The Effect of Public Sector Auditing on Budget Performance in Nigeria: A Case Study of Lagos State Government
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Background of the Study
Public sector auditing plays a critical role in promoting transparency, accountability, and the efficient use of public funds. In Nigeria, where public sector corruption and mismanagement are prevalent, auditing is a tool used to evaluate government spending and ensure that financial resources are used according to budgetary guidelines. Lagos State, being Nigeria’s commercial capital, has a significant budget allocation, making it essential to assess how effective public sector audits are in improving budget performance.
This study examines the impact of public sector auditing on Lagos State Government’s budget performance, focusing on how audits contribute to the proper allocation, utilization, and monitoring of public funds, as well as reducing financial mismanagement in government projects and services.
Statement of the Problem
Despite the efforts by various government bodies to implement audits, there are concerns about the effectiveness of public sector auditing in Nigeria, especially regarding the timely execution of budgets and preventing wasteful expenditure. The question arises whether public sector audits in Lagos State are contributing to enhanced budget performance or whether inefficiencies continue to prevail due to a lack of effective auditing practices.
Objectives of the Study
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To examine the role of public sector auditing in improving budget performance in Lagos State.
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To assess how public sector audits impact the allocation and utilization of Lagos State’s budget.
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To evaluate the challenges faced in implementing effective public sector audits in Lagos State.
Research Questions
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What impact does public sector auditing have on Lagos State’s budget performance?
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How do audits contribute to the allocation and utilization of Lagos State's budgetary resources?
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What are the challenges hindering the effectiveness of public sector audits in improving budget performance in Lagos State?
Research Hypotheses
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Public sector auditing positively impacts Lagos State’s budget performance.
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Public sector audits contribute significantly to the efficient allocation and utilization of budgetary resources in Lagos State.
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There are significant challenges affecting the effectiveness of public sector audits in Lagos State.
Scope and Limitations of the Study
This study focuses specifically on the public sector auditing practices in Lagos State and their effect on budget performance. Limitations may include potential biases in available audit reports and data, and the focus on Lagos State may not necessarily reflect the practices in other Nigerian states.
Definitions of Terms
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Public Sector Auditing: The independent examination and evaluation of government expenditure and financial records to ensure accountability and transparency.
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Budget Performance: The successful allocation and execution of a government’s annual budget, including meeting financial targets and minimizing waste.
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Lagos State Government: The government of the state of Lagos, Nigeria, which is responsible for budgeting, financial management, and public service delivery.
