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Relevance and Credibility of Audit Report in Public Sector Organizations in Nigeria

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– Relevance and Credibility of Audit Report in Public Sector Organizations in Nigeria –

Download Relevance and Credibility of Audit Report in Public Sector Organizations in Nigeria. Business Administration students who are writing their projects can get this material to aid their research work.

Abstract

Audit report is indeed very relevant to public sector organizations. As such, its credibility is highly needed. When an audit report loss these two qualities; relevance and credibility, it loses its worth and can no longer be relied upon.

The study is oriented towards identifying set objectives for audit report and the implementation of the objective directed towards the growth and operational efficiency of the organization.

Audit report should be designed to comply with the statutory requirements of audit and of the organization concerned.

Both primary and secondary data were collected from the University of Nigeria Teaching Hospital Ituku/ozalla, National Orthopaedic Hospital and the Power Holding Company of Nigeria Plc Enugu Zonal Office. Tables and percentages were used to analyze and interpret the collected data.

Introduction

Improved accountability is an important aim for all public bodies. As accountable units to management within the public sector, all public bodies are required to demonstrate that they are conducting their operations as economically, efficiently and effectively as possible.

Annual reports and accounts are the main vehicles for discharging this “stewardship” function and enabling parliament, the tax payer and customers to judge whether the body is securing value – for – money in its operations.

Public sector “audit expectations gap” arises due to a lack of technical competencies, the timeliness and relevance of auditor communication, lack of assurance – provider (auditor) independence and a lack of commitment to the public interest.

It is therefore expedient to mention that audit report should be relevant and credible. This means that audit report should possess the qualities that will make it reliable, trusted and accepted, especially by the users.

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