DETERMINANTS OF COMPLIANCE TO VALUE FOR MONEY AUDIT PRINCIPLES IN
MICRO PROJECT EXECUTION IN ABIA STATE

Edwin Fashola 1 , John. U. Ihendinihu 2 , Michael Chidiebere Ekwe 3
Department of Accounting, College of Management Sciences,
Michael Okpara University of Agriculture, Umudike,
Abia State, Nigeria.
1 edwinfash@yahoo.com
2 ihendinihu.john@gmail.com
3 ekwemike16@gmail.com

Abstract
The paper evaluate the determinants of compliance to value for money audit (VFMA) principles in micro project execution in Abia State. Survey research design was adopted and primary data were sourced through a structured and validated questionnaire administered on a sample of 250 respondents who are stakeholders of four (4) micro-project types (water borehole, health centre, skill acquisition centre and 3- classroom blocks) executed through three (3) different initiatives/approaches. The approaches are Private Development Approach (PDA), Community - Driven Development Approach (CDDA) and Government Development Approach (GDA). Ordinary Least Squares estimation technique of regression analysis was adopted for testing the hypotheses. The study found Fraud and Corruption, Paucity of Qualified and Experienced Staff, Insufficient Funding and Lack of logistic support and infrastructure facilities to be significant factors that influence the compliance level to VFMA principles on micro project execution. The study therefore recommends that the government should block all avenues of financial leakages associated with frauds and corrupt practices through strict enforcement to compliance on the use of Treasury Single Account (TSA), while improving its funding, infrastructure and capacity building commitments in manpower development in form of training and retraining so as to redress the adverse effects of the identified factors on the economy, efficiency and effectiveness of micro projects executions in the state.
Keywords: VFMA, Fraud and Corruption, Private Development Approach, Community - Driven
Development Approach, and Government Development Approach.

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