CHAPTER ONE
INTRODUCTION
The expansion of business enterprises in Nigeria in the early seventies cause increasing difficulty in monitoring their operations as well, which their objectives was being followed. Many groups such as investors and government bodies have increasing need for information by which the quality of management can be evaluated.
The techniques of financial auditing has been applied to both business operation and non financial aspect of business operation and growing n umber of people are involved in internal auditing and management audit.
According to Millicham (1984, p.349), the common areas of internal auditing action through its history have been examining, verifying and reporting. It has become a key factor in controlling every kind of organization with financial and c economic record.
According to American national association, the development of internal audit as a major element of management control resulted from the needs of manager for information relating operation.
According to Walter (1984, p. 111). The growth of business management has led to the development of internal audit as an effective means of management control strategy. According, managers in various business organizations need information so that they can amount for their stewardship to their employers. According to the institute of internal auditor (1978, p.22), internal auditing within an organization review operation of organization within established policy and guideline and provides the managers executive with reports, recommendations and conclusion on the result of its review. In addition, internal auditing is an element of management control and in responsible for measuring the effectiveness of such control.
It has been observed that auditing is an important financial task and such auditors are the key to any organization development. It is also observed that, one of the critical responsibilities of the internal audit is to ensure the retention of achievement of organizational goals
The ultimate task of an organization success depends on its ability to create value sufficient to compensation for the investment made. Internal auditors in an enterprise such as that of Champion Breweries Plc Uyo, normally engage in the responsibility fulfilled through the implementation and constructed operation of an adequate system if internal control. The problems in some companies includes lack of continuous examination in order to detect frauds, illegal payment, and misappropriate of funds, irregular expenditure and losses due to waste.
All these malpractices among other a re impacted negatives on profitability position of companies. A Good internal auditing system in necessary to address some of these short-comings. This is why these study is being considered necessary especially in a company like champion breweries.
The major objectives of the study is to examine the role of internal auditor in the achievement of organizational goals using the Champion Breweries Plc, Uyo Akwa Ibom State as a case study.
The specific objectives include: