VALUE FOR MONEY AUDIT AND GOVERNMENT OBJECTIVES IN EDO STATE, NIGERIA

ABSTRACT

This study examined the impact of value for money audit on the attainment of government objectives in Edo State, Nigeria. The specific objectives were to ascertain the impact of value for money audit on government cost saving objective; examine the impact of value for money audit on government’s timely execution of projects; and evaluate the impact of value for money audit on government accountability and transparency. Descriptive survey research design was adopted, and three hundred and eighty-four (384) copies of the questionnaire were administered to staff in the office of the accountant-general office, auditor-general office (State and Local Government), ministry of budget and physical planning and Edo State Internal Revenue Service in Edo State, Nigeria. The cronbach alpha statistics was used to determine the reliability of the research instrument. Descriptive and inferential statistics was employed in the study to summarize the date and draw inference on the population. Specifically, the ordinary least square regression was used to test the hypotheses of the study. The study found that value for money audit has significant impact on government cost saving objective; government’s timely execution of projects and government accountability and transparency in civil service in Edo State. The study concluded that value for money audit has significant impact on government cost saving objective; government’s timely execution of projects and government accountability and transparency in civil service in Edo State, Nigeria. Regardless of the success recorded in the implementation of value for money audit on cost savings objective, a lot should be done to further save the government on from the huge cost of governance.