This research work is an attempt to study an internal audit
control as a tool for improving company’s performance using project development institute (PRODA), Enugu as the case study.
1.1 BACKGROUND OF THE STUDY
Auditing standards and guidelines (AS89) define internal
audit control as “the whole systems of control both financial and otherwise established by management in order to carry on the business of the enterprise in an orderly and efficient manner ensure adherence to management policies and secures as far as possible the accuracy and reliability of its records.
As we have been witnessing in recent times, there has been drastic changes in business trends in Nigeria. Some of the reasons for these anomalies in company performance resulted in the general company down turns, some of the seasons include fraud, misappropriation of funds and property, excess expenditure incompatible with real budgets, lack of accountability and general company crises.
It is also believed that fraud and misappropriation of funds and property have been the main causes of company’s poor performance in Nigeria.
Improvement will only follow, when there is a recognition of what is wrong and how it can be put right.
In view of this fact, attempt will be made to highlight the importance of control in auditing and its effect in improving company’s performance.
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