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6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

NATIONAL ANTHEMArise O compatriotsNigeria’s call obeyTo serve our fatherlandWith love and strength and faith.The labour of our heroes pastShall never be in vain,To serve with heart and mightOne nation bound in freedom,Peace and unityOh God of creationDirect our noble causeGuide our leaders rightHelp our youths the truth to knowIn love and honesty to growAnd living just and trueGreat lofty heights attainTo build a nation where peaceAnd justice shall reignICAN ANTHEMBless God ICAN Fount of TreasureIn triumph her banner raiseStanding stronger in harmonyBuilding our land togetherDreams of our founding fathersWe are striving to attainAccounting values that we shareThrough all ages be sustainedChorus:Institute of Chartered Accountants ofNigeria, Noble ICAN, Noble ICANYour accuracy we cherishWe uphold your integrityHow pleasant to see a new dawnBuilding on good foundationMoulding Accountants full of trustTo raise ICAN’s banner higherWearing new hopes and visionsSowing seeds of greatnessSteering ICAN to victoryA bright future is now assured.Chorus:Institute of Chartered Accountants ofNigeria, Noble ICAN, Noble ICANYour accuracy we cherishWe uphold your integrity6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

THE MESSAGE OF THE CHAIRMAN, TECHNICAL RESEARCH AND PUBLIC POLICYCOMMITTEE (TRPPC)On behalf of the Technical, Research and Public Policy Committee (TRPPC) of The Institute ofChartered Accountants of Nigeria (ICAN), I extend my good wishes to guests and delegates presentat this Opening Ceremony of the 6th Annual International Conference on Accounting and Finance.I am personally elated, as the Chairman of TRPPC, to be part of this event and to speciallyacknowledge the presence of His Excellency, the Governor of Kwara State, Mr AbdulRahmanAbdulRazak. I also recognize the Vice Chancellor, University of Ilorin, Professor Sulyman AgeAbdulkareem. Thank you for honouring our Institute with your esteemed presence.This conference is an opportunity for practitioners to interact with professional colleagues inacademia. This would no doubt give those of us in practice renewed insight into this great professionfrom the academic perspective. You would agree with me that the accounting profession is a veryexciting one. With our combined decades of experience, no one can claim that they know all there isto know in the profession. The discipline is so versatile that constant update of skills andcompetencies are inevitable to remain relevant.ICAN is so well-structured as an Institute, with different Committees that safeguard the efficientimplementation and strict adherence to its strategic plan for continuous capacity building forprofessionals. Membership of these committees comprises experienced professionals who aresaddled with the responsibility of moving the Institute towards achieving its vision and objectives.One of these Council committees is the Technical, Research and Public PolicyCommittee whose mandate is to identify areas of research in accounting; disseminateresearch findings; foster links between academic research projects and technical expertise;review the technical contents of exposure drafts issued by standard setters among others.One of the major activities of the TRPPC is the organization of the Annual International AcademicConference on Accounting and Finance. Let me inform you distinguished guests and delegates thatat the TRPPC, we are open to welcoming suggestions and innovative ideas that would guarantee6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

consistent improvement in the quality and organization of the Conference. We would be pleased toreceive feedback on the planning and organization of future Academic Conferences.We have put processes in place to ensure that you have an intellectually rewarding Conference.Considering the uniqueness of the period, we admonish all delegates and guests to abide by all theCOVID-19 protocols. The Institute is interested in both your professional development and yourphysical wellbeing.I thank the Chairman and members of the Academic Conference sub-committee. Prof. EmmanuelKighir and his team worked assiduously to ensure the success of the 6th ICAN AcademicConference. The Local Organising Committee led by Associate Prof. Khadijat Yahaya, FCA has nodoubt also demonstrated selfless service to the Institute and the accounting profession. Thank youall.Once again, I recognize the presence of all the physical and virtual delegates.We have made conscious efforts to ensure that delegates are not disadvantaged in any wayirrespective of the mode of participation.Thank you for your kind attention.Alhaji Tijjani Musa Isa, BSc, M.IoD, FCA1st Deputy Vice-President/Chairman, Technical, Research & Public Policy Committee (TRPPC),ICANApril 20, 20216th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

MESSAGE OF THE 56TH PRESIDENT OF THE INSTITUTE OF CHARTEREDACCOUNTANTS OF NIGERIAI am delighted to welcome you all to the 6th edition of the Annual International AcademicConference on Accounting and Finance of The Institute of Chartered Accountants of Nigeria(ICAN) jointly organized with the University of Ilorin, Ilorin, Kwara State.At the Institute, we looked forward to this Conference with exciting anticipation as it serves as acrucible for the refinement of existing research ideas and generation of new ones.I wish to acknowledge the presence of His Excellency, the Governor of Kwara State, MrAbdulRahman AbdulRazak, for accepting our invitation to this Opening Ceremony. Sir, we areparticularly pleased that you have identified with us in one of our major initiatives on capacitybuilding in the country. You have thus raised the profile of this Conference with your esteemedpresence.Let me also express our sincere gratitude to the Vice Chancellor, University of Ilorin, ProfessorSulyman Age Abdulkareem, for approving the collaboration with this great University. Thisconfirms that we are partners in the task of building capacity in tertiary education in the country.We are greatly indebted to one of the finest and oldest Chartered Accountants cum renownedacademic and a former Vice Chancellor ofmy alma mater, the University of Benin, Emeritus Prof. Abhulimen R. Anao, FCA. Prof. Anao isthe Lead Paper Presenter at this 6th Annual International Academic Conference on Accounting andFinance ably represented by Prof Chinwuba Okafor FCA. I have no doubt that we would be fed withan enriching intellectual dish when he presents his paper as Prof. Anao is well known for his abilityto simplify complex issues for the benefit of his audience.Esteemed participants, the apt and timeless quote from Alvin Toffler summarizes the essence of ourgathering at this two-day Conference: “The illiterate of the 21st Century will not be those whocannot read and write, but those who cannot learn, unlearn and relearn.” This Conference is anavenue to learn, unlearn, and relearn as we all strive as academics and practitioners to expand the6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

frontiers of knowledge in our chosen areas of specialization in the accounting profession.Essentially, the Conference would provide a common platform to share knowledge and ideas oncontemporary topics, build enduring network, explore new business, academic and research frontiersand establish necessary mentor-mentee relationship through Ph.D colloquium and workshops.Considering the calibre of academics at this two-day Conference, I cannot claim that issues to bediscussed would be completely new. However, the Conference provides a platform to collectivelylook at, and constructively critique familiar issues that had been rigorously re-examined andprobably explained by other academics and research analysts. I think this essentially encapsulates theconcept of research.The urgency of learning, unlearning and relearning as academics becomes more imperative in thishighly dynamic business and academic environment where today’s knowledge becomes obsoletetomorrow. Undoubtedly, the speed and spate of knowledge creationand expansion have assumed an alarming dimension in the last few decades. The dynamism acrossevery sector of the economy has been further accentuated by the coronavrius (COVID-19) pandemic.The pandemic is disrupting the educational sector and this provides huge research opportunities inthe green areas that have been occasioned by the outbreak of the pandemic.Distinguished audience, the theme of the Conference, Contemporary Issues in Accounting,Business and Fintech, is not just timely but is aimed at exploring the frontiers of knowledge onemerging topics such as artificial intelligence, sustainability reporting, Corporate Governance,creative accounting, Islamic accounting and new developments in tax and Management Accounting.Ladies and Gentlemen, I am pleased to inform you that the scorecard of past Conferences speakdirectly to the successes that attended the previous editions.The diverse and rich papers presented and the far-reaching recommendations from the pastConferences have been published in the Conference Proceedings and ICAN Journal of Accountingand Finance (IJAF). These publications are important reference materials for academics andpractitioners alike. They have also contributed to the career progress of our colleagues in academics.6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

I implore all participants not to shy away from providing constructive criticisms and feedbacks on allthe papers to be presented at this Conference. Our collective inputs would assist the authors toimprove the quality of the papers and contribute to enriching the existing body of knowledge on thevarious sub-themes.One of the major challenges to growth in the country is the inability to translate research findings toworkable policy instruments. Over the years, Nigeria has failed to appropriately utilizerecommendations emerging from research conducted by academics and ivory towers.Sadly, a number of profound initiatives which are outcomes of research are allowed to rot away inthe shelves of many tertiary institutions. As an Institute that is championing the required blendbetween research and industry, I assure participants at this Conference that in addition to creatingpublication outlets for delegates, we would also adopt some of the recommendations that wouldemerge from this Conference to deepen the advocacy mandate of the Institute. We are poised to fillthe gap between the gown and the town.Esteemed participants, it is important to note that ICAN continues to collaborate with stakeholders intertiary education in the country. There are several other initiatives of the Institute that promotescholarship including Ph.D grant for qualified members of the Institute undergoing their doctoratedegree programme in any university across the world; commissioned research grant for seasonedacademic to conduct research on identified topical areas in accounting and related fields and;Inaugural Lecture Grant to encourage ICAN members to aspire to the peak of their academic career.There are different categories of scholarships for students and graduates who are interested inwriting the Institute’s professional examinations.Let me also remind qualified participants in this audience to take advantage of the Institute’sInaugural Professorial Lecture Scheme and Ph.D grants which provide handsome sums to anymember of the Institute who fulfils the condition for the various grants. Further details on theseopportunities could be obtained from the Research and Technical Department of the Institute and onthe Institute’s website.As part of our other Corporate Social Responsibilities (CSR), we recently reviewed the accountingcurricula of the National Universities Commission (NUC), the National Board for Technical6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

Education (NBTE), the West African Examinations Council (WAEC) and the NationalExaminations Council (NECO).We have presented our findings and recommendations to these examination bodies. Our review ofthe accounting curricula of all levels of education in the country revealed major gaps between whatthe students are being taught and the current needs of the market. The effort of the Institute is toensure that the various educational institutions in the country continue to produce accountants whoare fit for the labour market. The Institute is leveraging the experience of the Chairman of thesyllabus review committee of the Institute, Dr Innocent Okwuosa, FCA who is also a member of theInternational Panel of Accounting Education of the International Federation of Accountants (IFAC),to ensure that we contribute to capacity building in accounting education in the country.At the Institute, therefore, we remain committed to partnering with our diverse stakeholders forcapacity building and continuous professional development of both academics and practitioners inour noble profession. This Annual Academic Conference is just one of such platforms in ourcapacity building initiatives.In conclusion, I wish to express our deep appreciation to the Technical, Research and Public PolicyCommittee (TRPPC) of the Institute ably led by the 2nd Deputy Vice President of the Institute, AlhajiTijjani Musa Isa, BSc, M.IoD, FCA. The TRPPC is the Council’s Committee in charge of theInstitute’s academic conference. Also, the Academic Conference sub-committee of TRPPC, ably ledby Prof. Apedzan Emmanuel Kighir, FCA, sacrificed their time and professional knowledge toensure the success of this conference. I also thank the Local Organizing Committee (LOC), led byAssociate Prof. Khadijat Yahaya, FCAOnce again, I welcome all our guests and delegates to this Conference.Thank you for your kind attention and I wish you all safe trips back to your different destinationsafter the Conference.Dame Onome Joy Adewuyi, B.Sc; M.Sc; FCIB; FCA56th President, The Institute of Chartered Accountants of NigeriaApril 20, 20216th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

ADDRESS OF THE VICE-CHANCELLOR OF THE UNIVERSTY OF ILORIN,PROFESSOR SULYMAN AGE ABDULKAREEM, AT THE 6TH ANNUALINTERNATIONAL CONFERENCE OF THE INSTITUTE OF CHARTEREDACCOUNTANT OF NIGERIA HELD AT THE UNIVERSITY OF ILORIN BETWEENAPRIL 20-21, 2021PROTOCOLSWhile it is my pleasure to welcome you all to the University of Ilorin, I must say I am equally elatedand honoured to deliver the Keynote Address for this important 6th annual international academicconference on accounting and finance. It is a thing of joy to us at the University of Ilorin that thisconference has brought academics and professionals across the length and breadth of our greatnation, and even beyond, to Ilorin and onto our campus - a beautiful campus like no other.Distinguished Ladies and Gentlemen, permit me then to warmly appreciate the 56th President of theInstitute of Chartered Accountants of Nigeria Dame Onome Joy Adewuyi, M.Sc., FCA and herteam on the choice of University of Ilorin (the better by far University) as the cohost for the 2021 Annual International Academic Conference. I am aware that the theme of thisconference is “Contemporary Issues in Accounting, Business and FinTech”. Given the need forbusiness growth in a very competitive environment, I believe this theme is apt as it will bringinsights into new business trends and several financial innovations to drive success. Similarly, theFindexable 2020 Global FinTech Ranking Index, which ranked Nigeria taking the 52nd positionamong 65 countries in the world, has shown that huge opportunities abound in the country, giventhat close to 40% of our population are unbanked.Ladies and Gentlemen, I believe the Lead Paper Presenter, Emeritus Professor Abhulimen R. AnaoFCA in the field of Accounting, as well as other notable discussants, would bring to the fore theimmense benefits of business innovation driven by technology; most of which appears to bedisruptive in nature, but, at the same time, could offer huge job opportunities if an appropriate eco-6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

system for financial technology is created, particularly in Nigeria where the talents of the country’steeming unemployed youths can be harnessed.I also hope that our discussion at this conference will not neglect the issues surrounding theregulation of technology driven businesses, the use of artificial intelligence in fraud detection andrisk management, the protection of intellectual property rights, cryptocurrency and the need forUniversities to support tech entrepreneurs in closing skills gap through partnership.Let me assure you that the better by far University, the University of Ilorin, is known for itsreadiness in providing the necessary support for partnering businesses or corporate organisations inorder to stimulate creativity and collaboration. We are also known for supporting tech-driven startups.Ladies and Gentlemen, let me conclude this speech by reiterating my sincere hope that this year’sconference would offer useful insights on the effective and efficient blend of accounting, businessand financial technology for sustainable development; and that it would particularly recommendmeaningful ways through which Universities could play impactful roles in this pursuit.On this note, permit me to kindly declare the conference open. Thank you very much for your kindattention. I wish you a successful deliberation.Prof. Sulyman Age Abdulkareem PhDVice-Chancellor, University of Ilorin, Ilorin, Kwara State6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

Academic Conference on Accounting and Finance Sub-Committee1.Prof. Kighir Apedzan Emmanuel - Chairman2.Asst. Prof. Oluwatoyin Muse Johnson Popoola – Deputy Chairman3.Prof. C. A. Okafor4.Prof Ifeanyi Desmond Nworji5.Prof. Emmanuel Chukwuemeka Ene6.Prof Kehinde Emeni7.Prof. Clifford Obiyo Ofurum8.Dr. Olatunde Julius Otusanya9.Dr. Samuel Dada10.Dr. Ndukwe Orji Dibia11.Dr. Lawrence Imeokparia12.Dr. Fola Adegbie13.Dr. Amachukwu Okezie14.Dr Olatunji Siyanbola15.Dr. Oladejo Morufu Oladehinde16.Dr. Kenny Ade Soyemi17.Dr. Odu Victor Chukwudeme18.Dr. Gabriel Msughter Tyokoso19.Dr. Ozoadibe, Elvis Emeka20.Dr. S. U Eboigbe21.Dr Folorunsho Ajide22.Dr. Khadijat A. Yahaya – Chairperson Local Organising Committee23.Mr Bello Oluwafemi – Secretary Local Organising Committee24.Dr Ijeoma Anaso – Director, Technical & Education25.Mr Ikechukwu Osegbu – Head, Research and Technical26.Mr Odunayo B. Adebayo – Secretary, ACAF27.Dr Ochuko Odesa – Desk Editor, ACAF

Table of ContentTITLE /AUTHORSPAGEPRELIMINARY PAGESiCORPORATE GOVERNANCE AND AUDIT PERFORMANCE IN NIGERIAN PUBLICSECTOR.Romoke Margaret ADEWUMI and Kofo. Amos ADEGBOYE412USE OF SoMoClo TECHNOLOGIES AMONG NIGERIAN PROFESSIONALACCOUNTANTS.Femi Oladele, Olufolakemi Afrogha, Temiloluwa Akinsola, Olatunde Wright, Timothy Oyewole39HUMAN RESOURCE ACCOUNTING AND PROFITABILITY OF DEVELOPMENTBANKS IN NIGERIA.Muyiwa Ezekiel ALADE and Charles Segun ILELABOYE58POLITICAL CONNECTION AND FIRM PERFORMANCE: EVIDENCE FROMNIGERIA.Uzoamaka, Ernest Chinyerugoand and Nweze, Austin Uchechukwu85DETERMINANTS OF DEBT CONCENTRATION AT STATE GOVERNMENT LEVEL.Nweze, Austin Uchechukwu, and Uzoamaka, Ernest Chinyerugo104COMPUTERIZED ACCOUNTING SYSTEM AND QUALITY OF CORPORATEREPORTS IN NIGERIA.Audu, Solomon Ibrahim118AN ASSESSMENT OF VALUE ADDED TAX (VAT) COLLECTION EFFICIENCY INNIGERIA.Abdullahi Ibrahim Yakubu and IsmailaYusuf127FINANCIAL TECHNOLOGY-BASED SERVICES AND CUSTOMER SATISFACTIONIN NIGERIAN LISTED DEPOSIT MONEY BANKS.Ajibade, A. T., bBakare, O. I., and Kwarbai, J. D.142ROBOTIC INTERVENTION AND LABOUR COST OF LISTED MANUFACTURINGCOMPANIES IN NIGERIA.AJIBADE, Ayodeji, T, ADEGBIE Folajimi & FALANA Abolade152COLLECTIVE INVESTMENT SCHEMES’ RETURNS AND ONE YEAR COVID-19EXPERIENCE: THE NIGERIA’S CASE.Gbenga Festus BABARINDE and Bashir Ahmad DANEJI170MANAGERIAL CAPABILITY AND CORPORATE SOCIAL PERFORMANCE OFQUOTED FIRMS IN NIGERIA.ALU Chituru Nkechinyere Aseoluwa, ADEGBIE Folajimi Festus and AKINTOYE Ishola Rufus193IMPACTS OF CUSTOMS AND EXCISE DUTIES ON GOVERNMENT EXPENDITUREIN NIGERIA.Festus Taiwo SOLANKE, Banji Rildwan OLALEYE, Roseline ADEBOBOYE and AdenikeMoronke LAWAL6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

EFFECT OF BOARD CHARACTERISTICS ON FINANCIAL PERFORMANCE OFSELECTED QUOTED COMPANIES IN NIGERIA.Ajibola, Khairat Taiwoand Yahaya, Khadijat Adenola200217AN EMPIRICAL ANALYSIS OF DEFICIT BUDGET AND ECONOMICDEVELOPMENT IN NIGERIA (2002-2017).Orok, Akaninyene Billy, Okoi, Innocent Obeten, Takon, Samuel Manyo, Eba, Augustine Okpajedand Asukwo, Joseph Itae234SUSTAINABILITY ACCOUNTING INFORMATION AND THE ROLE OFACCOUNTANTS IN NIGERIAN LISTED FIRMS.Adeoye AFOLABI and Olatunde Julius OTUSANYA254SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF LISTEDNON-FINANCIAL COMPANIES IN NIGERIA.Yusuf, Mohammed Aliyu and Kighir, Emmanuel Apedzan267THE EFFECT OF FIRM SPECIFIC AND MACRO-ECONOMIC FACTORS ONPROFITABILITY OF QUOTED OIL AND GAS COMPANIES IN NIGERIA.Salihu Anazuo S., and Adediran Samson A.285INTELLECTUAL CAPITAL AND FIRMS’ PERFORMANCE MEASURES OF LISTEDNON-FINANCIAL COMPANIES IN NIGERIAAdesanmi Timothy ADEGBAYIBI301SUNSPOTS, BUBBLES AND THE NIGERIAN CAPITAL MARKET.Joel OBAYAGBONA and Osaigbovo Britney ISIBOR314FACTORS AFFECTING INTERNATIONAL PUBLIC SECTOR ACCOUNTINGSTANDARDS (IPSAS) IMPLEMENTATION IN NIGERIA.Ademola, A.O,*a Olowookere, J.Kb, Adegboyegun, A.Ec, and Oladipo, O.Ad327HUBRIS HYPOTHESIS, MANAGERIAL IRRATIONALITY AND DIVIDEND POLICYOF NON-FINANCIAL FIRMS IN NIGERIA.Evbaziegbere ISIBOR and Joel OBAYAGBONA338EFFECT OF TREASURY SINGLE ACCOUNT ADOPTION ON FINANCIAL CONTROLIN SELECTED SOUTH WESTERN STATES OF NIGERIA.Oladejo M. O and Olatunya Olabode Glorious348ANALYSES OF MACROECONOMIC DRIVERS OF STOCK MARKETDEVELOPMENT IN NIGERIA (1980 – 2018).Okoi, Innocent Obeten, Inyang, William Smart, Mboto, Helen Walter Ubi, Ije Ubanad; Riman,Hodo Basseye and Owui, Hycenth Okangf364EARNINGS MANAGEMENT AND FIRM VALUE OF LISTED CONSUMER GOODSCOMPANIES IN NIGERIA.Yusuf, Mohammed Aliyu, Abu, Seini Odud, and Yusuf, Ruth Nguavese379FACTORS AFFECTING THE APPLICATION OF FORENSIC ACCOUNTING IN THENORTH-WESTERN STATES OF NIGERIA.Sagir Lawal4066th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

IMPACT OF MONETARY POLICY TRANSMISSION MECHANISMS ON CAPITALMARKET LIQUIDITY IN NIGERIA (2006-2020).Adeoye, M. A. and Nasiru H. Y.417INTERNAL AUDIT AND FRAUD INCIDENCE IN PENSION ADMINISTRATION INNIGERIA.Fijabi Lateef Kolawole, and Ishola Rufus Akintoye445ESTIC DEBT AND INFRASTRUCTURE DEVELOPMENT IN NIGERIA.Alao, E. M, and Adegbie, F. F6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

CORPORATE GOVERNANCE AND AUDIT PERFORMANCE IN NIGERIAN PUBLICSECTORRomoke Margaret ADEWUMIaand Kofo. Amos ADEGBOYEbaAccounting Programme, Bowen University, Iwo, Osun State.bDept of Accounting,Oduduwa University. Ipetumodu.AbstractThis study examined the corporate governance and audit performance in the Nigerian public sectorwith the focus on the Osun State Government between 2013 and 2018. The population of the studyconsists of audit and accounts personnel serving in the Offices of Auditor-General and AccountantGeneral of Osun State Government respectively. The study utilised primary data obtained throughthe personal administration of open and closed ended questionnaire distributed to 50 accountpractitioners. The study applied Linear Multiple Regression Analysis using SPSS version 20 todetermine the effect of corporate governance on the audit performance of Osun State Government.The study revealed a significant positive relationship between the corporate governance and auditperformance for the period under review. The study therefore, concluded that without soundcorporate governance, effective audit performance becomes elusive.Keywords: Corporate Governance, Audit Performance, Performance Audit, Nigeria PublicSector1.IntroductionNaturally, the agent and steward alike are expected to be accountable and responsible to the principalwho has contractually appointed and authorised the agent to act lawfully and subject himself toquestions. In such wise, such an appointee must provide an enabling environment to verify andexamine the financial and non-financial activities to give comfort and assurance to the principal.According to Omolehinwa and Naiyeju (2015), the new performance wave in USA uses differententrepreneurial methods to transform public sector so that government can work better and cost less.The policy makers in the African public sector can also borrow this idea by using different methodto measure performance of segments of government sectors. The essence of public audit in thechecking of financial information is to ascertain that the operation is performed in the best interest ofthe populace and whether the procedures appliedare in conformity with the international bestpractisesand good governance. This is basically meant to achieve efficiency, effectiveness andeconomy in the optimal application of tax-payers’ funds and government resources.The term “performance” in the context of this paper is a rating exercise on any department bystakeholders to determine the extent of satisfaction with its activities. Ordinarily, an annualperformance plan of an organisation should reflect these three main issues: one, goals and objectivesexpressed in an objective and quantified or non-quantifiable manner; two, description of theoperations and processes; three, resources available and description of how the result can be verified(Omolehinwa & Naiyeju, 2015). Some researchers posited that an organisation’s performance can beassessed through the combination of the key financial performance and non-financial indicators.These include but not limited to stakeholders’ satisfaction, operational audit, employees’ welfare andcapacity building. Others extant literature highlighted that factors such as physical characteristics,historical performance and corporate governance affect organisational performance. In short, these6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCOUNTING AND FINANCE

measurements are usually carried out by professionals and practitioners like accountants, auditorsand financial analysts. Meanwhile, management can utilise the management sciencetechniques(MST) in the private sector to measure both financial and non-financial performance.These techniques include budgeting and budgeting control, variance analysis, balanced score cards,segment rating and others to access the divisional performances. Prior studies have showed thatincentives and other employee benefits can also be tied to the afore-stated parameters. Nevertheless,in the process of computation of performance, there could be lack of access (to) and availability ofdata in a quantitative form to evaluate government performances which are mainly peculiar toAfrican countries.More importantly, corporate and good governance are often used intermittently by the professionalsand academics. For instance, some literature linked corporate governance to the organised privatesectors (OPS)and good governance to public sector. In international literature, good governance hasbeen described as how public institutions conduct public affairs and manage the common wealth ofthe citizenry. It further refers to the sets of policies, roles, responsibilities and processes set by thegovernment to achieve public objectives. Efobi and Bwala (2013) opined that corporate disclosure isexpected to convey vital information which will require the knowledge of accounting systemcomprising of economic values, legal, social and political information with a view to achieving goodcorporate governance. Meanwhile, good corporate governance (GCG) in accounting is enhancedwhen managers create enabling environment for professionals to perform and in such circumstancemassive disaster can be prevented. On the other hand, poor public governance can lead to wide anastronomical increase in the level of poverty which may engender a high level of corruption throughlegitimation of frivolous and draconian laws and fiscal policies, devastating administrativebottlenecks, weak legal structure and abuse of executive powers (Asaolu, 2009).Meanwhile, the Pacific Report of United Nations Economic and Social Commission for Asia (2008)in its contributions towards ensuring good governance practice identified eight major characteristicswhich include accountability and stewardship, transparency, rule of law, consensus oriented,responsiveness, participation, effectiveness as well as efficiency, equity and inclusiveness. Thewords “accountability and stewardship” refer to the process of being accountable and responsible bythe constituted authority who have been given authority to explain the effect of their policies onpeople while transparency depicts the level of access to relevant and fundamental information by thegoverned. Also, legal framework denotes impartiality and incorruptible system with reasonabletimeframe which engenders responsiveness, participation and inclusiveness. Also, findings haverevealed that effectiveness and efficiency produce results to meet stakeholder’s need, whilst equityand inclusiveness bring fairness and consensus which harmonise diverse interest of stakeholders.The main focus of this study is to identify and determine the effect of corporate governance on auditperformance as a way of contributing to the frontiers of knowledge and bridging the academiclacunae. This paper further examines factors that can assist in the determination of the performanceaudit by the office of the Auditor General of Osun State.2.Review of Extant Literature6th ANNUAL INTERNATIONAL ACADEMIC CONFERENCE ON ACCO

Annual International Academic Conference on Accounting and Finance ably represented by Prof Chinwuba Okafor FCA. I have no doubt that we would be fed with . Conferences have been published in the Conference Proceedings and ICAN Journal of Accounting and Finance (IJAF). These publications are important reference materials for academics and

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