Critical Evaluation of Internal Control Environment Situation of Nigeria Public Audit

Abstract

The importance of public audit is their ability to satisfy the citizenry that transparency and accountability of government operations help to reduce corruption to the barest minimum. However, full information has not been provided about the Nigeria public audit. The study critically examined internal control environment situation of public audit in Nigeria. Through observation, the study discovered a significant impact of internal control environment on public audit practices. The study concluded Nigeria public audit information relevance depends on the strength of internal control environment. To strengthen public audit quality, the study recommends a review of existing practices and research on collaboration of policy-makers; academia, private and public audit sector so that citizenry can enjoy the benefit of audit creation.

Does the Independent of Supreme Audit Institutions Matter on Good Governance? An Insight from Nigeria Auditor General for the Federation

“…That is, the conduct of regular audits of public financial account is entrusted to the office of Auditor General who is recognized as the Supreme Audit Institution in Nigeria. In addition, the increase government wastage and ineffective governance by its agencies has brought enormous pressure on the supreme audit institutions to reduce this deficiency in order to promote good governance and economic development [3,7]. Despite the engagement of SAIs to assess and report the financial operations of all these agencies, corruption and other irregularities are still endemic.…”