Impact of Public Sector Auditing in Promoting Accountability And Trasparency in Nigeria

Accountability and Transparency has over the years been recognized as instruments of reduction of corruption at all levels of public sector. A lack of transparency and accountability in the public sector presents a major risk to the efficiency of the capital markets, financial stability, long term economic sustainability, economic growth and development. Unfortunately, the issue of accountability is a basic and fundamental problem in our country Nigeria. This is as a result of the high rate of corruption embedded in virtually all sector of our economy Nigeria. Going by the increase in democratization and concern about corruption, citizens are demanding from the government accountability and transparency by being well informed about what the government intends to achieve and what it has actually accomplished. Since public sector financial statement is the medium of information of government activities, the public is demanding audit reports in order to access the performance of those entrusted with public sector resources. This therefore implies that proper audit plays a significant role in promoting accountability. This study therefore seeks to examine the role of public sector audit in enhancing accountability and transparency in the public sector while bringing about a reduction in the level of corruption in the country.