothesis  …………………………

 

57-67

 

 

CHAPTER FIVE

 

5.0-Summary of findings, conclusion and recommendation …….………

 

 

68

 

5.1-Findings  ……………………………………………………………

 

68-69

 

5.2-Conclusion  ………………………………………………………

 

69-71

 

5.3-Recommendation  ……………………………………………

 

71-73

• Bibliography ……………..………….…………………

 

74

• Questionnaire …………………….………………………

 

75-78

 

ABSTRACT

 

The topic of this research is problems and prospects of auditing in government organization, the population of the study was 82 while the research used yaro Yamani formula in the determination of the sample size which was 68.The researcher used both the primary and the secondary sources in obtaining the relevant data used in the course of the study. The primary data was collected using the questionnaire while that of the secondary data was obtained using written textbooks, journals, magazines, newspapers, and the use of library. The researcher used chi-square in the testing of the hypothesis formulated while simple percentages were used in analyzing the research questions. Some of the problems bound to be encountered when auditing government establishments are embezzlement of funds by some government officials, deficiency in confirming accounts receivable and failure to exercise due professional care. Some findings were made of which one out of them is that financial reports submitted are not in consonance with the transactions carried out by the government establishment. Recommendations were also made of which one out of them is that the auditor should maintain his position of independence as much as possible.

 

PROBLEMS AND PROSPECTS OF AUDITING IN GOVERNMENT ORGANIZATION (A CASE STUDY OF FEDERAL MORTGAGE BANK ENUGU STATE)

 

 

CHAPTER ONE

 

INTRODUCTION

 

• Background of the Study

 

Government organization have played a greater part in

 

the economic growth of any economy, especially in the Nigerian economy. The contributions they have made so far cannot be overemphasized because their utmost aims of establishment is to provide some vital or essential services to improve the social and economic well being of the people.

 

These government organizations are mainly being funded either by the federal or state government through their budgetary allocations made to them yearly and they can also obtain loans or overdraft from commercial bank as well as subvention from government. These funds are expected to be utilized effectively and efficiently. But in most practices they are being misappropriated or embezzled by some government officials.

 

As a result of this mis-appropriation which has characterized most of the government organizations. Honestly and prudently managed. The audit is expect to

 

 

show whether proper principles of accounts and audit ethics have been adhered to and that financial statements prepared give a true and fair view.

 

• Statement of the Problem

 

In any business Organization in which allocation and application of funds serves as a backbone for financial activities to be carried out the following are problems in which are bund to be encountered.

 

1. Embezzlement of fund by some government Officials

 

2. Failure to exercise due professional care and the appropriate level of professional skepticism.

 

3. Overreliance on inquiry as a form of audit evidence

 

Deficiency in confirming accounts…