Journal of Internet Banking and Commerce An open access Internet journal (http://www.icommercecentral.com) Journal of Internet Banking and Commerce, December 2017, vol. 22, no. 3 IMPACT OF PUBLIC SECTOR AUDITING IN PROMOTING ACCOUNTABILITY AND TRASPARENCY IN NIGERIA OKERE WISDOM Department of Economics, Accounting and Finance, Bells University Of Technology, Ota Ogun State, Nigeria Tel: +234 7087138753; Email: wisescar@yahoo.com OGUNDANA OYEBISI M Department of Economics, Accounting and Finance, Bells University Of Technology, Ota Ogun State, Nigeria Abstract Accountability and Transparency has over the years been recognized as instruments of reduction of corruption at all levels of public sector. A lack of transparency and accountability in the public sector presents a major risk to the efficiency of the capital markets, financial stability, long term economic sustainability, economic growth and development. Unfortunately, the issue of accountability is a basic and fundamental problem in our country Nigeria. This is as a result of the high rate of corruption embedded in virtually all sector of our economy Nigeria. Going by the increase in democratization and concern about corruption, citizens are demanding from the government accountability and transparency by being well informed about what the government intends to achieve and what it has actually accomplished. Since public