INTERNAL AUDIT AS A TOOL FOR ENSURING EFFECTIVE MANAGEMENT OF AN ORGANIZATION
ABSTRACT
This study seeks to evaluate the internal audit system, it aims at identifying the necessary measures, introduced by the organization to ensure the duties are carried out in orderly and efficient manner, ensure adherence to management policies. Strategy and assets and ensure completeness and accuracy of records.
The aims of the study among others
- To find out if there is an internal auditor and internal audit section in the firm.
- To find out how effective the internal audit section is
- To find out if appropriate records is kept.
The findings:
There were, however, various discoveries that were made in the course of ht research work and these include:
- Most of the staff do not go on leave due to too many pilled up job
- The company sends their worker to training in order to improve their knowledge on their field of specialization.
In writing this research project, I have drawn intensively form a number o f authors whether named in the bibliography or not, I am therefore deeply indebted to such authorities.
CHAPTER ONE
1.0 Introduction
1. I Background of the Study
There has been an increasing attention in the system of internal audit in the recent past. This is due mainly to the increasing size of most business units and the complexity of most modern business unit which have encouraged the adoption of different system.
The development of these different systems leads to the efficiency of management and subsequently the output of the management process. Systems such as internal audit, accounting control, electronic data processing system among others are adopted in management for the sole purpose of achieving target goals and objectives ensuring the safeguarding or organizations and the completeness and accuracy of records.
Internal audit is a component of the internal control system set up by management. The history of internal audit system could be traced back to the time when human beings began to form organization to achieve goals which they could not achieve themselves as single individuals. The question of management and co-ordination of effort become essential immediately two individuals or more come together to achieve a common goal.
Over the years, these organizations have grown in physical size and expand vastly in operations and because of this various kinds of irregularities have cropped in ranging form unintentional errors, to frauds.
1.2 Statement of Problem
An English adage says that “knowing to problems is half the cure” some o f the problems of internal audit are:
- Many companies do not maintain internal audit section at all
- Many workers do not co-operate with the internal audit.
- The workers do not understand their jobs well and this causes ineffectiveness.
- The internal audit sections do not perform routine checks of day to day financial transactions of the firm.
- The internal audit does not review existing procedure form time to time with a view of reporting on non-compliance.
- The internal audit section is usually under staffed.
1.3 Objectives of the Study
The purpose and objectives are outlined below:
- To find out if there is an internal audit section in the firm
- To find out if routine checks are carried out
- To find out if the internal auditor and the workers do co-operate, and to what extent
- To find out if the internal auditor reviews from time to time existing procedures.
- To find out if the workers or staff understand their function correctly.
- To find out if the internal audit sections have adequate number of staff.
1.4 Research Question
To conduct an adequate research work and to help in ensuring effective management in an organization through internal auditing, the following research questions will guide this research work.
- Does internal audit department aid management in the effective use of resources?
- How effective is the use of internal audit to avoid the degree of inadequate management ineffective discharge of it duties?
- Does the existence of an effective internal audit department reduce the frequent cases of mismanagement, fraud, embezzlement of fund and non-challant attitude of workers in an organization
1.5 Significance of the Study
Internal audit has become so imperative that auditors now call for its existence in every organization. This is because a good system of internal audit facilitates the detection of frauds, errors and other irregularities that could manifest in an organizations accounting system.
In recent times, a good system of internal audit has been recognized by management as a valuable tool for effective carrying out of its responsibilities and auditors have pressed for improvement in internal audit system in their effort to be of assistance to their clients.
It is hoped that this work will be if immense benefit not only to the management of the organization but also the auditors. This research will also be of a great use to those intending to write on similar topics especially students writing projects, to who it will serve as a material for reference if kept in the library.
1.6 Scope of the Study
The research ids designed to cover the general principles and procedures of internal control as propounded by experts in the field of accounting, the company and Allied matters Act (CAMA) of 1990 and other recognized accounting and auditing bodies which will provide basis for application in the organization.
The study will also examine the organization ranging form formation through its objectives areas or operation, structures, budgeting, general administration, cash and in general, internal audit procedure with a view to identify areas of weakness if it exist.
1.7 Limitation of the Study
In the course of this work, some constraints were discovered which stood as a stumbling block: such as:
Time Factor:
Due to the limited period of time given for this work and extensive search for material was done in order to do a thorough investigation in to the problems being worked on.
Economic Depression:
The persistent downward trend to the limitations of this study. It was difficult under this economic condition to source fund for the finance of this research work.
However, this study will not delve into staff fielding or probe management efficiency as these may call for a separate work in future. The thoroughness of this work has also been limited by the vast number of branches the selected firms have and it is on the strength of this Constraint that the study is being conducted on only the head office of the organizations.
1.8 Definition of Terms
Auditing:
An audit is an independent examination of and expression of opinion on the financial statement of an enterprise, by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligation.
Management:
This is the extent of care and prudence applied me handling resources. Management as used in this study can also refer to senior members. They are people who formulate and enforce policies, and they are also the decision makers.
Effective:
This means achieving a programmed objectives or goals.
System:
A system is an entity which is composed of a number of attributes and is also composed set of relationships which connect the object. It is a predesigned set of rules and procedures to ensure continuity and efficiency of activities.
Control:
Control is essentially a management function that deals with the measurement and correction of performance of the subordinates with a view to achieving organizational objectives with maximum efficiently and at a minimum cost.
Internal Audit:
Internal audit is the independent appraisal activity within an organization for the review of accounting financial and other operation as a basis for protective and constructive service to management. This definition is adopted form the definition given on the responsibility of internal auditors.
Fraud and Irregularities:
In the auditing practices, the committee's guideline on fraud and other irregularities, fraud is defined as the irregularities involving the use of criminal deception to obtain an unjust or illegal advantage. Irregularities are used to refer to alteration or distortions of financial statements for whatever purpose.
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
Internal Audit as a Tool for Ensuring Effective Management of an Organization (A Case Study of Some Selected Firms in Imo State) 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
 | Click here to request the Complete Material via WhatsApp including;
|
TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
- 1.0 Introduction
- 1.1 Background of the Study
- 1.2 Statement of the Problem
- 1.3 Objectives of the Study
- 1.4 Research Question
- 1.5 Significance of the Study
- 1.6 Scope of the Study
- 1.7 Limitation of the Study
- 1.8 Definition of Terms
- 2.0 Literature Review
- 2.1 Introduction
- 2.2 Historical Development of Internal Audit
- 2.3 The Nature of Internal Audit
- 2.4 The Scope of Internal Audit
- 2.5 Qualities of An Internal Audit
- 2.6 Importance of Internal Audit In An Organization
- 2.7 Internal Audit As A Tool For Effective Management
- 2.8 Summary of the Chapter
- 3.0 Research Design and Methodology
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Method of Data Collection/Source of Data
- 3.4 Population and Sample Size
- 3.5 Sample Technique
- 3.6 Validity and Reliability of Measuring Instrument
- 3.7 Method of Data Analysis
- 4.0 Presentation and Analysis of Data
- 4.1 Introduction
- 4.2 Presentation of Data
- 4.3 Analysis of Data
- 4.4 Interpretation of Results
- 5.0 Summary,Conclusion and Recommendation
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
REFERENCES
Disclaimer for Complete Material Utilization
The displayed research work titled "Internal Audit as a Tool for Ensuring Effective Management of an Organization" 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.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
- 1.0 Introduction
- 1.1 Background of the Study
- 1.2 Statement of the Problem
- 1.3 Objectives of the Study
- 1.4 Research Question
- 1.5 Significance of the Study
- 1.6 Scope of the Study
- 1.7 Limitation of the Study
- 1.8 Definition of Terms
- 2.0 Literature Review
- 2.1 Introduction
- 2.2 Historical Development of Internal Audit
- 2.3 The Nature of Internal Audit
- 2.4 The Scope of Internal Audit
- 2.5 Qualities of An Internal Audit
- 2.6 Importance of Internal Audit In An Organization
- 2.7 Internal Audit As A Tool For Effective Management
- 2.8 Summary of the Chapter
- 3.0 Research Design and Methodology
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Method of Data Collection/Source of Data
- 3.4 Population and Sample Size
- 3.5 Sample Technique
- 3.6 Validity and Reliability of Measuring Instrument
- 3.7 Method of Data Analysis
- 4.0 Presentation and Analysis of Data
- 4.1 Introduction
- 4.2 Presentation of Data
- 4.3 Analysis of Data
- 4.4 Interpretation of Results
- 5.0 Summary,Conclusion and Recommendation
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
REFERENCES
Disclaimer for Complete Material Utilization
The displayed research work titled "Internal Audit as a Tool for Ensuring Effective Management of an Organization" 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 “Design and Implementation of Lecture Reminder System” be used as a guide for Computer Science (CS) Project?
Yes it can be used — Lecture Reminder is a tool that permits academic students and lecturers to keep track of all the things you need to know like due dates and locations. The aim of the study is to design and implement a Lecture Reminder System that will notify students and lecturer about the scheduled lecture date. In achieving this aim, the specific objectives were set out to develop a Lecture Reminder System application software that will be compatible in any browser accessible devices, and implement a system that will facilitate early notification / reminder of scheduled lecture date, design a system that will flexible in terms of serving as a reminder toward rescheduling of an impromptu lecture by course lecturer, thereby notifying students about …
Can the material for “Determinants of Banks Persistence of Internal Control Weakness in Nigeria” be used as a guide for Banking and Finance (BF) Project?
Yes it can be used — This research examines determinants of banks persistence of internal control weakness in Nigeria. The main objective is to examine if there exist a significance relationship between bank internal control environment and control weakness. The secondary source i.e. companies annual reports and accounts were adopted. The study discovered that there is a positive relationship between bank internal control activities and internal control quality. It was concluded that bank control environment is a determinant of the level of internal control quality and that an increase in banks control environment will increase the quality of internal control. The study however recommends amongst others that enough resources should be provided for personnel to carryout effective risk management and internal controls. …
Can the material for “Capital Market Reforms and Equity Financing of Business Firms Issues, Problems and Prospects” be used as a guide for Business Administration and Management (BAM) Project?
Yes it can be used — This study examines the impact of capital market reforms and exiguity financing of business firms issues, problems and prospects. The prevailing challenges in the World financial markets; especially the capital market justifies the various forms of reforms going on around the World. The Simple percentage and Chi square method analysis were employed to analyze the secondary data sourced from the Central Bank of Nigeria statistical bulletin, the Nigeria Stock Exchange Fact book and the Nigeria Security and Exchange Commission Reports. The results show that capital reforms positively impact the economic growth. The study recommends among others that government should objectively evaluate enacted laws and reforms agenda in a manner that will enhance economic growth rather than considering political issues before embarking …
Can the material for “Computerized Land Information System” be used as a guide for Information System Project?
Yes it can be used — Land is a free gift of nature and a factor of production, land tenure is the name given, particularly in common law system to the legal regime in which land is owned by an individual, due to the fact that keeping records of lands and their owners has been a great task to government and the government access to land Information proves difficult that most times people are defrauded due to lack of Land Information illegal sales of land without the consent of the owner are very common. The aim of this study is to design and implement a Computerized Land Management Information software that will keep Information. In achieving this aim, the following specific objectives were laid out to …
Can the material for “Converting RTF Using Tel UTF DTD” be used as a guide for Computer Science Education Project?
Yes it can be used — Computerized data minimization and storage using xml enable sql server is Database information system used by the institution to record and supervises all the student records undergoing their Youth Service experience. It is a powerful tool in the career department of the Institution. XML is here as the internet standard for information exchange among e-businesses and applications. With its dramatic adoption and its ability to model structured, unstructured and semi-structured data, XML has the potential of becoming the data model for internet data. In the recent years, Oracle has evolve its DBMS to support complex, structured, and unstructured data. Oracle has now extended that technology to enable the storage and querying XML data by evolving its DBMS to an XML …
Can the material for “Cultural Practices and Infant Mortality” be used as a guide for Sociology Project?
Yes it can be used — Save the children initiative (2014), estimated general infant mortality rate to be 100 deaths per 1,000 live births for the 2011-2014 period (NPC, 2014). Regionally, south east, south west, north east and northwest have infant mortality rates of 74, 81, 129 and 139 deaths per 1,000 live births respectively. Indicating the highest concentration in the North West (NPC, 2014).This research examines if there is any relationship between some cultural practices and infant death in Wamakko Local Government Area. The town consists of 11 wards, in which six wards were selected out of the 11 wards. 100 women respondents were drawn on the basis of availability. The target populations were married women who must have given birth at least once. The unit …
Can the material for “Construction of a Metal Rack” be used as a guide for Chemical Engineering Project?
Yes it can be used — The research work is on the construction of a metal rack which can be put to use in laboratories, industries, shops, kitchens, and also for displaying various articles. The construction work was done in a mechanical work shop. Racks are of various types which concedes with the numerous uses to which they are applied. Some types of racks includes wooden racks and metal. The metal rack was constructed using a 1.5mm square pipe and a 1-2mm thickness of mud steel plate. The construction procedure or steps includes marking out, cutting weeding, filling and painting. A gauge 12 electrode was used for the weeding process. The rack, after construction has dimensions as follows 3ft height, 2ft width and 8ft x 2 …
Can the material for “The Factors Affecting the Processing Production and Storage of Garri” be used as a guide for Agricultural Engineering (AE) Project?
Yes it can be used — This project work was designed to examine and analyze the factors affecting the processing production and storage of garri in Oredo Local Government Area of Edo State. Five research questions were formulated and questionnaires were administered to hundred respondents in Oredo to determine the result for the study. At the end of the study, it was discovered that colour, size, texture and taste of garri depends greatly on hygiene practices, temperature and sequence right or wrong adopted during production. Recommendations included that hygiene practice especially in the early stage of processing garri should be taken seriously in order to avoid the risk of cross contamination must be properly controlled to avoid incomplete detoxification. Sieving must be carried out before consumption, …
Can the material for “Comparative Analysis of the Performance of the Insurance and Banking Industries in Nigeria” be used as a guide for Banking and Finance (BF) Project?
Yes it can be used — This work appraise the comparative analysis of the performance of insurance and banking industries, the important role they played in the economic development of the nation, and they constitute as the pillar on which the economy of any nation can be created. In chapter one of this project, the general overview of the study is reviewed, terms used in the study was brought to light. In chapter two literature review on insurance and banking industries as prime movers of the economy were mentioned. In chapter three, Research methodology, Research design ands methods of data collection were used in writing the project. In chapter four, presentation and analysis of data generated were collected and analyzed, which was done by tabulation and interpretation. …
Is the topic “Design and Implementation of a Weather Forecasting System for Aviation Industry” recommended for Computer Science (CS) Project?
Yes it is highly recommended — Weather forecasting is the application of current technology and science to predict the state of the atmosphere for a future time and a given location. The aim of the study is to design and implement a weather forecasting system for aviation industry. In achieving this aim, the following specific objectives were laid out to develop a workable weather forecasting system, present the concept and techniques of weather forecasting system, showcase the importance and limitation of weather forecasting system, design a system that will enable Aviation industry to make decision on flight control based on information given, study and use advance programming language as logical tool for forecasting weather conditions, and make sure of effective analysis, design implementation, and also provide …