Internal Audit and Creative Accounting Practices in Ministries, Departments and Agencies (MDAs): An Empirical Analysis - Open Journal of Business and Management

OJBM > Vol.8 No.2, March 2020

Internal Audit and Creative Accounting Practices in Ministries, Departments and Agencies (MDAs): An Empirical Analysis ()

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DOI: 10.4236/ojbm.2020.82034 1,704 Downloads 5,114 Views Citations

Author(s)

Stanley Ogoun, Emmanuel Atagboro

Affiliation(s)

Department of Accountancy, Management Sciences, Niger Delta University, Amassoma, Bayelsa State, Nigeria.

ABSTRACT

The study interrogated the relationship between internal audit function and creative accounting practices in the public service domain in Nigeria using Ministries, Departments and Agencies (MDAs) as the focal group. The study is based on the continuous cases of fraud in the public service, evidenced by bogus financial reports inundating the Nigerian civil service domain that is anchored on agency and information theories and shaped via the survey approach, by gathering data from systematically sampled respondents of the internal audit unit of MDAs based in Bayelsa State. Using the SPSS tool to analyse the data collected via a structured questionnaire which observed that the internal audit function has a bearing on creative accounting practices in MDAs. Thus, this inferred that as the first line of defence against financial fraud in the internal control context, an efficient internal audit can certainly curb accounting information manipulations and this forms the basis for recommending that; provide enabling environment for the optimal functioning of the internal audit unit in all MDAs, imposition of appropriate sanctions on staffers of MDAs that compromise the common good for private interest as stewards of public resources, a stronger regulatory regime with adequate enforcement machinery for ensuring compliance with accounting and auditing standards should institutionalise in all MDAs in Nigeria, regular training of audit staff to apprehend current developments in accounting practice, as well as ensure the employment of qualified audit staff with the requisite skills and appropriate remuneration.

KEYWORDS

Internal Audit, Creative Accounting, MDAs, Public Sector

Share and Cite:

Ogoun, S. and Atagboro, E. (2020) Internal Audit and Creative Accounting Practices in Ministries, Departments and Agencies (MDAs): An Empirical Analysis. Open Journal of Business and Management, 8, 552-568. doi: 10.4236/ojbm.2020.82034.

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