The Effect of External Audits on Financial Transparency in Nigerian Public Institutions: A Case Study of the Federal Ministry of Health
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Background of the Study
External audits are a critical tool for promoting financial transparency and accountability in public institutions. They provide an independent assessment of financial operations, ensuring compliance with regulations and uncovering irregularities. In Nigeria, the Federal Ministry of Health handles significant funds for public health programs, making financial transparency essential for achieving its objectives (Akinyemi & Olawale, 2024).
The increasing demand for transparency in public institutions has brought external audits into sharper focus. These audits contribute to strengthening public trust, improving financial management, and reducing corruption (World Bank, 2025). This study examines the effect of external audits on financial transparency in the Federal Ministry of Health, highlighting their impact and challenges.
Statement of the Problem
The Federal Ministry of Health has faced allegations of financial irregularities, including misappropriation of funds and lack of accountability in project implementation. Despite the presence of external audit mechanisms, these issues persist, raising concerns about the effectiveness of these audits (Adetunji & Bello, 2023).
This study investigates the role of external audits in promoting financial transparency in the Ministry, identifying gaps in current practices and recommending improvements.
Objectives of the Study
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To assess the impact of external audits on financial transparency in the Federal Ministry of Health.
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To identify challenges affecting the effectiveness of external audits in the Ministry.
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To recommend strategies for improving external audit practices in public institutions.
Research Questions
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What is the impact of external audits on financial transparency in the Federal Ministry of Health?
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What challenges affect the effectiveness of external audits in the Ministry?
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What strategies can improve external audit practices in public institutions?
Research Hypotheses
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External audits significantly enhance financial transparency in the Federal Ministry of Health.
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Challenges in external audit practices negatively impact their effectiveness in the Ministry.
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Improved external audit practices will strengthen financial transparency in public institutions.
Scope and Limitations of the Study
This study focuses on the effect of external audits on financial transparency within the Federal Ministry of Health. Limitations may include restricted access to audit reports and the reluctance of officials to disclose relevant information.
Definitions of Terms
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External Audit: An independent examination of financial records conducted by external auditors to ensure compliance and transparency.
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Financial Transparency: The openness and accessibility of financial information for public scrutiny.
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Public Institution: Government entities responsible for delivering public services and managing public resources.
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