AUDITING WITH A BIRD EYE VIEW
AUDITING IN THE PUBLIC SECTOR INVOLVES LOOKING AT THINGS OR ACTIVITIES WITH A BIRD EYE VIEW.
OMONIYI, WAHAB SHINA INTRODUCTION
Auditing in the public Sector is an independent examination of , and an expression of an opinion on the financial statements of governments by a duly appointed person(s) in accordance with all relevant statutory obligation.
In other words, auditing does not concentrate on fraud detection alone, but rather, to look at the financial and non-financial activities of an organization in terms of management, procedure, systems and statutory requirements to test the compliance level in term of operation with the overall aim of preventing fraudulent activities of public officers.
Auditing has developed over many years, but it was not until the late nineteenth century (with the formation of joint stock companies, the predecessors to present day limited liability companies) that auditing became widely accepted in the United Kingdom and by extension, in other parts of the world. Individual firms of accountants have refined their approach to auditing from time to time and the professional accountancy bodies in various countries have published guidelines to their members on auditing procedures.
Auditing is as essential in the public sector as it is in the private sector. Section 85 of the 1999 Constitution states that there shall be an Auditor-General for the Federation. The role of the Auditor-General is to ensure that there is accountability by the Executive arm of the Government to the Legislative arm, for the proper administration of the activities, functions, operations and programmes of the government and its various agencies.
In other words, the auditor in the Public Sector is a watchdog of Public officers in term of financial activities. He critically examines the financial activities of governments to ensure minimum financial and auditing standards are not compromised, and to ensure stewardship in the utilization of public funds by
OMONIYI, WAHAB SHINA INTRODUCTION
Auditing in the public Sector is an independent examination of , and an expression of an opinion on the financial statements of governments by a duly appointed person(s) in accordance with all relevant statutory obligation.
In other words, auditing does not concentrate on fraud detection alone, but rather, to look at the financial and non-financial activities of an organization in terms of management, procedure, systems and statutory requirements to test the compliance level in term of operation with the overall aim of preventing fraudulent activities of public officers.
Auditing has developed over many years, but it was not until the late nineteenth century (with the formation of joint stock companies, the predecessors to present day limited liability companies) that auditing became widely accepted in the United Kingdom and by extension, in other parts of the world. Individual firms of accountants have refined their approach to auditing from time to time and the professional accountancy bodies in various countries have published guidelines to their members on auditing procedures.
Auditing is as essential in the public sector as it is in the private sector. Section 85 of the 1999 Constitution states that there shall be an Auditor-General for the Federation. The role of the Auditor-General is to ensure that there is accountability by the Executive arm of the Government to the Legislative arm, for the proper administration of the activities, functions, operations and programmes of the government and its various agencies.
In other words, the auditor in the Public Sector is a watchdog of Public officers in term of financial activities. He critically examines the financial activities of governments to ensure minimum financial and auditing standards are not compromised, and to ensure stewardship in the utilization of public funds by
References: Federal Republic of Nigeria (1999), Finance (Control and Management Act 1958. Lagos: Federal Government Press. Federal Republic of Nigeria (1958), the Constitution of the Federal Republic of Nigeria 1999. , Lagos: Federal Government Press. Aruwa, S.A.S (2009), Government Financial Reporting and Public Accountability in Nigeria, www.nsukonline.academia.edu ANAN (2008),Auditing: Challenges and Management.2008 session of MCPD Program. Kaduna: Joyce Graphic Printers and publishers.