5,000 2,500

Topic Description

Auditing has existed as long as man has been required to account for
their transactions. A famous example is in St. Mathew’s Gospel (Chapter 25)
when the rich man went on a journey and delivered his goods to a servant to
look after them while he was away. On his return, he asked each of these
servants to account for the goods with which he had been entrusted.
In the ancient ages, great land owners would not manage their own
land, but would appoint stewards to manage their own land for them. The
account of these land owners were checked by having them called out by
those who gave them to those in authority (land owners) for hearing
otherwise called stewardship accounting.
Auditing can be defined as the process of an independent examination
of vouchers, internal control system and financial statements of an
organization by a person or a group of persons called auditors so that the
auditors can form and express opinion whether the vouchers, internal control
system and financial statement, give a true and fair view of the organization.

Auditing is carried in both the public and private sectors. In the case of
public sector, there are two foremost types of audit that are carried out
namely: Regulatory audit and financial audit and the third type is value for
money (VFM) audit which is yet to be fully integrated in most part of the
According to Bechberger (2007), it is observed in the past decades that
in order to fight global corruption and strengthening transparency and
accountability in public sector organization across the world, public sector
organizations are now under pressure from the public to integrate value for
money principles in their management practices.
Value for money according to National Audit Office (2007) means
providing a service or a product in a way which is economical efficient and
effective. Value for money audit is therefore, the type of audit that is used to
asses the value for money system in any organization. It is an independent
examination of the criteria (economy, efficiency and effectiveness) for the
value for money to confirm that the organizations available resources are
used wholly, necessarily, reasonably and exclusively so as to maximize
progress towards the chosen objective.

The research work “The critical analysis of value of money audit (VFM)
and public sector performance in Enugu State centers on the major problems
facing value for money audit in Enugu which includes:-
a. Problem of inconsistency in public sector objectives as a result of
political and economic instability.
b. Diversity in accounting records or lack of uniformity in accounting
records system among public sector organization.
c. The problem of cash basis rather than actual basis in public sector
d. The problem of insufficient emphasis of accounting and stewardship in
public sector organization.
e. Inadequate implementation of laws in Nigeria.

The main objective of the study is to analyze the effects of value for money
audit on public sector organization while the specific objectives are:-

a. To ascertain the problem of inconsistency in public sector objectives
which is as a result of political and economic instability.
b. To examine the problem of diversity in accounting system in public
sector organization in Enugu State.
c. To determine the problem of using cash basis of accounting in public
sector organization.
d. To ascertain the problem of insuffici

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