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Value for Money Audit and Financial Accountability in State- Owned Tertiary Institutions in Oyo State, Nigeria

Abdulazeez Malik Afolabi, Ph.D., Professor Godwin Emmanuel Oyedokun, Aderonmu Olusegun Adebayo, Ph.D., Adetola Raman, Ph.D., Corresponding Author

Abstract

This study investigated the effect of value-for-money audits on financial accountability in state- owned tertiary institutions in Oyo State, Nigeria. The research was driven by rising concerns over financial mismanagement, lack of accountability, and inefficient use of public resources within Nigerian public tertiary institutions. A descriptive survey research design was employed for the study. The population consisted of 935 staff members from the Registry, Bursary, and Audit departments of selected state-owned tertiary institutions in Oyo State, with a sample size of 364 respondents determined using the Yamane sampling formula. Data were gathered through a structured questionnaire and analyzed using both descriptive and inferential statistics, particularly simple regression analysis, using SPSS version 26. The results showed that value-for-money audits have a positive and statistically significant impact on financial accountability in state-owned tertiary institutions in Oyo State, Nigeria (R = 0.595, R2 = 0.354, F(1, 343) = 187.768, p < 0.05). The study found that value-for-money audits explain 35.4% of the variation in financial accountability, suggesting that effective implementation of economy, efficiency, and effectiveness audits greatly improves accountability, transparency, and prudent use of institutional resources. Further findings indicated that value-for-money audits contribute to better compliance with financial regulations and a reduction in financial irregularities in public tertiary institutions. The study concludes that value-for-money audits are a vital tool for enhancing financial accountability in public tertiary institutions. Therefore, it is recommended that the management of tertiary institutions and relevant regulatory bodies strengthen audit practices, enhance monitoring systems, and rigorously enforce compliance IJEFM with public financial management regulations to ensure the efficient use of limited public resources.

Keywords

Audit PracticeFinancial AccountabilityPublic Sector AccountabilityPublic Tertiary InstitutionsValue for Money Audit.

References

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