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.
TABLE OF CONTENTS
TITLE PAGE-
– – –
– – –
– I
APPROVAL PAGE-
– – –
– – –
II
DEDICATION– – –
– – –
– –
III
ACKNOWLEDGEMENT-
– – –
– – IV
ABSTRACT- – –
– – –
– – VI
TABLE OF CONTENTS-
– – –
– – VII
CHAPTER ONE
INTRODUCTION-
– – –
– – –
1
1.1 BACKGROUND OF
THE STUDY- — – –
– 1
1.2 STATEMENT OF
THE PROBLEM- – –
– – 2
1.3 OBJECTIVES OF
THE STUDY- – –
– – 3
1.4 RESEARCH
QUESTION- – –
– – –
3
1.5 SIGNIFICANCE
OF THE STUDY- – – –
– 4
1.6 SCOPE OF THE
STUDY- – –
– – –
5
1.7 LIMITATION OF
THE STUDY- — –
– – 6
1.8 DEFINITION OF
TERMS- – –
– – –
7
CHAPTER TWO
LITERATURE REVIEW-
– –
– – –
-9
2.1
INTRODUCTION- – –
– – –
– -9
2.2 HISTORICAL
DEVELOPMENT OF INTERNAL AUDIT- 11
2.3 THE NATURE OF
INTERNAL AUDIT- – –
– 13
2.4 THE SCOPE OF
INTERNAL AUDIT- – –
– 14
2.5 QUALITIES OF
AN INTERNAL AUDIT- – –
– 15
2.6 IMPORTANCE OF
INTERNAL AUDIT IN AN
ORGANIZATION– – –
– – –
– –
17
2.7 INTERNAL AUDIT
AS ATOOL FOR EFFECTIVE MANAGEMENT-
– – – – –
– – 18
2.8 SUMMARY OF THE
CHAPTER- – –
– – 19
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY- – –
20
3.1
INTRODUCTION– – –
– – –
– 20
3.2 RESEARCH
DESIGN- – –
– – —
– 20
3.3 METHOD OF DATA
COLLECTION/SOURCE OF DATA- 21
3.4 POLULATION AND
SAMPLE SIZE- – –
– 21
3.5 SAMPLE
TECHNIQUE- – –
– – –
– 22
3.6 VALIDITY AND
RELIABILITY OF MEASURING INSTRUMENT-
– —
– – –
– – –
– 22
3.7 METHOD OF DATA
ANALYSIS- – —
– – 23
CHAPTER FOUR
PRESENTATION AND ANALYSIS
OF DATA- – –
26
4.1 INTRODUCTION- –
– – –
– – 26
4.2 PRESENTATION
OF DATA- – –
– – –
27
4.3 ANALYSIS OF
DATA- – – –
– – –
28
4.4 INTERPRETATION
OF RESULTS- – –
– – 39
CHAPTER FIVE
SUMMARY,CONCLUSION AND RECOMMENDATION- 40
5.1
INTRODCUTION- – –
– – –
– 40
5.2 SUMMARY OF
FINDINGS- – –
– – –
40
5.3
CONCLUSION- – –
– – –
– – 41
5.4
RECOMMENDATION- – –
– – –
– 42
REFERENCES- – –
– – –
– – 44
CHAPTER ONE
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.
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.