MANAGEMENT AUDIT AS A TOOL OF ACHIEVING ORGANIZATIONAL OBJECTIVES
ABSTRACT
This research work is conducted as part of the requirement for the award of a Higher National Diploma (HND) in financial studies (Accounting).
It highlights the authors effort in finding out the ways which management audit is used as a tool of achieving organizational objectives in our everyday organizations. organizational objectives
The entire work is divided into five chapters, chapter one is an introductory analysis of the topic, then the background of the study, significance, scope and limitation, the purpose and hypothesis. organizational objectives
The second chapter i.e chapter two dealt with the Literature Review and Theoretical consideration. Here related past works were reviews and theoretical consideration on the present study was also brought into focus. As well as scope and nature of management audit and the result of auditing management. organizational objectives
Then, chapter three contains an explanation of how and where the needed information for the study was obtained and how the sample size was determined and the limitations encountered in the course of conducting the research. It also contains the method of investigation.
Chapter four dealt with the presentation and analysis of data collected during the field survey, after which the postulated hypotheses were tested.
Lastly, chapter five makes up the summary, conclusion and recommendations.
CHAPTER ONE
1.0 Introduction
In practice, there are two types of performance appraisal for instance, in appraising the lower level managers, majority of firms, utilized traditional performance appraisal technique. A check list and rating system were designed and the immediate supervisors make arbitrary assessments of performance though, the upper level management by objectives.
Secondly, the upper level managers performance is also evaluated. For example, when evaluating the performance of a district manager, say the performance of the district is evaluated and this because the determinant of the evaluation of the manager. Furthermore, the evaluation performance of management as a whole is usually based purely on an analysis, a financial accounting data exclusively.
One obvious reason for this occurrence is the lack of agreement on a reliable tools for measurement of performance of management other than with use of accounting data.
Recently, many have contended that, in other to appraise the value of management, calculations much be made in addition to those prepare for financial ratio analysis. It is in the context that management audit started.
1.1 Background Of The Study
Management audit attempted to aid the management of the organization by providing it with information and analysis useful in the process of control.
According to Eze J. C. (2001) Management audit is an audit that evaluates the efficiency of management at all levels throughout an organization with a view to recommend improvement in areas where effectiveness is not assured. Management audit can also be significant in financial accounting area. For many years now, stockholders, financial analysis, potential investors and other interested parties have been concerned with the annual reports of major co-operations and the attached letter from the president of the corporation. The concern has been that though a financial audit of records of the company has been performed and opinion had been rendered. There was no additional method with the outsider could evaluate the performance of management in addition to evaluating the performance of the company. The theory of management audit parallels that of financial audit. The purpose of the audit is being the attestation of management’s representations by an independent examiner.
By attestation I refer to the reliability of management statement regarding its own decisions as proven by an independent third party. The auditor’s financial statement examines the performance of the company accountable to the stockholders of its decisions. On the basis of the financial statement, the shareholders or potential investors, evaluate the performance of the company in financial terms, net profit, earning per share etc.
Likewise, the management audit is a way of evaluating the performance of management in regard to the decisions made, the efficiency of its operating and the attainment of corporate goals. With the implementation of the management audit, the management of organizations would openly become more accountable for their actions to outside observers.
To this date, there has been little empirical research to determine the potential value of the management audit to users of the willingness of management audit process. However, the management audit concept, if carefully designed will prove to be a most important development in the management appraisal field, with a view to improving management efficiency. This research is intended to investigate the extend to which management audit is applied by organizations in Nigeria for example, in management performance evaluation, with a view to achieve this, delve into discussing management audit as a specialize aspect of audit in general. It will go further to explain the important of management audit in an organisation, the extent to which it is utilized by organization as a tool of improving management efficiency made. This research involves, library work, consultation of published professional journals, and periodicals, field survey on the project topic.
This work started with introduction followed by brief definition of some of the important terms the nature and scope of management audit, presentation of research findings, problem, prospects, recommendations, summary and conclusion.
1.2 Statement Of Problem
There are so many problems which affect management Audit in the organizations inspite, other related problem of this study are those caused by poor internal control system, inadequate Training and Re-Training, Bad management, staff negligence, inadequate knowledge and experience of staff, security arrangement and use of sophisticated accounting machines and also poor remuneration.
A part from these, when appropriate recognition is not recorded to the Internal Audit department the status of the head of the department is always lower and therefore inferior to the states of the Head of Department. Heads of other Department regard the head of internal audit departments subordinate offer in power, authority and responsibility.
1.3 Objectives Of The Study
The overall objective of this study are:
- To examine the performance of a district manager.
- To evaluate the performance of management as a whole which based purely on an analysis of financial accounting data.
- To examine the internal control system and see how it affect the management audit.
1.4 Research Questions
These study is set out to find answers to the following questions:
- To what extent has management audit help to achieve organizational objectives?
- To what extent has internal control system help to improve organizational productivity?
- In what ways does financial statement is examine the performance of the company accountable to the stockholders for its decisions.
1.5 Hypothesis
- Ho: Management audit does not help in achieving organizational objectives.
H1: Management audit help in achieving organizational objectives. - Ho: The internal control system does not help to improve organizational productivity.
H1: Internal control system helps to improve the organization productivity. - Ho: If organizations regularly carryout well planned and adequately executed management audit, the effectiveness of casing it as a tool for improving management efficiency will not be made manifest.
H1: If organization regularly carry out well planned and adequately executed management audit the effectiveness of using it as a tool for improving management efficiency will be made manifest.
1.6 Significance Of Study
The significance of this study can be viewed into two major aspects practical and academics. Practically, this study therefore may be of a special important to the following interest groups who may find the research beneficial.
- The management itself, who make the organization decision and policies.
- The stockholders and other interested potential investor.
- The general public who have right to be informed the activities of any such organization.
- The financial analysis.
Academic significance
(1) Students:
This research will enable students who intend to study the course in future to make use of the work both in their academics and research programs (reference purposes).
1.8 Definition Of Terms
1. Appraisal:
It means to estimate the value or quantity of the management audit. In essence it refers to the estimation of value or quantity of job.
2. Arbitrary:
This is the reading a decision based on opinion or impulse only and not on reason.
3. Investors:
They are prospective business that are financial balanced with the intension to promote financial ability of a company.
4. Financial Statement:
This refers to annual balance sheet or statement of affair of an organization.
5. Management Audit:
Is also known as operations audit, serves as a yardstick for measuring the ability of the management and also to determine the objectives of the organization.
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
Management Audit as a Tool of Achieving Organizational Objectives 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;
|
Disclaimer for Complete Material Utilization
The displayed research work titled "Management Audit as a Tool of Achieving Organizational Objectives" 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)
Is the topic “Economic Contributions of Local Government Fund Management and Autonomy” recommended for Banking and Finance (BF) Project?
Yes it is highly recommended — The research focused on theImpact of Local Government Autonomy and Fund Management. The objective of the study is to find out whether local government areas are adequately funded in the present dispensation to tackle their statutory functions and responsibilities to the rural people and to determine the effect of the autonomy in the local government financial bases. In particular, fiscal decentralization, the devolution of revenue mobilization and spending power to lower level of government has become a main theme of urban governance in recent years. Local government system as the third-tier of government deserves adequate finance to enable it cope with numerous developmental activities within its jurisdiction. The study empirically tested the relationship between local government revenue and expenditure in Nigeria …
Can the material for “The Impact of Monetary Policy Measures as an Instrument of Economic Stabilization in Nigeria (1980 - 2010)” be used as a guide for Economics Project?
Yes it can be used — The study examined the impact of monetary policy in stabilizing the Nigeria economy. In the model specified inflation is the regress while cash research requirement, liquidity ratio, money supply, minimum rediscount rate, interest rate are the regressors. The government employs a deliberate manipulation of cost and availability of credit and money to achieve this economic objective. The CBN being the sole regulatory body combines measures designed to regulate the value, supply and cost of money into economic activities. This is what we call monetary policy (CBN Brief 1996/03). It is against this background that the research is carried out to ascertain the effect in the use of monetary policies such as money supply, interest rate, liquidity ratio, minimum rediscount rate, inflation …
Can the material for “The Impact of Financial Liberalization on Monetary Policy in Nigeria” be used as a guide for Economics Project?
Yes it can be used — Monetary policy consists of discretionary measures designed by monetary authorities to regulate and influence the supply, cost and direction of money and credit provided to the economy. This aspect of macroeconomic policy remains one of the cornerstones of economic policy formulation and implementation. Monetary policy is relevant respective of the economic framework in place. With the adoption of financial liberalization programme this study examines its impact of monetary policy in Nigeria. Using econometric techniques, a model that captures the impact of financial liberalization on monetary policy is specified and estimated using the techniques of Ordinary least square for the period 1970-2001. This study found that the adoption of financial liberalization programrne has not actually improved monetary policy in Nigeria. This is apparent …
Is the topic “An Online System for Revenue Generation From Business Premises” recommended for Computer Science (CS) Project?
Yes it is highly recommended — Revenue generation is a means through which government establishment hurt for money which will be accountable to the government purse for execution of it’s project and the money collected from different areas like market, and advertising. can been kept by a group of people. The aim of the study is to design and implement a Computerized System for Revenue Generation from Businesss Premises in Nkanu East Local Government Area. In achieving this aim, the following specific objectives were laid out to reduce the inadequate fund from revenue and the space occupied by volumes of data in shelf and file cabinets and develop a system that will produce timely, accurate and comprehensive in work output. The motivation that led to this …
Can this topic “The Impact of Motivation in Achieving Organizational Goals” be used for Public Administration (PA) Project?
Yes it can be utilized for research — This project work is designed to take a close look at the function of motivation in achieving organizational goals with a particular reference to Ministry of Finance, Asaba, Delta State. This research is carried out in order to identify whether the workers at the Ministry of Finance are properly motivated and whether job satisfaction is derived. In fact, it is generally accepted that when employees are sufficiently motivated, they put in more efforts in their jobs to increase output and performance. To identify whether the employees are properly motivated in ensuring greater productivity and job satisfaction, questionnaire were distributed and analysis. The method of analyzing the data include percentage and chi-square (X2) statistics and the findings was that the ministry …
Can the material for “Guest Information Tracking System for a Library” be used as a guide for Information System Project?
Yes it can be used — Guest Information comprises an individual’s data records and activities that process data and information in an organization and it includes the organization's manual and automated processes. The aim of this study is to design software that will serve as an electronic register to keep record of daily guest to the library. The software will maintain a centralized database system for the purpose of information sharing. In achieving this aim, the following objectives were laid out to provide an electronic register to keep record of guest visit to the library, produce a system where information and output report will be produced much faster, more accurately and more detailed, keeping record of total number of guest coming to the library on daily …
Can the material for “Human Resources Accounting and Financial Performance of Banks in Nigeria” be used as a guide for Accountancy / Accounting Project?
Yes it can be used — The authors x-rayed the relationship between human resource accounting (HRA) to financial performance of banks in Nigeria. It is believed that a well-developed system of HRA could contribute significantly to internal decisions by management and external decisions by investors. The authors adopted the survey research design. An instrument was designed using the 5-point Likert scales. The instrument (questionnaire) has 17 items. A total of 22 samples were drawn from the target population using the simple random sampling technique. Out of the 22 questionnaires administered, 21 were returned upon which the analysis was based. This represents 96% response rate. The Chi- square statistical technique was used to test the hypothesis at 5% alpha level. It was found that HRA is a …
Can the material for “Design and Implementation of Medicine Information System” be used as a guide for Computer Science (CS) Project?
Yes it can be used — Medicine Information System enables authorized users to access, manage, share and safeguard patients’ medication. It can reduce prescription errors resulting in fewer adverse drug events and reduced hospitalizations. The motivation for executing drug information system is people die as a result of wrong self administration of drugs because they are not informed fully about the side effect of the drugs and also not knowing the specified age bracket that is allowed to take the specified drugs. The operations of the new objective, which will help to provide enough information about drugs, o provide enough information about the side effect of drug, the dosage and age bracket that is supposed to take specific drug and o educate doctor and pharmacist by …
Is the topic “A Survey of Data Base Management in Enhancing the Work Performance of OTM Graduates in Selected Organisation in Abuja” recommended for Data Management Project?
Yes it is highly recommended — The research provides a survey of data base management in enhancing the work performance of OTM graduates in selected organization in Abuja.it provides a conceptual and theoretical appraisal of data base management and its significance in enhancing the work performance of OTM graduates. …
Can the material for “Performance Appraisal and Organizational Effectiveness” be used as a guide for Business Administration and Management (BAM) Project?
Yes it can be used — The study investigated performance appraisal and organizational effectiveness with a view to assessing the impact of performance on firm’s productivity, employees’ satisfaction and adaptability. To actualize these objectives, the study adopted the survey research design, involving the design and administration of questionnaire to respondents drawn from Nigeria Bottling Company plc Benin City. The population size consists of 100 employees of the firm while the sample size used is 70. The research relied on the primary data i.e questionnaire. Upon presenting and analysis of data, it was discovered using Chi-square test that there is a significant relationship between quality performance appraisal, organizational effectiveness, employees’ initiative and organizational effectiveness amongst others. The study concludes that performance appraisal is a critical aspect of …