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Value for Money (VFM) Audit and Public Sector Performance in Afikpo North Local Government Area of Ebonyi State, Nigeria

Okolo, Marvis Ndu

,

Irem, Earnest Nnaemeka

,

Ugwuoke, Chinonso. J

Okolo, Marvis Ndu 1 ,

Irem, Earnest Nnaemeka 1 Ugwuoke, Chinonso. J 3

  1. Department of Accountancy, University of Nigeria, Enugu Campus Enugu State, Nigeria. 1

  2. Department of Accountancy, Alex Ekwueme Federal University, Ndufu Ikwo, Ebonyi State, Nigeria. 3

Pages: 147-156

DOI: 10.18488/journal.74.2019.62.147.156

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Article History:

Received: 16 August, 2019
Revised: 19 September, 2019
Accepted: 25 October, 2019
Published: 10 December, 2019


Abstract:

The study aims to determine the impact of value for money auditing in Ebonyi State with regards to ensuring efficient and effective accountability of public fund, as well as to ascertain how the application of value for money audit helps in enhancing the transparency of accounting system. Two hypotheses were put together in line with the objectives of the study. Survey method was adopted as the research design and data was collected through the use of questionnaire. Data generated was examined using percentages and the formulated hypotheses were tested with the help of chi- square statistical formula at 5% level of significance. It found that value for money audit has a significant impact in ensuring that the public fund is effectively and efficient accounted for; it also reveal that value for money audit is capable of enhancing the transparency of accounting system. The implication of this finding is that the absence of audit department or adequate qualified value for money audit staff in any sector will result to ineffective and inefficient transparency of accounting system and unaccountability of public fund. This study concludes that the impact of value for money audit in the performance of public sector cannot be overemphasized where there is no political and administrative interference of the controlled council officials. Therefore, the study recommends among others, that the government should improve the remuneration and fringe benefits of auditors as this would enhance their efficiency and sincerity in carrying out their duties.
Contribution/ Originality
This paper contributes in the existing literature as to ascertaining the impact of VFM audit as regard to the effectiveness, efficiency and economy of an organizations use of resources in the case of Afikpo North Local Government Area of Ebonyi State of Nigeria.

Keywords:

Value for money, Audit, Efficiency, Effectiveness, Economy, Accountability, Transparency, Good governance.

Reference:


Statistics:

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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