– Internal Auditing As An Aid To Management –
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ABSTRACT
This research work deals with internal audit as an aid to management. It aims at finding out the role of internal audit in management decision making in organizations. It is a survey research.
Data were collected from primary and secondary sources which included using questionnaires, personal observations, text book, journal and internet. Sample of 92 were collected by random sample method.
Three hypotheses were formulated and tested using Z-test statistics, while questionnaires were analyzed using simple percentages. We discovered among other things that internal audit assists management in managerial decisions.
We recommended among other things that the auditors be trained in forensic accounting to enable them to be more effective in their duties.
TABLE OF CONTENTS
Cover page …………. i
Title page ……. ii
Certification ………… iii
Approval page ……… iv
Dedication ………… v
Acknowledgement …. vi
Table of content ………… vii
CHAPTER ONE Introduction
1.1 Background of the study …… 1
1.2 Statement of problem ……. 2
1.3 Objective of the study …… 3
1.4 Research questions ………… 3
1.5 Statement of hypothesis ………… 4
1.6 Purpose of the study …………. 5
1.7 significance of the study ………. 5
1.8 Slope and limitation of the study …….. 7
1.9 Definition of terms …….. 8
References
CHAPTER TWO Literature review
2.1 Definition of internal audit ……… 11
2.2 Objectives of internal audit ……….. 12
2.3 Characteristics of internal audit …….. 14
2.4 Functions of an internal audit …….. 15
2.5 Responsibility of an internal auditor to management … 19
2.6 Internal auditing as an aid to fraud prevention ….. 21
2.7 Internal audit as an internal part of internal control …. 23
2.8 Cooperation between internal and external …. 27
2.9 Problem of internal audit ………… 38
2.10 Historical background ……… 29
References
CHAPTER THREE Research methodology
3.1 Introduction and research design ….. 33
3.2 Data collection method …………. 33
3.3 Research population and sample size …… 35
3.4 Distribution of questionnaire ………. 36
3.5 Validation and reliability of the instrument ………. 37
3.6 Method of data analysis ……………… 37
3.7 Decision criteria for validation of hypotheses ……. 38
CHAPTER FOUR Data analysis and research findings
4.1 Introduction ……. 39
4.2 Data analysis ………… 39
4.3 Test of hypotheses ……… 45
CHAPTER FIVE Summary, conclusion and recommendation
5.1 Summary ……. 53
5.2 Conclusion ……. 54
5.3 Recommendation ….. 54
Bibliography ……….. 56
Appendix ………….. 58
INTRODUCTION
Background of the Study
At the beginning of the century, most businesses are small and sole-operated. The owners/managers are overly involved with most of the decision making.
As business grows in size and complexity, professional managers take position of the owners and the operators. Consequently, they rely heavily upon streams of accounting and statistical report which summarizes current happenings and conditions in the enterprise.
The information carried by these streams of report enables management to control and direct the enterprise in order to assure management that the information received are both reliable and accurate.
A system of internal audit is developed to monitor the activities of the company.
The need for maintaining the adequate efficient and effective internal audit, therefore cannot be overemphasized especially in days when Nigeria’s economy still is witnessing depression and every company is making effort in ensuring that wastage, pilferage, misappropriation are checked or avoided, and to ensure that assets are being secured.
Some problems were noticed during the cause of this research; problems within the company, these problems necessitate this work.
The pg. 12 researcher noticed that there was ineffective co-operation between the internal audit and management, audit reports were sometimes ignored by the management.
The relationship between the internal auditor and external auditor was strained making work harder for the external auditor. The lack of internal audit to prevent pilferage and fraud within the company thereby preventing an error free working condition.
BIBLIOGRAPHY
Adeniyi, A. Adeniji, (2004). Auditing and Investigation, Value Analysis Consult Publishing, Lagos.
Adeniyi, A. Adeniji, (2010). Auditing and Assurance Services, Value Analysis Consult Publishers, Lagos.
Akanet, Solomon, (1998). Auditing and Instructual Manual for Accounting Student, 7 th edition, London Publications.
Anthony & Welsch (1974). Fundamentals of Management Accounting, Richard D. Irwin, INC.
Bird, Peter (1971). A Casebook on Auditing Procedures 2 nd edition, The General Educational Trust of the Institute of Chatered Accountant.
Chambers: Andrew D. et al, (1987). Internal Auditing 2 nd edition, Pitman Publishers.
Dijk, Van, Williams, and J.C. (1990). Expert Systems in Auditing Macmillan Publishers.
Howard, L. R. (1976). Principle of Auditing 19th edition, McDonald & Evans, London.
Kola, Olowookere (2001). Fundamentals of Auditing. 2nd Analysis, Consult Publishing, Lagos. pg. 68
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