INTERNAL AUDIT PRACTICES AND PUBLIC FINANCIAL MANAGEMENT IN RWANDA AND NIGERIA: BRIDGING THE TRANSPARENCY GAP IN PUBLIC SECTOR FINANCIAL REPORTING

INTERNAL AUDIT PRACTICES AND PUBLIC FINANCIAL MANAGEMENT IN RWANDA AND NIGERIA: BRIDGING THE TRANSPARENCY GAP IN PUBLIC SECTOR FINANCIAL REPORTING

Author by Dr. Grace Ogundajo

Journal/Publisher: International Journal Of Advanced Academic Research

Volume/Edition: 10

Language: English

Pages: 59 - 77

Abstract

The citizens of a nation are entitled to a timely and transparent stewardship report of their country’s financial and other activities through the officials saddled with such responsibility according to constitutional provisions. In some jurisdictions, this is very rare in practice. This paper examined the position of internal audit practices towards enhancing transparency in public financial management and reporting in Rwanda and Nigeria, as key components to agency and stewardship relationships between government and stakeholders. The desk/ analytical review design was adopted. It was discovered that the internal audit function would enhance transparency in public financial management and reporting if the unit is given full autonomy in terms of independence and well equipped with both human capital and relevant infrastructural facilities. In order to attain transparent financial management and reporting in public offices, there should be strict adherence to the nations’ constitutional framework in terms of preparation and presentation of financial statements, submission and review as well as timely report of the Auditor-general to the National Assembly Public account committee. Also, the financial statements should be timely published for easy accessibility by the citizens. 

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