IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 9 NO. 10 2023
DOI: https://doi.org/10.56201/jafm.v9.no10.2023.pg61.98

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Internal Audit Effectiveness and Quality of Public Financial Management and Reporting in the Public Sector, Nigeria

Confidence, Joel Ihenyen (PhD) and Egberibin Ghandi

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Abstract

This research work was aimed at finding out the impacts of internal audit effectiveness on quality of public financial management in the public sector in Nigeria. The population for the study includes all auditors and accountants in various ministries, government agencies and parastatals in Bayelsa State, Nigeria. Out of which the sample size was selected using the Taro, Yamani’s sampling techniques. Data for this study was primarily sourced. Linear regression analysis was used to analyzed the data collected with aid of SPSS version 16 to examined internal audit effectiveness on quality of public financial management and reporting. The four hypothesis results revealed that internal audit effectiveness has potential and significant influence on quality of public financial management and reporting. The findings further revealed that the independence of internal audit and objectivity enhances transparency and accountability in the financial report as well curb the case of corruption in public entities. The study therefore, recommends that full implementation of IPSAS, IPPIS, TSA and GIFMIS in the state government, will go a long way in minimizing corruption in the public sector as well as enhancing effective utilization of public funds which will foster socio-economic development in the state and Nigeria at large.

keywords:

Internal Audit, Public Financial Management, Internal Audit Independence, Objectivity Of Internal Audit

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Aikins, S. K. (2011). An examination of government internal audits’ role in improving financial
performance.Public Finance and Management, 11(4), 306-337.

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