AUDITING AS A BASIS FOR ACCOUNTABILITY gp

Abstract This study examined auditing as a basis for accountability. The study specifically examined the effect of auditing on improved accountability in Nigeria, the extent at which auditing aids accountability in Nigeria and also identified the factors militating against adequate accountability in Nigeria public service. Auditing both in the public and private sector has gained considerable expansion throughout the world. The reason for this is as a result of a growing need for transparency and accountability at all level both in the public and private sector. Auditing which has become the owners “third eye” is of great importance in the public sector of Nigeria economy because over 65% of the asset base and other productive resources of the country come under the control of the public sector of the economy. These assets need to be safeguarded on behalf of their owners who in this case are the members of the public. Accountability exists when there is a relationship where an individual or body, and the performance of tasks or functions by that individual or body, are subject to another’s oversight, direction or request that they provide information or justification for their actions”. Accountability is the liability to give an account of what one has done, or not done, to another who has authority to assess the account and allocate praise or blame, ‘accountability denotes a relationship between a bearer of a right or a legitimate claim and the agents or agencies responsible for fulfilling or respecting that right.   Get the Complete Project Material Now!!!