INTERNAL AUDITING AS AN INSTRUMENT OF EFFECTIVE MANAGEMENT OF ORGANIZATION

ABSTRACT

Internal Auditing are considered to be an instrument of effective management of an organization. It is therefore the essential aim of this projects research work to find out through the research hypothesis and questionnaire whether effective use of internal auditing enables managements to achieve their organization objectives or not. Hypothesis was formulated and tested using percentage and statistical techniques.

The percentage table tables were used to analyze the key questions and statement in the questionnaire and also for easy comparison. The major findings of the research were that adequate internal auditing system helps management make second decision.

CHAPTER ONE

1.0 Introduction

1.1 Background of the Study

Internal auditing can be defined as an independent appraisal of activities within an organization for the review of operation as a service to management. It is a managerial control function which functions by measuring and evaluating the effectiveness of other controls. The internal auditor objectively examines, evaluates and reports on the adequacy of internal control as a contribution to the proper, economics, efficient and effective use of resources.

Internal audit is the function of records appraising the procedures and organization of a business and reviewing effectiveness of the system of internal check. It is widely accepted that virtually nothing in the society should be spared on independent review. The object is to promote the utmost efficiency and security conducting a business. Attempts have been to trace internal auditing back to ancient times.

Perhaps the greatest stimulus to the development in the U.K was the establishment in the court of the principle that a local authority treasurer is personally accounting funds this led to the appointment of an internal auditor to the treasurer's staff whose initial task was to perform a pre-audit for the treasurer before the district audit arrived.

However, efficient an organization is set out to be, procedural deadwoods is certain to accumulate unless conscious and regular steps are taken to discard what is out modeled. Once this is appreciated, the internal auditor can work amicably and advantageously as an instrument of management control.

Contemporary internal audit provides a constructive service to all branches of management. It is now concerned to appraise the effectiveness of internal control in operational areas such as production or marketing as well as in the traditional area of accounting and finance.

Internal auditor seeks for effectiveness, economy and efficiency. This is because internal auditors intended to become a better acquainted with the procedures and auditing activities could be carried on, continuously, once a year when outsider auditing services were utilized.

As a further inducement to the development of internal auditing, public accountant were about the same time finding to the expression of an opinion that they could seldom perform the other types of detailed verification as efficiently as could the company own specialist.

1.2 Statement of the Problem

The problems identified in this area of study include the following:

The funds and properties of the organization entrusted to certain individual employees of the organization in most cubes, these individuals works are not brought under thorough surveillance.
The result is that much of these funds and properties are diverted to personal use.
Measures that could be taken to address the problem arising from these internal auditing, so that it can be effectiveness and reliable tools to management in the performance of its functions.

1.3 Purposes of the Study

The purposes of this study are the following:

To identify the functions of the internal audit department.
To ascertain whether or not adequate and efficient internal control system exists in Nigeria breweries.
To identify problems that hinders the efficient performance in the system.
To suggest solution to these problem.
To find out whether internal auditing is an instrument for effective management of companies.

1.4 Research Questions

Based on the information in the statement of the problem the research question are:

What are the functions of the internal audit department
Does efficient and adequate internal control exist in Nigeria Breweries Plc. Aba?
Are there any problems that hinder the performance of the internal auditing to eliminate these problem departments?
Is internal auditing an instrument for effective management of companies?
What solutions should add to eliminate these problems?

1.5 Significance of the Study

This research work is expected to be the immense benefit to the management of every organization that has internal auditing department so that the internal auditing can make effective use of the department in their administration.
It also expected to segregate duties this is particularly important in any organization because it prevents both intentional and errors.
This research work is also expected the physical control over assets and records. The most important type of protective measure for safe-guarding assets is the use of physical precaution, such as the use of store rooms and store keepers for inventory to ensure the orderly transfer of material to production processes and to prevent misappropriation.

1.6 Scope of the Study

The study is restricted to companies in the financial sector. Company performance indices were identified and defined and used to test the effective management of an auditor.

These financial statements were analyzed to examine the influence of this internal auditing as an instrument for effective management of companies.

1.7 Limitations of the Study

Lack of instrument necessary to carrying out the research work successfully.
Lack of adequate information on the school liberary and magazine
Time constraint; the time set aside for the study is very short.

However, the researcher intends to carryout the study successfully, thereby seeking information from company. It should be public or published when done. It is in most cases not at the appropriate time for a research purposes. It is hoped that both limitation would not affect the relevance of our findings.

1.8 Definition of Terms

Internal Audit:

Is an element of internal control system set up by management of an enterprise to examine, evaluates and reports on accounting and other control on operations.

Internal Control:

This is the whole system by management in order to carry on the business of the enterprise in an orderly and efficient manner.

Operational Audit:

is an audit that is set for a specific set of operation, for example those that carried out in one department.

Management Audit:

Is an enquiry on the effectiveness and efficiency of management. It is also cackled efficiency or operations audit; it helps to determine whether the objectives of an organization are being achieved under management.

…

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 Auditing as an Instrument of Effective Management of Organization (A Case Study of Nigerian Brewery Aba) 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 Internal Auditing as an Instrument of Effective Management of Organization A Case Study of Nigerian Brewery Aba

Click here to request the Complete Material via WhatsApp including;

Preliminary Pages,
Chapter 1-5,
References and Appendix.

TABLE OF CONTENTS
PRELIMINARY PAGES

Title page
Approval page
Dedication
Acknowledgement
Table of Contents
Abstract

CHAPTER ONE

1.0 Introduction

1.1 Background of the study

1.2 Statement of the problem

1.3 Purpose of the study

1.4 Research questions

1.5 Significance of the study

1.6 Scope of the study

1.7 Limitation of the study

1.8 Definition of terms

CHAPTER TWO

2.1 Review of related literature

2.2 Brief history of Nigeria brewery plc, Aba

2.3 The Roles and Importance of Internal Audit Departments

2.4 Area of Internal Audit

CHAPTER THREE

3.0 Research methodology

3.1 Research design

3.2 Area of study

3.3 Population of study

3.4 Method and data collection

3.5 Sampling method

3.6 Validity of the instrument

3.7 Method of data analysis

CHAPTER FOUR

4.0 Presentation, Analysis and Interpretation of data

4.1 Presentation of data

4.2 Analysis of data

CHAPTER FIVE

5.0 Summary, Conclusion and Recommendation

5.1 Summary of finding

5.2 Conclusion

5.3 Recommendation

REFERENCES
.

Disclaimer for Complete Material Utilization
The displayed research work titled "Internal Auditing as an Instrument of Effective Management of 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 this topic “Democracy and Problems of Fiscal Federalism in Nigeria (1999-2009)” be used for Political Science Project?

Yes it can be utilized for research — This study is on democracy and problems of fiscal federalism in Nigeria. The total population for the study is 200 staff of ministry of budget and national planning. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made statisticians,economists, administrative staff and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies …

Can the material for “A Mathematical Model for Prediction of the Strength of Sandcrete Cement Block” be used as a guide for Civil Engineering Project?

Yes it can be used — Sandcrete blocks are prismatic units manufactured from lean (sand-cement) mortar mixes and are the predominant walling materials used in buildings in Nigeria and other countries. Although the blocks are preferred to other similar walling material such as bricks and concrete blocks due to the availability of the dominant material (sand) in the country and the ease of manufacture, the material is known to have several drawbacks: it has a low compressive strength which could be a factor for structural failure in buildings. Apart from the compressive strength, little is known about the other strength and permeation properties of the material. Thirdly, little research has been conducted into the influence of water-cement ratio which is known to wield a strong influence on …

Can the material for “Impact of Strategic Management on Organisational Growth” be used as a guide for Entrepreneurship Project?

Yes it can be used — This paper examined the impact of strategic management on organisational growth with reference to Lawrenzo Cargo and Logistics Ltd.). The performance of any business organization in the competitive economy is highly dependent upon the quality of its management vis a vis proper implementation of strategic management. Survey design was employed with the use of a well structured questionnaire. Respondents were selected based on simple random sampling technique. Fifty (50) staff of Lawrenzo Cargo and Logistics were sampled. Two hypotheses were formulated and tested with the use of Chi-Square analysis. The analysis resulted to rejecting both null hypotheses and hence accepting the two alternate hypotheses. Based on decisions of the tested hypotheses conclusions were reached that there is significant relationship between …

Can the material for “The Impacts of Technology on the Youth and Their Moral Values” be used as a guide for Religious Studies Project?

Yes it can be used — The study scrutinizes the Impacts of Technology on the Youth and their Moral Values. In achieving this aim, the following specific objectives were laid out to examine the technological advancements effect the youth’s moral values, find out the humanitarian issues of Technology on the Youth and their Moral Values, find out how technology affects the youth ethically and design a workable guidelines in determining the boundaries between innovation and morality, and directly and indirectly proffer informed solutions as to the problem of how much technology affect language and vice versa. 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 133 (one hundred and thirty …

Can the material for “Design and Implementation of Account Holders Information System for a Microfinance Bank” be used as a guide for Computer Science (CS) Project?

Yes it can be used — The Bank Holders Account Information System is an application for maintaining a person’s account in a bank. In this project I tried to show the working of a banking account system and cover the basic functionality of a Bank Account Management System. Creating and managing user account is a challenge of any IT firm. Currently banks use the manual method of documenting and managing user accounts. This system has proven to yields many faults as there are always mismanagement if records. Some software already in place is not functional enough and does not have the required functionalities. To develop a system for managing user accounts is necessary. This project has been developed to carry out the processes easily and quickly, …

Can the material for “The Role of Social Studies in Inculcating Citizenship in Junior Secondary School (JSS)” be used as a guide for Social Studies Project?

Yes it can be used — Social studies focus on the study of people in relation to each other and to their world. The study was carried out to investigate the role of Social Studies education on the Citizenship values of JSS III students for citizenship development in Nigeria. In achieving this aim, the following specific objectives were set out to establish the average performance of students from junior secondary schools in gwagwalada area council abuja on social studies achievement test for effective citizenship development and compare the average performance of male and female students. The research design used in this report is descriptive design, utilizing questionnaire method to obtain information from the respondents for this project. Primary data were collected from the primary source which …

Can the material for “Public Relations as a Tool for Eliminating Cultism in Nigerian Tertiary Institutions” be used as a guide for Public Administration (PA) Project?

Yes it can be used — The research work provides a brief historical perspective to the issue of using public relations as a veritable tool in eradicating cultism in the Nigeria eradication system. The many destructive tendencies of cultism are also highlighted alongside the educational sub-sector, with particular reference to the tertiary institution. The study was carried out to investigate the Public Relations as a Tool for Eliminating Cultism in Nigerian Tertiary Institutions using Federal Polytechnic Nekede as a case study. In achieving this aim, the following specific objectives were laid out to know the reasons for joining cultism on campus and examine the policies and programmes of FEDPOLYNEK management in cubing cultism. The research design used in this report is descriptive design, utilizing questionnaire method …

Can the material for “Effect of Conflict on Organizational Growth and Productivity” be used as a guide for Industrial Relations and Personnel Management (IRPM) Project?

Yes it can be used — This study examines the Effect of Conflict on Organizational Growth and Productivity using a case study of Auchi Polytechnic, Auchi. The interaction and competition between individuals and groups has made conflict inevitable. Conflict is bound to happen in any organization particularly amongst the workers because of the divergence in interest and goals for the employees and management respectively. In order to achieve the objectives of the study, the researcher employed simple percentages and chi-square statistical techniques to analyze, the data extracted from the respondents. Based on the analysis, we found that management inability to met up with collective bargaining and negotiation agreed on between workers and their representative might have a great effect in influencing conflict. We therefore, recommended that management …

Can the material for “The Effect of Incentives on Job Performance in Dannic Hotels Limited” be used as a guide for Business Administration and Management (BAM) Project?

Yes it can be used — This study focuses at identifying the effects of incentives on job performance in Dannic Hotel Ltd Enugu. Chapter one given us the overview effect of incentives on job performance with the problem that destroy our business organization which include the background of this study, statement of the problem, purpose of the study, scope of the problem, research questions, significance of the study. In chapter two a significant members literature relating to the subject were reviewed and this is also work through adequate incentives on the organizational strategic goals to be achieved. Chapter three show how data collected through questionnaire method by using sample population of two hundred and five workers and the data were analysed using percentage. Chapter four give the finding of this …

Can the material for “The Role of Religion in the Politics” be used as a guide for Philosophy Project?

Yes it can be used — Inspite of the religious was of the people of Delta State, the question of the role of religion in the politics of Delta State still stand as a major challenge to religious scholars. This essay in its bid to unravel the role of religion in the society, outrightly dwelt on the impact of religion in politics. In this research, different methods ranging from interviews with political stakeholders and clergies, personal observations, journals, newspapers and other related material to the topic were used. Though the work is limited to Delta State, it findings could be applicable to the entire southern part of Nigeria particularly the areas dominated by Christianity and African Traditional Practices. While the first chapter of this essay dealt with the …