Audit Policy Brief No.1

THE CASE FOR IMPROVED FUNDING OF THE OFFICE OF THE AUDITOR GENERAL FOR THE FEDERATION

1. Introduction
The concept and establishment of audit is inherent in public financial administration as the management of public funds represents a trust. Audit is not an end in itself but an indispensable part of a regulatory system whose aim is to reveal deviations from accepted standards and violations of the principles of legality, efficiency, effectiveness and economy of financial management early enough to make it possible to take corrective action in individual cases, to make those accountable accept responsibility, to obtain compensation, or to take steps to prevent- or at least render more difficult- such breaches.
The audit function, being quasi-judicial in nature requires a high degree of detachment and independence of mind. The integrity and dependability of the Auditor-General’s reports derive largely from the autonomy of his office. Various national and international standards have made provisions for the independence and funding of the Office of the Auditor-General for the Federation which is Nigeria’s Supreme Audit Institution (SAI). The Constitution of the Federal Republic of Nigeria 1999 (as amended) provides in section 85 (6) that:
“In the exercise of his functions under this Constitution, the Auditor-General shall not be subject to the direction or control of any other authority or person”.

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Audit Policy Brief No.1