The Influence Of Value For Money Audit On The Profitability Of Manufacturing Firms

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The Influence Of Value For Money Audit On The Profitability Of Manufacturing Firms

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PROJECT TOPIC AND MATERIAL ON THE INFLUENCE OF VALUE FOR MONEY AUDIT ON THE PROFITABILITY OF MANUFACTURING FIRMS

The Project File Details

  • Name: The Influence Of Value For Money Audit On The Profitability Of Manufacturing Firms
  • Type: PDF and MS Word (DOC)
  • Size: [70 KB]
  • Length: [56] Pages

 

 

CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY

Every sector of the economy both the public, private and the manufacturing firms has its own objectives and goals to achieve. Anosike, (2009) for the manufacturing firms of the economy, their goal is to satisfy the social  needs of citizens and in the effort to achieve these purposes, auditing more often play  a vital role.

The size and scope of these sectors have sometimes made it clear for the executor to exercise personal and first hand supervision of operation. It clears for the light that value for money audit established by management is initiated. For any organization to carry out its efficiently and effectively. There must be factors that will be put in place for the smooth running of the organization like materials, machine, human labor, and money etc. Anyanwu(2009) Ebubechukwu (2009) Egbulonu (2007) and the (2006).Auditing is seen to play an intermediary function in between management and the resources of the organization.It’s also fundamental to any business, the public or private sector which will help the business to keep its adequate financial records.Alugbus, (2002). These financial records are kept in response to the demand by a system control which requires that the business enterprises must be carried out in an orderly manner. Ensure adherence to management policies, safe guard the assets and secure possibly the completeness and accuracy of the records. Irrespective of these facts of system of control established by the management of the organization, fraud still thrives.

Although value for money auditing is relevant in both the private sector and manufacturing firms. It is the public sector that has taken the lead because of the special need for government organization to demonstrate their accountability and their regard for economy.

In the early 1970s, the role of the state auditors began to change dramatically, Changes began in USA, Canada, and in several European countries. The representative of the people started demanding information on the efficiency  and effectiveness of public expenditure.

In Nigeria no specific legislation has been put in place to empower auditors to carryout value for money audit.However, the 1999 constitution section 88(2) Empowered both the two federal house and the state house of Assembly to conduct investigation to expose corruption, inefficiency or waist on the executive or administration of law within the legislative competence and in the disbursement or administration of fraud appropriated by it, Albrechf, (2001).

However, value for money audit will be wildly concerned with the economy and efficiency of an organization and the effectiveness of the internal control system within the organization,Anyanwu, (2002).

1.2 STATEMENT OF THE PROBLEM

Fraud is a complex phenomenon, It is rampant in both private and public sectors of Nigeria Economy. In the manufacturing firms, Value for money audit reports are mostly unqualified even in a glaring situation or cases of corrupt practice by the managers, that means that auditors especially those in public establishment compromise their duties or their duties are influenced and threatened  in the performance of their statutory functions Baridam, (1994).

Therefore these studies tend to find out why there are:

  1. Improper methods of appointment of auditors.
  2. Inadequate internal control.
  3. Lack of independence of auditors.
  4. Untimely and unrealiable financial statements.
  5. Lack of transparency and inadequate method of accountability.

1.3 OBJECTIVE OF STUDY

This study tends to fine out some of the objectives which will include.

  1. To find out the effect of value for money audit on the profitability manufacturing firms.
  2. To find out the relationship between internal control and fraud detection.
  3. To determine what extent is the value for money audit on the profitability of manufacturing firms.
  4. To find out why is lack of transparency and inadequate method of accountability.
  5. To find out why there is inadequate internal control system.

1.4 THE RESEARCH QUESTIONS

The following question shall be in the course of this research study.

  1. To what effect is value for money audit on the profitability of manufacturing firms?
  2. Is there any alignment relationship between internal control and fraud detection?
  3. To what extent is the value for money audit relevant on the profitability of manufacturing firms?
  4. What are the causes of lack of transparency and inadequate method of accountability?

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