AUDITING AS A VERITABLE TOOL FOR EFFICIENT ACCOUNTABILITY OF PUBLIC FUNDS

ABSTRACT

This study is to analyze those factors which will reveal the purpose of auditing being available too far proper accountability of public funds over the years, there has been continuing need to strengthen the role of auditing as a veritable tool for efficient accountability of local government councils.  This is to prevent various problems militating against councils were created.  Among the various means adopted to combat these problems.  Auditing stand out as one veritable tool in ensuring that there is efficient accountability in local government council.  The divergent views scholars were laid so as to achieve the stated objective of the study the study made use of both primary and secondary data questionnaires were distributed of the council secretariat coupled with discussions and observations for the collection of data.  For research questions were put forward and were analyzed using the simple percentage statistical tool.  Outcome of these analyzed showed that the audit function of the councils has always had far reaching positive impact on the efficient accountability of public funds of the council.  Certain weaknesses were also revealed which were management reluctance at implementing auditor’s proposal to enhance the council role of auditing as veritable to for efficient accountability of public funds and extravagance. As a result of these finding, the study submits that management should objectivity and promptly respond to such proposal and prome wasteful spending.  It was also recommended that management should make efforts to improve the perceived weak internal control system of the council.

 This project attempts to establish the vital role which application of managerial accounting has played in decision making in an organization using Vita Foam Plc as a case study.  This research work aims at examining the importance of marginal accounting in decision making in an organization.  This study is significant as it will help to reduce the risk involved in decision making in organization for the purpose of this study, the work is sub-divided into five chapters, chapter one deals on the background of the study, which include statement of problems, purpose of the study, definition of terms etc.  Chapter two focused on literature review which borders on related works at various professional and intellectuals, chapter three emphasis on the method of data collected and analysis.  The data collected through questionnaires were analyzed with tables of percentages with sample size of 29. Chapters four deals with presentation of analyzed data.  Finally, chapter five discuss the research findings, conclusion, and recommendation for the important of managerial accounting in decision making in an organization and further research.