PUBLIC SECTOR AUDIT PRACTICES AND ACCOUNTABILITY OF FEDERAL PUBLIC ENTERPRISES IN RIVERS STATE, NIGERIA

Abstract

The study evaluated public sector audit practices and accountability of federal public enterprises in Rivers state, Nigeria. The aims and objectives of the study were; evaluate the effect of financial audit on financial accountability of federal public enterprises in Rivers state, Nigeria. Determine the effect of performance audit on financial accountability of federal public enterprises in Rivers state, Nigeria. And analysis the effect of regulatory/compliance audit on financial accountability of federal public enterprises in Rivers state, Nigeria. The correlational survey design was adopted. The population of 134 federal enterprises in River’s state, Nigeria (source: federal civil service commission). Using probability judgmental sampling method, only 20 of the federal ministries, departments and agencies in River’s state was used. The instrument for this study was questionnaires. The data collected from the questionnaire were analyzed in the Statistical Package for Social Sciences (SPSS) Version 25. The formulated hypotheses were tested using the simple regression analysis. The findings of the study were that there is relationship between financial audit and financial accountability of government organizations in Nigeria. Meanwhile there is no relationship between performance audit and financial accountability of government organizations in Nigeria Also, there is relationship between regulatory/compliance audit and financial accountability of government organizations in Nigeria. The study recommended that financial audit should be more seriously maintained as it helps in promoting financing deepening and contributes significantly. Effective and professionally known external auditors should be hired to independently evaluate and examine books and accounts of public organizations and express an unbiased view on accounts audited. Civil service commission should refuse to accept any known political party card carrying members to be appointed as managers or top staff in public organizations as the see it as their time to embezzle.