BUDGETING, AUDITING AND GOVERNANCE: IMPLEMENTING THE ACCOUNTABILITY FRAMEWORK

BUDGETING, AUDITING AND GOVERNANCE: IMPLEMENTING THE ACCOUNTABILITY FRAMEWORK

by Prof. Benjamin C. Osisioma

Good governance relates to the exercise of legitimate authority in the conduct and management of public affairs and resources so as to guarantee the realization of sustainable human development. The true test of ‚good governance‛ is the degree to which the institutions of governance effectively guarantee the right to health, adequate housing, sufficient food, quality education, fair justice and personal security. Governance is essentially the management of the budget process; and where budgets are not well prepared, monitored and executed the goals of governance may not be attained. Thus, Budgeting, Auditing and Governance, interlock in a cycle of accountability that preserves healthy Executive-Legislative interface, and ensures effective and efficient public services. Good governance must therefore have its roots in the quality of the institutions that regulate tax, manage public financial systems, define audit processes, regulate oversight functions of government and legislature, and implement budget system.