IMPLEMENTATION OF ASSET AUDITING GUIDELINES IN FINANCIAL REPORTING OF TERTIARY EDUCATION INSTITUTIONS IN SOUTH-EAST NIGERIA

SOURCE:

Faculty: Education
Department: Technology Education

CONTRIBUTORS:

Okonkwo, M. U.
Ile, C. M.

ABSTRACT:

This study determined the implementation of asset auditing guidelines in financial reporting in tertiary education institutions in South-East, Nigeria. Five research questions guided the study and ten null hypotheses were tested at 0.05 level of significance. Related literature pertinent to the study were reviewed which exposed the need for the study. Descriptive survey research design was adopted, using a population of 1, 405 accounting officers. Taro Yamane formula was utilized to select a sample size of 311. A structured questionnaire developed by the researcher was used for data collection. Cronbach Alpha method was used to establish the reliability of the instrument. The reliability yielded coefficient values of .81, .80, .91, .84 and .87 for the five clusters. Data collected were analyzed using mean, standard deviation, t-test and ANOVA. Mean was used to answer the research questions and standard deviation was used to explain how the responses of the respondents varied. ANOVA and t-test were used to test the hypotheses at 0.05 level of significance. The results showed that audit guidelines for assets were moderately implemented by account officers in financial reporting in tertiary education institutions. The results also showed that there was no significant difference in the mean ratings of account officers on audit guideline implemented for assets based on type and ownership of institutions. Based on the findings, the researcher recommended among others, that the management of tertiary education institutions should emboss the institutions’ names on all assets and update the fixed asset register thereon to safeguard all assets against pilfering and other unauthorized uses.

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