The Impact of Risk-Based Auditing on Resource Management in Patigi Local Government Area
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- NGN 5000
Background of the Study
Risk-based auditing is a strategic approach to auditing that prioritizes areas with the highest risk of financial mismanagement, fraud, or inefficiency. In Patigi Local Government Area, risk-based auditing is becoming increasingly important as the local government seeks to optimize resource allocation and minimize waste. This approach allows auditors to focus on high-risk areas, enabling more targeted and effective audits. This study seeks to evaluate the impact of risk-based auditing on resource management in Patigi.
Statement of the Problem
Although risk-based auditing is gaining traction in resource management, there is limited research on its effectiveness in Patigi Local Government Area. Questions remain about how well risk-based auditing identifies resource management issues and its overall impact on improving efficiency. This study will assess how risk-based auditing has been applied in Patigi and its influence on resource management.
Aim and Objectives of the Study
The aim of this study is to assess the impact of risk-based auditing on resource management in Patigi Local Government Area.
The objectives are:
- To evaluate the effectiveness of risk-based auditing in identifying areas of high financial risk in Patigi.
- To assess how risk-based auditing contributes to improved resource management in the local government.
- To identify challenges faced in implementing risk-based auditing in Patigi and recommend solutions.
Research Questions
- How effective is risk-based auditing in identifying areas of high financial risk in Patigi Local Government Area?
- What impact does risk-based auditing have on resource management in Patigi?
- What challenges are encountered in implementing risk-based auditing in Patigi, and how can they be overcome?
Research Hypotheses
- Risk-based auditing is effective in identifying high-risk areas in resource management in Patigi.
- Risk-based auditing positively influences the efficiency of resource management in Patigi Local Government Area.
- Challenges in implementing risk-based auditing hinder its effectiveness in improving resource management in Patigi.
Significance of the Study
This study will provide valuable insights into the role of risk-based auditing in improving resource management. It will contribute to the body of knowledge on auditing practices in local governments, offering recommendations for enhancing auditing practices in Patigi and other similar regions.
Scope and Limitation of the Study
The study will focus on the implementation and impact of risk-based auditing in Patigi Local Government Area. Limitations may include challenges in accessing detailed audit reports or obtaining cooperation from local government officials.
Definition of Terms
- Risk-Based Auditing: An auditing approach that focuses on areas with the highest potential for financial risk or mismanagement.
- Resource Management: The process of planning, allocating, and utilizing resources effectively to achieve organizational goals.
- Financial Risk: The potential for loss or mismanagement of financial resources.
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