Project Topic:

INTERNAL AUDIT AS A TOOL IN ACHIEVING THE ORGANISATIONAL OBJECTIVES (a case study of Mainstreet bank of Nigeria plc)

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 74 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   1,803 people found this useful

Project Department:

ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The system of controls adopted in any economy greatly determines the development and growth of that economy. To ensure optimization in money, materials, machine, time, resources and management of men, controls are essential.

These controls are installed by many organisations including banks to check how effective and efficient they maximize their resources. One of such controls commonly used to minimize wastage and guide plan to their eventual accomplishment is “INTERNAL AUDITING”.

Auditing has been in existence for many years, it was in ancient Egypt and the great mercantile establishment of the middle ages. This shows that internal auditing can neither be neglected nor under rated in our modern economy for it was borne of the complexities of modern business dominate and transactions involved. In that, other management of various large businesses, organisations and government concern recognised internal auditing as valuable machinery and achieving and objective deemed accurate at a point in time.

The term “Audit” is from a Latin word “Audire” which means “Hears”. This is because the accounts of an estate domain were checked by having them called out of these who completed them to those in authority. With the growth of trade and commerce the need for more accurate methods of recording business activities arose. Auditing is a process whereby the books of account and vouchers of business entities (including charity users/trusts) are subjected to critical examinations by professionally qualified and independent account (Auditors) on such a detail will enable them from an option as to their truth and fairness. The auditing is the bridge across the credibility gap created by the separation of management from ownership.

The complexities of the art of management extends to increasing ware of business fraud, embezzlement and the cash squeeze which often cripple many companies. The management has to look inward in order to uphold the space of activities and keep abreast with the changes in their immediate and external environment, and this can only be achieved as good and effective internal control system of which internal auditing is a major section. A writer maintained that the existence of an efficient and effective system of internal control both in design and operation which is the responsibility of management with the best to prevent fraud or at worst help to detect such fraud at the earliest opportunity.

It is a function carried out by an independent staff in audit department with the sole aim of reporting on fairness and truly of financial statement. However since the internal auditors are employee of the firm or the establishment concern, independence is not always achieved.

The comprehensive courage of an internal audit upon several factors, a general rule is that department should of course have as much freedom as possible without interference from the management. In such circumstances; the internal auditors will have a greatly enhanced share in recommending new and concluding investigations where appropriate. The terms of reference should be defined as lack of this may lead the department and those in another.

To avert this ugly incident and ensure greater coverage during investigations, management issues guidelines to heads of divisions to always make necessary documents/records/files available to audit staff as may be demanded by them while performing their duties. A proper audit work should be able to:

i). Review the accounting systems as related to internal control.

2). Examine the economy or review the economy efficiency and effectiveness of operation.

3). Examine financial and operating information for management

4). Review the implementation of cooperate policy plans and procedures.

5). Assist in implementation of new accounting system

6). Providing a training ground for both financial general management personnel.

Internal audit functions can help to spot out differences in systems, so as to evolve corrective measures at the earliest opportunities. Internal auditors appraise, analyse and report upon the policies and methods employed in the bank.

The duties of internal auditors to the general performance of the whole organisation cannot qualify; maintain a good internal control system maintained by qualified chartered accountants.

 

1.2 STATEMENT OF THE PROBLEM

Internal control system may be insufficient based on some predicament. These may include lack of segregation and assignments of duties of accounting staff. Also the scopes of duties of internal audit unit are so wide and their scales of operations so low as well as the shortage of qualified staff to carry out internal auditing and accounting duties.

Independence of accounting officer can easily be influenced by management which can affect the internal audit system of an organisation clearly defines as a result of two or more dishonest staff can collide to override the efficiency of the internal control system. The criticism of internal control system has been extended to the banking industry hence the study of internal audit as a tool for effective management.

 

1.3 OBJECTIVE OF THE STUDY

Internal audit is a tool, procedure, way to helping organisations achieve their set goals or objectives. The main objective of the study is to examine the effectiveness of internal audit in an organisation.

Other objectives of this study are as follows:

1). To show how internal audit assist in management operations.

2). To show how organisational hierarchy has influenced internal audit department.

3).  To ascertain how internal audit department is a base to achieving value for money audit.

Get the complete project »


Instant Share On Social Media:


Can't find what you are looking for?
Call (+234) 07030248044.

OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS

AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 67 ::   Attributes: Secondary data, Data Analysis,Abstract  ::   23010 engagements

CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »

A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   21298 engagements

ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »

AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 78 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   10297 engagements

HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »

APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 76 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   14393 engagements

2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »

ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 69 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   12953 engagements

ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »

ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 86 ::   Attributes: Questionnaire, Data Analysis  ::   8329 engagements

THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »

What are looking for today?

WHAT OUR CUSTOMERS ARE SAYING:
  • 1. HUMPHREY from TARABA STATE UNIVERSITY said " I had a wonderful experience using ProjectClue, they delivered not only on time, but the content had good qualty. I recommend ProjectClue for any project research work.".
    Rating: Good
  • 2. Asad from Kardan said "useful information, thank you.".
    Rating: Very Good
  • 3. Mwanasinjale Bruno Y. from Catholic University College Of Mbeya (CUCoM) said "Conglatulation to all supporters of the project clue. For what your doing has great impact to the society".
    Rating: Excellent
  • 4. Agaji Gabriel from Federal University of Agriculture Makurdi said "Projectclue is the best for free research topics and material. Kudos to you guy.".
    Rating: Very Good
  • 5. Abiola Adesanya from University Of Lagos Nigeria said "The best portal for undergraduate research projects and free project topics in Nigeria. Kudos to you guys! Project Clue".
    Rating: Very Good
  • 6. Dabung Timothy from University of Jos said "The effect of job stress on employees performance".
    Rating: Excellent