INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY (A CASE STUDY OF OKEHI LOCAL GOVERNMENT AREA OF KOGI STATE)


INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY (A CASE STUDY OF OKEHI LOCAL GOVERNMENT AREA OF KOGI STATE)

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INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY (A CASE STUDY OF OKEHI LOCAL GOVERNMENT AREA OF KOGI STATE)
INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY (A CASE STUDY OF OKEHI LOCAL GOVERNMENT AREA OF KOGI STATE)

ABSTRACT

The major objective of this study is to examine how internal audit can promote Accountability and transparency. The first chapter gave an in-depth of the background to the study, statement of the problem, objective of the study, research question, research study, limitation, definition of term in the course of the study, many literary works were on the literature review and conceptual framework in this chapter, the researcher was able to explain the concept of Internal Control based on the explanation given by different authors. The researcher was able to relate Internal audit as a check on Internal Control. Also, the researcher explained the concept of Accountability and Transparency, limitation of Internal System, and lastly review of previous Studies which the researcher gave a lot of Authors opinion. There is no research that can be done without presenting data. Chapter three, which is the research methodology on respondent who are well informed about auditing. The data collected were mostly analyzed by using chi-square method (x2) to arrived at final conclusion. Chapter Four focuses on the data presentation, analysis and interpretation. Based o the data collected and analyzed. It was discovered that the relationship between Internal audit department and other department strongly affect the Effectiveness of Accountability and Transparency in Okehi Local Government. The factors that hindering the effective performance of auditors includes auditor’s independence, qualification and working experience and laid down rules and regulations, while Chapter Five focus on Summary, Conclusion, Recommendation and Suggestion for further studies.

TABLE OF CONTENTS

Title page                                                                                i

Dedication                                                                               ii

Certification                                                                            iii

Dedication                                                                               iv

Acknowledgement                                                                  v

Abstract                                                                                  vii

Table of Contents                                                                    ix

List of Tables                                                                          xiii

CHAPTER ONE:                   INTRODUCTION

1.1     Background of the Study                                          1

1.2     Statement of the Study                                                  3

1.3     Objective of the Study                                                   4

1.4     Research Question                                                          5

1.5     Research Hypothesis                                                     6

1.6     Significance of the Study                                               7

1.7     Scope of the Study                                                                  8

1.8     Limitation                                                                      9

1.9     Definition of Terms                                                       10

CHAPTER TWO:    LITERATURE REVIEW

2.1     Introduction                                                                            12

2.2     Concept of Internal Control                                           13

2.3     Internal Audit as a Check on Internal Control               17

2.4     Internal Check                                                               21

2.5     Concept of Accountability and Transparency               23

2.6     Limitation of Internal Control System                                    25

2.7     Review of Previous Studies                                           27

2.8     Summary                                                                       30

CHAPTER THREE:    RESEARCH METHODOLOGY

3.0     Introduction                                                                   32

3.1     Research Design                                                            33

3.2     Population of the Study                                                          33

3.3     Sampling Method                                                          34

3.4     Sampling Procedures                                                     34

3.5     Research Instrument                                                      35

3.6     Analysis of Data Collected                                            36

3.7     Statistical Tools and Analytical Procedures                            36

3.8     Limitation of Methodology                                            37

CHAPTER FOUR:       DATA ANALYSIS RESULTS AND DISCUSSION

4.1     Introduction                                                                   39

4.2     Data Analysis                                                                39

4.3     Analysis of Responds/Items on the Questionnaire                  44

4.4     Testing of Research Hypothesis                                    51

4.5     Discussion of Findings                                                  57

CHAPTER FIVE:        SUMMARY, CONCLUSION AND RECOMMENDATION

5.1     Introduction                                                                            60

5.2     Summary                                                                       60

5.3     Conclusion                                                                     62

5.4     Recommendation                                                           63

5.5     Suggestion for Further Studies                                                65

          References                                                                      66

          Appendix                                                                       69

          Questionnaire     

LIST OF TABLES

Table 1:      Age Distribution of Respondents                         39

Table 2:      Marital Status of Respondents                                      40

Table 3:      Gender Distribution of Respondents                    41

Table 4:      Respondents Level of Education                          42

Table 5:      Working Experience of Respondents                             43

Table 6:      Percentage Score of the Responses                      44

Table 7:      Percentage Score of the Responses                      45

Table 8:      Percentage Score of the Responses                      46

Table 9:      Percentage Score of the Responses                      46

Table 10:    Percentage Score of the Responses                      47

Table 11:    Percentage Score of the Responses                      48

Table 12:    Percentage Score of the Responses                      49

Table 13:    Percentage Score of the Responses                      50

Table 14:    Percentage Score of the Responses                      51

Table 15:    summary of chi-square (x2) result of the impact of internal auditing in promoting transparency in the local government council                                             52

Table 16:    Summary of Chi-square (X2) result of the impact of internal audit in promoting accountability in Okehi Local Government Area of Kogi State                                      54

Table 17:    Summary of Chi-square (x2) result of the impact of internal auditor’s independence, qualification and working experience in promoting accountability and transparency in Okehi Local Government Council of Kogi State                                                                  56

CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

The growth and increasing complexity of business environment has made it imperative for management to seek for more of control which has resulted to internal and it serves as control measure in both public and private sector. It is now very rare to find an enterprise of any size which does not have internal control system.

Internal control system said to be essentially and appraising activity with an organization that contributes to a good controlled environment through an effective internal audit function.

According to Dandago (2002), internal auditing is the independent review or appraisal within an organization of accounting, financial or other operations as basic for protection and constructive service to the management of such an organization.

Accountability is an obligation imposed by law or lawful order or regulation on an officer or other person for keeping accurate record of property, documents or funds.

It is quiet understand that internal audit is the major role play in the public sector and expected to enhance accountability. But there are some sector that is still lack accountability despite the internal audit is put in place by government.

I carry out the research and discover there are some challenges facing by internal auditors that is why internal audit in public sector lack accountability.

The reason of carrying out the research is to correct and maintain proper internal control and adequate internal audit to enhance accountability in public sector.

The challenge that affects internal audit in order not to enhance accountability is inadequate staffing, organizational policy and incompetent staff.

With the challenges listed above, if government can make adjustment and put in place adequate staffing manipulation of organizational policy and employ quality auditors.

If all these can be meaningful and financial statement of every parastata will be fair and free from miss- appropriation.

1.2     Statement of the Problem

INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY (A CASE STUDY OF OKEHI LOCAL GOVERNMENT AREA OF KOGI STATE)

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The major objective of this study is to examine how internal audit can promote Accountability and transparency. The first chapter gave an in-depth of the background to the study, statement of the problem, objective of the study, research question, research study, limitation, definition of term in the course of the study, many literary works were on the literature review and conceptual framework in this chapter, the researcher was able to explain the concept of Internal Control based on the explanation given by different authors. The researcher was able to relate Internal audit as a check on Internal Control. Also, the researcher explained the concept of Accountability and Transparency, limitation of Internal System, and lastly review of previous Studies which the researcher gave a lot of Authors opinion. There is no research that can be done without presenting data. Chapter three, which is the research methodology on respondent who are well informed about auditing. The data collected were mostly analyzed by using chi-square method (x2) to arrived at final conclusion. Chapter Four focuses on the data presentation, analysis and interpretation. Based o the data collected and analyzed. It was discovered that the relationship between Internal audit department and other department strongly affect the Effectiveness of Accountability and Transparency in Okehi Local Government. The factors that hindering the effective performance of auditors includes auditor’s independence, qualificat.. accounting project topics

INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY (A CASE STUDY OF OKEHI LOCAL GOVERNMENT AREA OF KOGI STATE)

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