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Research Article Open access CC BY 4.0

The Independence of Supreme Audit Institution in Mitigation Financial Fraud in Nigeria

Adetula Samuel Lanrewaju, Osho Augustine Ejededawe, Egbekun Elijah

Asian Journal of Economics, Business and Accounting · pp. 114–127 · Published 8 Jan 2024

10.9734/ajeba/2024/v24i11226

Abstract

The subject of enquiry is to ascertain the independence of Supreme Audit Institutions in mitigating financial fraud in Nigeria. Regular audits of public financial account are entrusted in the Office of the Auditor-General in Nigeria. In addition, the increase in wastages and ineffective governance by agencies of the public sector has brought enormous pressure on the supreme audit institutions. However, numerous challenges weakened the independence of Supreme Audit Institution (SAIs) to have effective performance in Nigeria. This includes insufficient funding, lack of knowledge and experience, the required enabling environment, adherence to international standards, appointment and promotion of Supreme Audit Institution (SAI) heads/leadership, among others. The argument of this study is anchored on the assumption that the process of appointing staff of the Supreme Audit Institution (SAI), deliberate under-funding of the institution and quality of external auditors hired can impair SAIs from carrying out their statutory duties effectively to achieve their set mandate. The study therefore is supported by agency theory and fraud triangle theory. Primary data source wasused as data for analysis. A survey approach was used, through the administration of questionnaires to the staff in the Office of the Auditor-General, Ministries, Agencies and Boards in the Ondo State Government. A population of (200) respondents were sampled. Data analysis approach used for the test of each null hypothesis was Chi Square (X2). The results showed that since Nigeria's democracy began in 1999 and has persisted unabatedly, public officers have engaged in a number of corrupt practices, for which SAIs have not done a creditable job of increasing public accountability. The study comes to the conclusion that the inability of SAIs in Nigeria to carry out their deterrent and prevention functions is the reason why corrupt practices among public officials continue to occur. To enable them to serve as public officers' watchdogs, SAIs in Nigeria should have more financial, political, administrative, and organizational autonomy.

Financial Fraud International congress of supreme audit institution public account committee supreme audit institution

References (11)

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