Project Topics | Seminar Topics | Related Topics
Effect of Internal Audit in an Organisation

EFFECT OF INTERNAL AUDIT IN AN ORGANISATION


CHAPTER ONE

1.0 Introduction

1.1 Background Of Research

The method of examining the evidence of financial transactions could be traced back to the time when there was need to transact business beyond one’s immediate needs. But such method of examining or checking the evidence of such transaction-known as Audit did not start immediately until after the trade by barter era. It came at a time when individuals noticed that no one is self sufficient thus, the need for individuals to pool resources together to form what is known today as business.

Management as the central directing and controlling elements in a business organization came as a result of individuals pooling their resources together to strengthen their co-ordinate and integration of specific activities in the organization to ensure effectiveness and efficiency of human cooperation in recent times, business organization are increasing due to scientific breakthrough and economic development. As a result, the need for decentralization, which means authority is systematically delegated or pushed down the line in an organization arises. This makes corporate management becomes so complex and the increasing volume of trade among business organization have made the art of management so complex and challenging. The only managers with mastered skills in modern scientific method of management can cope with the increasing demand required by their position.

In addition to this complexity of corporate management, is the increasing wave to fraud and misappropriation of funds in the private and public sectors of the economy at large. In an attempt to cope with this situation and keep their business profitable, management have to look inwardly to increase control system, by which all the policies and activities are put to check to conform with the set objectives. This involves the subdivision of duties by means of which no one person is entirely responsible for one transaction but a some stage of its performance, each person work come to the notice of at least one other person.

Internal audit also forms a integral part of this internal control system, which is a management function, which appraise the problems, and performance of every department in the organization.


1.2 Statement Of Problem

Corporate managers may delegate their authority but the responsibility to get the assignment done cannot be delegated, but rather rest on the managers. In this understanding managers manage conceptual system which will ensure that physical assets represented by conceptual assets are protected and managed properly. Since management can only manage through delegation of authority, it is only through a good internal auditing system that the top managers can check the level of compliance to delegated authority. Internal audit is needed to ensure that all delegated duties are carried out effectively and also that the policies and procedures of the company are adhered to strictly, this include the following:

  1. Internal audit are not independent.
  2. They are employed by management and therefore are responsible to the management.
  3. Some of them are responsible to the director of financing accounts.
  4. They are not professionally qualified.
  5. They are not well paid.

1.3 Objectives Of The Study

An audit is not primarily aimed at detecting Fraud and errors, or dinging fault with accounting staff of an organization. Naturally, in the process of examining the documents which from the basis of a financial statement, the auditor, may detect fraud or errors and weaknesses in the accounting system.

The primary objectives of audit is the examination of all available and relevant evidence by the auditor with intent to reporting on the correctness and to be able to determine the following:

  1. To determine the extent to which management does not allow auditors to perform their function.
  2. To examine the level of education of internal audit staff.
  3. To determine the extent to which internal audit staff are professionally qualify.
  4. To examine the salaries of internal audit staff as compared with other company’s staff.
  5. To determine the relationship between the internal audit department and the Accounting Department and Management.

1.4 Research Question

The introduction of internal control by management is not enough to safeguard asset without internal audit department which exercise a managerial control which is concerned with measuring and evaluating the continuous effectiveness of the internal control system of an organization.

  1. Are internal auditor well paid in the organization
  2. Who is the internal audit department responsible to.
  3. What is the level of qualification required for employment into the internal audit department of the organization.

The above question should be considered without further delay.


1.5 Research Hypothesis

This research project will based on the following hypothesis.

  1. Ho: Internal audit aids corporate management in an organisation.
    Hi: Internal audit does not aid corporate management.
  2. Ho: Internal auditing makes frauds and embezzlements less possible in an organization.
    Hi: Internal audit does not make frauds and embezzlements less possible in an organization.
  3. Ho: Internal audit helps management to keep proper control of its assets, activities and responsibilities.
    Hi: Internal audit does not help management to keep proper control of its assets, activities and responsibilities.
  4. Ho: Internal audit gives confidence to management on its activities.
    Hi: Internal audit does not give confidence to management on its activities.

1.6 Scope And Limitation Of The Study

The study focused on the importance of internal audit as awn aid to corporate management. Internal auditing is a component of internal control system. Through, this study will not concern itself with the review of the internal control system. Thus, the study of auditing in its producers, programmers and the standard of the general auditing and its functions will not be covered in this study. However, auditing and internal control system that involves internal auditing will be emphasized.

The Nigeria financial system has witnesses some set back from auditor, due to unfaithful people of the nation.

The introduction of an Auditor in a public and private enterprises has mis-used by some Auditors as opportunity to become over-right affluence.

The independence of an Auditor has also voided due to mis-management of the companied


1.7 Significance Of The Study

The process of allocating financial resources from the surplus sector of the Economy to the deficient sector in the course of generating economic activities is guided with series of regulations to ensure that the totality of the financial system is operated with some measure of sanity. Hence, we have such regulatory agencies like the Banks, National Insurance Art, the securities Exchange Acts, and the other operators of the financial system are expected to carryout their operation strict compliance to these regulation failing which the erring company is penalized by various means which at the extreme may include the outright with drawal of the operating licence of such company e.g the case of savannah Bank in distress.


CHAPTER TWO

2.0 Literature Review

2.1 Introduction

The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …


Procedure for Downloading the PDF (Docx) Material


Effect of Internal Audit in an Organisation can be downloaded by requesting the full set of materials at the project or seminar cost. The document will be sent via Microsoft Word (MS-Word) format via WhatsApp (e-mail) following payment confirmation.


Seminar Material Cost
₦3,000
Project Material Cost
₦5,000


Request Complete Material

Complete Material Chapters of Effect of Internal Audit in an OrganisationClick here to request the Complete Material via WhatsApp including;
  • Preliminary Pages,
  • Chapter 1-5,
  • References and Appendix.



TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    • 1.0 Introduction
    • 1.1 Background …

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    Disclaimer for Complete Material Utilization

    The displayed research work titled "Effect of Internal Audit in an Organisation" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.


    Frequently Asked Questions (FAQ)


    Can the material for “Automated Logbook System for Students Industrial Work Experience Scheme” be used as a guide for Computer Science (CS) Project?

    Yes it can be used — The Students Industrial Work Experience Scheme (S.I.W.E.S) is an industrial training program for Nigerian university undergraduate students and other higher institutions. The aim of the study is to design and implement Automated Logbook System for Students Industrial Work Experience Scheme (SIWES). In achieving this aim, the following specific objectives were laid out as follows to develop an application software that will Provide opportunities to apply their knowledge to actual practice thus making the college work easier and Enable students to practice theory at school, and to provide access to the non-school production equipment. The motivation that led to the implementation of the proposed system is that the existing system there is unnecessary delay in the payment of students and supervisor …


    Can the material for “The Effects of Home Video and Movies Industry on the Socio-Moral Behaviors and Crime Prevention in Nigeria” be used as a guide for Criminology and Security Studies Project?

    Yes it can be used — The purpose of this study is to examine the socio-moral effects of Home Video and Movies Industry on the socio-moral behaviours of the crime prevention in Nigerian. The new media that have assumed positions of importance in Nigeria today are the home- videos, computers, facsimile and statutes disc video. Against this backdrop, the researcher adopts the historical, descriptive and analytical approaches as its method of reflecting on how the video films phenomenon- emerged in Nigeria and what issues the Nigerian video films Industry busy-themselves with. It concludes by canvassing the government and other stakeholders in West Africa should explore the huge potentiality of the home video films industry in creating employment opportunities and redressing contemporary social challenges. The work has …


    Can the material for “Design and Implementation of an Academic Information System Using Relational Database and HTTP Server” be used as a guide for Computer Science (CS) Project?

    Yes it can be used — In our today activities, most people have some kind of database collections of CDs, students’ academic entries, a phonebook of phone numbers and name entries, vehicles parts, records to be processed by a program. The aim of the study is to design and implement a Computer Based Academic Information System Using Relational Database and HTTP Server. In achieving this aim, the following specific objectives were laid out as follows to develop an application software that will help in making the processing of information as well as on the sport feedback faster and provide spring board for our young database developer. The motivation that led to the implementation of the proposed system is that in Federal Polytechnic, Owerri the method of …


    Can the material for “Information and Communication Technology and Accounting Practice in Nigeria” be used as a guide for Accounting Technology Project?

    Yes it can be used — The world has become a global village and information polished society. As a result, a relative level of information communication technology advancement has become vital factor in competitive advantage of nations in internationally political, social and economic reals. Accounting practice in Nigeria has over the years worked more advanced and government is not unaware of the correlation between economic growth and information development as much as it knows that the rural sector of the economy plays a very vital role for the balanced growth of the country So, being facilitators of economic growth, communication and information technology must also be implemented in a non discriminatory fashion particularly in accounting practices. Information communication technology deals with the creation, manipulation, storage and communication of …


    Can the material for “Contribution of Small-Scale Business to National Economic Growth and Development” be used as a guide for Business Administration and Management (BAM) Project?

    Yes it can be used — This paper analysed the contribution of small-scale business to National Economic Growth and Development in the Country. It also paid attention to the foundling of these enterprises. Where as failure of the large-scale import department assembly to propel the country into a satisfactory course of industrialization necessitate the demagnification of strategy to embrace the promotion of small-scale enterprises achievement under the new strategy has not been adequate with expectations of the stated objectives which were economic growth and development through the mobilization of available local resources, employment generation and industrial dispersal as well as mitigation of rural urban migration. This paper identified this lack of list achievement with problems associated with severe lack of managerial and technical skills among Nigerian small-scale …


    Can the material for “Design and Implementation of an Online Course Registration and Result Processing System” be used as a guide for Computer Science (CS) Project?

    Yes it can be used — Online Course Registration and Result Processing System is a system that checks students’ academic result or assignments score. ORC result checking system not only enables students to request for their grades, the system can also deliver the grades to their phones as soon as the grades become available. The aim of the study is to design and implement an Online Course Registration and Result Processing System Application Software for checking academic results. In achieving this aim, the following specific objectives were laid out as follows to develop an application software that will provide an objective system for recording aggregating and computing students’ result, enhance or improve the computer literacy of every FUTO student and Generate result that is accurate, timely …


    Can this topic “Impact of Small and Medium Scale Enterprises on Nigeria Economy Development” be used for Economics Project?

    Yes it can be utilized for research — The research work was aimed at investigating the growth of small and medium scale enterprises in relation to economic development and to analyze the effect of small and medium scale enterprises in the Nigerian economy development. Starting with a general recourse to study the small and medium scale enterprises at its root; the essay attempted to study institutions responsible for the growth of small and medium scale enterprises in Nigeria. Regression analysis was done on the Gross Domestics Product (GDP) and small and medium scale enterprises and the findings shows that 5% level of significance, the constant term and the estimates of ISSP are both statistically significant. On the basis results obtained, it is recommended that Nigeria must henceforth take bold steps with …


    Can the material for “Statistical Characterization of Performance of Biopolymer Drill-In Fluid for Different Rheological Models” be used as a guide for Petroleum Engineering Project?

    Yes it can be used — Appropriate selection of rheological models is important for hydraulic calculations of pressure loss prediction and hole cleaning efficiency of drilling fluids. Power law, Bingham-Plastic Herschel-Bulkley models are the conventional fluid models used in the oilfield. However, there are other models that have been proposed in literature which are under / or not utilized in the petroleum industry. The primary objective of this study is to recommend a rheological model that best-fits the rheological behaviour of xanthan gum based biopolymer drill-in fluids for hydraulic evaluations. Ten rheological models were evaluated in this study. These rheological models have been posed deterministically. Obviously this is unrealistic so these deterministic models are replaced by statistical models by adding an error (disturbance) term and making suitable …


    Is the topic “Nutritional Potential of Synsepalum Dulcificum Pulp and the Effect of the Methanolic Extract on Some Biochemical Parameters in Albino Rats” recommended for Biochemistry Project?

    Yes it is highly recommended — The nutritive and antinutritive compositions of S. dulcificum pulp were analysed to augment the available information on the anti-diabetic effect of the plant. Biochemical parameters like liver function enzymes (ALT, AST, ALP) and bilirubin concentrations,serum total protein, serum albumin and globulin, kidney function parameters (creatinine and urea concentrations), blood glucose, serum lipid profile and lipid peroxidation were determined in rats that were administered different concentrations of the methanolic extract to ascertain their effects. The internal organs (liver and kidney) were also removed and used for histopathological studies. From the result of the study, the proximate composition shows that S. dulcificum contains 7.75% protein, 59.55% moisture content, 4.36% ash, 6.24% crude fibre, 3.26% fat and 18.84% carbohydrate.The result of the mineral analysis …


    Is the topic “The Role of Traditional Media in Promoting National Unity in Nigeria” recommended for Mass Communication (MC) Project?

    Yes it is highly recommended — The study was carried out to assess the role of traditional media in promoting national unity in Nigeria. In achieving this aim, the following specific objectives were laid out to analyze the various means through which traditional media carry out their national integration functions and investigate the influence of traditional media message during crises in the area under study. Investigation revealed that National integration is highly instrumental to the development of every nation. Nigeria, though characterized by so many ethnic, religious and cultural diversities cannot be said to be an exception. The research design used in this report is descriptive design, utilizing questionnaire method to obtain information from the respondents for this project. A total of 220 (two hundred and …



    Chat with us on WhatsApp