The Relevance Of Auditing In The Enhancement Of Accountability In The Public Organisations

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Project and Seminar material for Accountancy

Project and Seminar material for Accountancy


This project is dedicated to God almighty, for his immense protection and insights during this research and compilation of this work.


A work of this magnitude could never have been realized without reference to the work of others. I have had to consult numerous encyclopedias, lecturers, notes, materials, dictionaries, textbooks in a variety of subjects and I hereby acknowledge my indebtedness to them all.

I wish to record my profound gratitude to my parents for their good wishes, also to share my gratitude to my siblings for their support.

To my supervisor MR.UZOMA IBEAJA, I wish to say thank you for his kindness and fairness towards this project work.

Above all, I bestow all credits and honors on the almighty God through only by his grace this work were accomplished.


This research work is designed to show the importance of auditing in the enhancement of accountability in the public organization. It is worthy to say that audit is necessary and indispensable for the enhancement of accountability in the public organization.

This discussion in this project is done in three chapters, reading in summary conclusion and recommendations. In order to achieve success on the study, face to face interview which were basically for the role of audit in enhancing accountability in public service.

Table Of Contents

  • Title of page
  • Approval page ii
  • Dedication iii
  • Acknowledgement iv
  • Abstract v
  • Table of contents vi

Chapter One

  • 1.0 Introduction
  • 1.1 Statement of Problems
  • 1.2 Objectives of the Study
  • 1.3 Significance of the Study
  • 1.4 Scope of Study
  • 1.5 Assumption of the Study
  • 1.6 Definition of Terms

Chapter Two

  • 2.0 Introduction
  • 2.1 The Historical Development of CAN Audit
  • 2.2 The Objectives of Audit in Public Organization
  • 2.3 Reasons of Audit
  • 2.4 The Essential Features of an Audit
  • 2.5 Audit Evidence Source and Types
  • 2.6 Audit and Accountability
  • 2.6.1 Auditor’s Professional Ethics
  • 2.6.2 Auditors Legal Responsibility
  • 2.7 Internal Control
  • 2.8 Standards of Reporting
  • 2.9 Advantages and Debates on Audits
  • References

Chapter Three

  • 3.0 Summary Conclusion and Recommendation
  • 3.1 Introduction
  • 3.2 Summary of Findings
  • 3.3 Conclusion
  • 3.4 Recommendation
  • References
  • Appendix

Chapter One

1.0 Introduction

Initially accountability of public funds did not receive very serious public notice of concern. The citizen did not have to worry to contribute to their governments, but with development of the scale and scope of governments, expenditures to finance those obligations consequently, the citizen we required to raise funds monthly or at intervals and as a result taxing too off officially.

This is the management of the public organizations funds were entrusted into the hands of some group of people who carry out the day to day running of the business of the organization. The shareholders who light not participate in the operation of the organization would need a third person (an auditor) to audit the submitted statement of account and check whether they show a true and fair view or not.

Audit has since its inception, received a lot of definitions and interpretations both from authors and auditing bodies. There is little or no need to say that it has suffered a lot of misinterpreted. Most of these misgiving interpretations see it as aimed at “fraud and error detection” De Paula, et at (1983:19).

But auditing essentially involves much more than that one of the most involved and most acceptable definition so far, in that issued by the consultative council of accountability Bodies, (CCAB), which sees audit “as an independent examination of an expression of opinion of the financial statement of an enterprise by an appointed auditors in pursuance of that appointment and in compliance with any relevant statutory obligation” (Howards, 1982:1).

Deductively, an audit is “the objective scrutinization of someone’s work or presentation by a third part (an auditor) that is different from the users and prepares of the presentation. The general essence of an audit is to ascertain compliance of organization’s records and operational polices of organization record and operational policies with certain prescribed standards (IBID, 1983:12). Further, it aims at increasing the usefulness acceptability and dependability of financial statements.

Accountability on the other hand as given by Webster Encyclopedia Dictionary of English is the state of been accountable, liable and responsible. The same dictionary goes for her to define accountable as liable to make good case of loss, responsible for a trust, liable to be called to account.

1.1 Statement Of The Problem

The increasing have of fraud and embezzlement of public funds and properties by offices in the public services has brought to limelight problems that are associated with accountability in the public service. In this project, it is proposed that auditing will be help to enhance the much needed accountability to the public service.

1.2 Objectives Of Study

Based on these problems stated above, the purpose of this study can be stated as follows:

  1. To ascertain the role of audit in enhancing accountability
  2. To determine whether audit can actually make any difference to the deplorable state of accountability in the public service.
  3. To enable the employers of auditors have a good knowledge of what audit is all about and much to expect from audit. This is necessary because most of the employers do not see the audit job as aimed at confirming the preparation of financial statement in keeping with the statutory requirements, guiding the preparation and presentation of such statement, rather, the employer’s notice about the auditors is that of fraud detection which is from his primary function.
  4. To ascertain the problem independent auditors’ encounter in the discharge of their duties, the reason why accountability is yet to be achieved in the public companies or government parastatals.
  5. To plug the loopholes that have for some time now denied the public companies and parastatals the much needed accountability.

1.3 Significance Of The Study

The misconception of the functions of audit has no doubt ended in most minds, the confidence on auditor’s report and has depressed the creditability with which the audit profession was owned.

The researcher has therefore taken to this study with that it will bring about the following:

  1. Restore people’s confidence and reliance on auditor’s report
  2. Emphasize on the need for government and top management compliance on auditor’s report.
  3. Bring back to full flame, the dividing image of the noble profession
  4. To reassure the employers of auditors on the indispensability of audit on the much towards the achievement of accountability in the public service

1.4 Scope Of Study

The study focuses on the public organization their accountability and the role auditing play in enhance it. In the execution of this, the researcher has aimed at exploiting all revenues all avenues in order to convince the misinformed minds as to the accountability of public organizations with regards to auditing, I would not to venture into the use of computer for the attainment of this convenience and financial constraints.

Hence, the research selected and studied few of the departments in the public organization. The researcher also had direct contact with the strategic, tactical and functional or operational levels of management. Any information gotten from these people would be assumed to be a good representative of the entire department in the public organizations. The limitations of this study are financial constraints and limited time.

1.5 Assumptions Of The Study

Over the year, business organization and government gave auditing title or no attention because the properties took active part in management of their small business transactions. But, as business transactions increase and investment in limited liability companies came into existences, whereby shareholders are not managers. To account for shareholders became necessary and to ascertain the correction of the accounts by the shareholders and independent body (an auditor) is employed to look into the account presented by managers.

1.6 Definitions Of Terms


This is the independent examinations of an expression opinion, of the financial statements of enterprise of appointed auditors in pursuance of that appointment and in compliance with any relevant statutory obligation.

Audit Report:

It is a written report of an audit no matter which an opinion is sought within the terms of an auditor’s appointment.

Internal Audit:

It is an independent appraisal function within an organization to examine, evaluate and report on the adequacy of accounting and other controls of resources of the operations of the organization.

Audit Evidence:

It is all the relevance and reliable information obtained and recorded by auditor which is sufficient to enable him, in arriving at conclusions on which he has based his independent opinion on the financial statement being audited.

External Audit:

This is an audit or accounting entity carried out by an auditor, who is not employed by that entity or by its managers and is as far as possible independent of the management of the public organization.


It is the state or condition of being accountable for an execution of duties.

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How to nail it on the head during your project / seminar defence

You are through with writing that project / seminar. Now what?

You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.

  • How am I going to start?
  • I hope I will do well enough to get an A.

You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.

I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.

Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.

Watch Your Body Language And Keep It Confident:

Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.

Dress In Your Most Comfortable And Impressive:

Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.

Speak With Authority:

Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.

Use, Your Gestures:

I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.

Have A Good Opening And Closing Line:

Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.

Make Sure You Know Your Work:

Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.

Prepare For The Questions:

Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.

These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.

The structure of a good project work

Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.

A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are

1. Introduction

The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.

Below are the contents in chapter one of an undergraduate research project which includes;

  • Background of the study,
  • Statement of the problem,
  • Objectives or aims of the study,
  • The research questions,
  • Research hypothesis,
  • Significance of the study,
  • Scope of the study,
  • Limitations of the study and
  • Operational definition of terms.

2. Literature review

Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.

3. Research Methodology

This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected.  This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.

4. Results & Discussion

This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question.  Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported.  In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.

5. Summary, Conclusions And Recommendations

This section summarizes the findings of the study in an easy to understand manner.  It also explains the practical implications of those findings, and points to recommended directions for future research in that area.


This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.

Choosing A Good Project / Research Topic

Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.

Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.

There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?

If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.

Now what are the qualities of a good project topic?

  1. The materials for the project topic must be easily assessable.
  2. The project topic itself must be meaningful.
  3. The variables must be able to give a clear aim of the project topic.

What do I mean by variable?

Well I am deriving my point from the area of project writing; the variables here are those main words in the project topic.

Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.

Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.

I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.

What do I mean by your topic being assessable?

Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.

If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.

Structure of a Seminar Paper

I feel like there is a lot of stress out there among grad students about writing seminar papers, especially when we’re told that our goal should be to make an original contribution to the field. That idea can be quite intimidating when we’re just starting out. It feels like you’ve asked us to jump off the deep end of the pool and we don’t know how to swim.

I think part of the problem is that we’re still working out how to structure seminar papers.** Each paper we write is another step closer to a successful, effective, and effective paper; however, we’re still flailing our arms (and other miscellaneous body parts) around because we’re uncertain of exactly how to go about it. I realize, of course, that there is no one right answer. However, below is my suggestion at sticking your toes in the water.

Section #1 — Introduction

Provide a little bit (or a lot) of motivation for the reader to read your entire paper. Failing that, your reader should know what the paper is going to be about by reading your introduction.

Paragraph #1 — Get some attention.

  1. Provide a context by citing a recent text in the field — the point that is cited may or may not be the main point of the text — it is what jumped out at you.
  2. Set-up broader context of what you’re going to do

Paragraph #2-?? — Define issue and the gap.

  1. Define issue and any key terms
  2. Limit scope as necessary
  3. Establish significance of issue
  4. State problem by defining the gap
  5. Explain how present research attempts to fill the gap
  6. Outline contributions (readers will see lit review for more detail.)
  7. End with thesis and preview organization of the rest of the paper

Section #2 — Literature Review

Give some credit where credit is due.

  1. Indicate the current state of the issue/problem/topic
  2. Define or qualify terms
  3. Engage sources in conversation with each other (don’t just copy in annotated bib)

Section #3 — Argument / Discussion

As stated in the Allyn & Bacon Guide to Writing:wallow in those complexities!!

  1. Examine issue
  2. Argue how issue can be mitigated, mediated, or mashed
  3. Provide evidence and support
  4. Make some lively commentary along the way

Section #4 — Conclusion

We’re almost done. Don’t quit now.

  1. Summarize research question
  2. Qualify argument/discussion if you need to
  3. Explain where we go now
  4. End well

Section #5 — Works Cited

Double check

Is everything listed on the works cited?

Tips: it’s ok to use sub-headings to keep yourself organized.

Tips On How To Know What Your Supervisor Is Looking Out For In Your Project

Apparently all schools/colleges ask their undergraduates especially the final students to write their final year project before they are certified to be graduates. These projects are mostly discovery activities geared towards problems solving or basically to make new discoveries or better still have a better understanding of a problem with the aim of proffering better solutions.

With this assigned task an undergraduate will need an advisor, a counselor or a supervisor to guide and direct this activity for a desired result and a successful ending and of course, in return the supervisor have factors to look out for in a student project, so that the aim of the project writing will not be defeated.

As a final year student planning to write your final year project, there are some factors you need to consider when trying to have a good working relationship with your supervisor and you must have the below tips at your fingertips to know what your supervisor look at for in your project.

Selecting the right topic or title:

The supervisor would want to know how knowledgeable one is, in a chosen topic and how far one can go with the topic by asking one diverse questions which could be simple or a bit tough. So one thing is to choose a right topic and another thing is to be knowledgeable about the said topic.

The relevancy of the project topic to the degree course:

This is one of the important things a supervisor looks out for in a project. A final year project must have a purpose and objectives and most importantly be problem solving and must be related to the course of study. So a project topic should be relevant and interesting.

The realistic plan for the project:

A project supervisor will always look at how realistic a project topic is. Will the project aims be achieved and at the specified time. If it will outlived the specified time such topic might be dropped and a new topic adopted to run the set time and fulfill its purpose.

Quality of research materials available:

Another factor a supervisor will consider in project writing by a student is the quality of the materials available for research on the chosen project topic, can materials and information be readily available and are those materials of high standard and convincing not just bogus and fictitious analysis but materials that research has be carried out by scholars related to course of study. So a source of materials used for a project is very important and most supervisors look out for this.

The funding channels:

Almost all project writing needs a good amount of funding to achieved the desired aim, A supervisor would always want to find out how the project will be funded, so as not to have hitches when the project is on. So to have a smooth working relationship with ones project supervisor, the funding of the project must be considered and revisited from time to time. Because a supervisor will look out for this aspect too.

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