The Impact of Auditing on Financial Sustainability in Nigerian Churches: A Case Study of the Redeemed Christian Church of God
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Background of the Study
Auditing serves as a critical tool for promoting transparency, accountability, and financial sustainability across various sectors, including religious organizations. Churches, as non-profit entities, rely heavily on donations and tithes for their operations. However, managing these funds effectively requires robust financial controls and regular audits. Auditing helps ensure that church finances are used efficiently and in accordance with donor intentions, thereby enhancing financial sustainability (Okonkwo & Eze, 2023).
The Redeemed Christian Church of God (RCCG), one of the largest Pentecostal churches in Nigeria, operates numerous branches and projects globally. Its financial sustainability is vital to its spiritual and social missions. However, like many religious organizations, RCCG faces challenges such as weak internal controls, lack of financial transparency, and reliance on voluntary contributions. These challenges underscore the importance of regular auditing in enhancing financial stability and public trust.
Despite the growing emphasis on financial governance in religious organizations, limited research exists on how auditing practices influence their financial sustainability. This study focuses on RCCG to explore the relationship between auditing and financial sustainability in Nigerian churches.
Statement of the Problem
Financial mismanagement in churches has become a growing concern, leading to erosion of trust among members and stakeholders. While auditing is expected to address these issues, its role in ensuring financial sustainability in Nigerian churches remains underexplored. Challenges such as inadequate financial expertise, lack of regulatory oversight, and resistance to transparency hinder the effective implementation of audits in churches.
The Redeemed Christian Church of God, as a large and influential institution, provides an ideal case for examining how auditing practices impact financial sustainability. However, research on this topic is sparse, leaving a gap in understanding the mechanisms through which auditing enhances financial governance in religious settings.
Objectives of the Study
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To analyze the role of auditing in promoting financial sustainability in RCCG.
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To evaluate the effectiveness of auditing practices in identifying and mitigating financial risks in RCCG.
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To assess the challenges faced by RCCG in implementing effective auditing practices.
Research Questions
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How does auditing promote financial sustainability in RCCG?
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How effective are auditing practices in identifying and mitigating financial risks in RCCG?
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What challenges does RCCG face in implementing effective auditing practices?
Research Hypotheses
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H₀: Auditing does not significantly promote financial sustainability in RCCG.
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H₀: Auditing practices are not effective in identifying and mitigating financial risks in RCCG.
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H₀: RCCG does not face significant challenges in implementing effective auditing practices.
Scope and Limitations of the Study
This study focuses on RCCG and its financial sustainability initiatives from 2023 to 2025. It examines the role of auditing in enhancing transparency and accountability within the church's financial framework. Limitations include potential reluctance of church officials to disclose financial information and limited access to proprietary audit data.
Definitions of Terms
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Auditing: The systematic examination of financial records to ensure compliance with standards and promote accountability.
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Financial Sustainability: The ability of an organization to maintain financial health and meet its operational needs over the long term.
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Redeemed Christian Church of God (RCCG): A prominent Pentecostal church with a global presence and significant influence in Nigeria.
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