Project Topic:

THE EFFECT OF INTERNAL AUDIT ON THE PERFORMANCE OF PRIVATE FIRMS

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 57 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   867 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

Internal audit is a management tool used in ensuring transparency in conduct of business.  Auditing took the entire stage after the industrial revolution since before this period, transactions increased, precipitated by the development of large corporations, limited liability companies, there became the need for divorce of ownership from control.  Hence mangers and shareholders became two different partners. Then it became apparent for mangers to render accounts of their stewardship to those who has pooled their resources together for the business .it is noteworthy that an independent person be appointed to represent the interest of the shareholders in reviewing the report of mangers to ensure accuracy and transparency. This is

how auditing started.                                                        

 We have two types of sectors. Public and Private sectors.  Public sector is the governments initiate and control in economic activities with the aim of rendering services at a breakeven point.

 The private sector is the private initiative aimed at profit/wealth maximization for the owners Mill champ (1996) defines internal audit as an independent appraisal function within an organization for the review of system of control and the quality of review of systems of control and the quality of performance as a service to the

organization.     

The papers seek to empirical and statistically ascertain the impact of the internal audit in the private sector of the Nigerian economy, while the private sector of the economy is studied at large; the case study

MB ANAMCO Ltd, Emene, Enugu is particularized.

1.2. Statement of the Problem

The private sector according to Anyanwu (1993; 25) is that part of the economy not under direct government control. It entails production and distribution that is in private hands. It serves as a complement to the public sector since increased public sector efficiency results from improvements and places government in a better position to focus on the objectives, conduct and performance of those enterprises that remain in the public sector (Hamming and Mansoor 1987).

Despite this enormous role, the sector has been beclouded with problems such as:

(i)             Financial impropriety

(ii)           Lack of auditing control

(iii)          Lack of independence of the internal control 

(iv)         Incomplete recording of business transactions

(v)           Over blow expenses to reckless spending

(vi)         Non compliance and adherence to accounting standard and

guide lines.

(vii)        Mismanagement of scarce funds

1.3     Statement of Objectives 

 The broad objective of the study is:

1.         To determine if internal audit ascertain the correctness of financial records.

2.         To determine the extent to which internal audit helps in enforcing compliance to rules and regulations regulating private sector accounting and auditing.

3.         To find out if internal audit inspect and verifies organizational assets and liabilities.

4.         To know the factors hammering pa ring audit procedures in the private sector

1.4     Research Hypothesis

To address the above mentioned problems the following hypothesis are formulated.

(i)         Ho: internal audit has not significantly affected  Private sector performance.

(ii)        Ho: There is no relationship between achieving corporate

objective and efficient internal auditing in the private sector.

(iii)      Ho: Inefficient internal audit and internal control has hampered audit reports. 

1.5. Significance of the Study

(I)   The study will be of immense benefit to the shareholders who have contributed the funds for the business and needs a reward in form of dividends.

ii)            This can be achieved if ineffectiveness and corrupt practices such as fraud, loss of revenue, sharp practices, and lack of transparency etc .associated with the private sector are minimized or even eradicated.

iii)          Since a virile private sector is noted for the economy will be of great benefit from the findings of the study

iv)          Equally, future researches on auditing will find the study

interesting in their research.

1.6. Scope of the Study

As the study is centered on the effect of the internal audit in M.B ANAMCO LTD, Emene  Enugu State, the research covers all

department under the firm in other to ascertain whether auditing has an effect in the private firm and if not what is the cause. 

1.7   Limitation of the Study

The researcher in the course of carrying out the research was faced with the following problems and constraints. 

(a)       Time factor: Time shortage posed serious challenges, since it was indeed very short considering the enormity of the research work.

(b)       Lack of information and data due to unavailability of materials and other vital information. Libraries are either out of stock or scanty in their content of relevant materials.

(c)       Financial problem was also a deterrent in carrying  out  the research since the available fund was not enough to sustain the vast research proposals, it was also  a challenge in that regard. 

1.8       Definition of Term:

(A)           Audit: 

 Audit can be define as the independent examination of a financial statement and expression of opinion on the financial statement of enterprise by an appointed auditor in pursuance of that appointed and in compliance with any relevant statutory obligation.

(B)           Auditor:

  Auditor is a qualified accountant who also passed a professional examination. Such a person must be of good conduct and have a vast knowledge and able to understand a practical business, endeavor always to grasp the technicalities and business, methods of

any concern whose account he undertakes to audit.                                                  

(C)           Internal Auditing

 According to Bright (1964) "Internal auditing has to do with the independent examination of the books of account so as to ascertain whether the books of accounts are in agreement with the organization transaction. 

(D)           Private sector:

 Private sector includes the part of the economy that is fully controlled and managed and financed by private individuals.

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  ::   22544 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  ::   20838 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  ::   10097 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  ::   13995 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  ::   12584 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  ::   8154 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. 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
  • 3. 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
  • 4. Asad from Kardan said "useful information, thank you.".
    Rating: Very Good
  • 5. 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
  • 6. 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