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PROJECT TOPIC: THE ROLE OF INDEPENDENT AUDITORS IN ENSURING PUBLIC SECTOR ACCOUNTABILITY IN ENUGU STATE

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CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

In an economy where resources abound, funds are being disbursed for the government to effectively carry out its assignments. Since a lot of public funds are being disbursed for government assignment it calls for accounting that is of the receipts and disbursements of these funds. The accountants in these units perform these assignments by preparing the profit and loss accounts and also balance sheet showing the state of affairs of the years in reviews.

It is important to note that inspite of the accountant and the internal auditors (who serves as the custodian of financial resources and watch-dog respectively). There are still reports of large scale fraud in most of there government unit. The organization had to be addressed and it also needs various attentions Again, it is the requirement of law that the financial activities of the state should be subjected to audit section 83 (2) of the 1989 constitution states that the public accounts of the federal and state government shall be audited by the auditor-General of any person authorized on his behave shall have access to all book records, return and other documents relating to his accounts. Also some of government institutions has public influence like government companies allowing interesting members of the public to own a share.

Section 148 (2) of companies and Allied Matters Act of 190 states that a companies must be audited these people who has interests need to know about the operations of these companies through, the instance of audited reports. So, in the view of the above and also for the state government to maintain an effective financial base in the system. The role independent auditors in Enugu State cannot be over-emphasized the need for indigent bias free examination of the financial records books and accounts of Enugu State by an auditors is not only a matter of compliance with the law but also a means of protecting detecting and correcting of errors and frauds.

An audit has been defined by many authors such as: According to Clive an Attwood 1999 auditing is an examination by the auditor of a balance sheet and profit and loss account prepared by other so as to be able to express his opinion that such a balance sheet and profit and loss account have been properly drawn up to show a true and fair view of the state of affair and of the particular concern and comply with the relevant states.

According to Bigg (2001), an audit is an examination of the books, account and voucher of any business, as will enable the auditor to satisfy himself that the balance sheet is properly drawn up so as to the a true and fair view of the state of affairs of the business according to the best of his information and explanations given to him and as shown by the books and if not in what respects he is not satisfied.



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