Our Archives

Call 09159097300, or 09067754232 for any enquiries.

Project Topic:

ASSESSMENT OF THE CHALLENGES OF INTERNAL AUDIT

Project Information:

 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 67 ::   Attributes: Data Analysis,abstract, table of content, references ::   3,141 people found this useful

Project Body:

CHAPTER ONE

1.0   INTRODUCTION

1.1   BRIEF OVERVIEW OF THE SUBJECT OF STUDY

It is generally agreed that finance is the main stay of any economy, be it public or private sector. It is equally true that no meaningful development could be achieved without finance and proper management, as a result of this, many organizations establishes difference systems of control or ensure smooth running of their business of which internal auditing is an integral part.

 

Basically, internal auditing ensures that all activities of the organization are carried out by employees according to laid down procedures.

 

The introduction of new technologies e.g. the  invention of computerized audit system which posed challenges to the internal audit staff and their work, the update of their knowledge to meet with these challenges in the face of manipulation of these to perpetrate fraud is desirable. Moreso, the requirement of new auditing standards will make the staff of internal audit to update their knowledge and adjust to the current practice.

Auditing as a key factor in controlling every kind of organization with financial and economic aspect serves as a sort of checks and balances in the financial and administrative procedure of any organizational setup. Apart from explaining the concept of auditing and it’s operations, emphasized  is laid on the problem areas in the account of governance, accounts maintained by  the government and procedures involved in auditing government accounts.

 

The need for maintaining and adequate, effective and  efficient internal audit system, therefore cannot be over emphasized especially in days like these  when Nigeria economy is with effort in ensuring that wastage, pilferage, misappropriation and checked or avoided and to ensure that asset are being secured.

 

1.2   STATEMENT OF THE PROBLEM

i.      often management of public sector and internal audit department function are seen as contradictory rather then complementary.

ii.     Internal audit department which is set up to ensure adherence to management policy may not achieve their main objective because of interference and undue influence by top management.

  1. That the internal audit adequately equipped with.
  2. That better and well-trained professional should be employed for efficiency and effectiveness.

1.3   OBJECTIVE OF THE STUDY             

i.      To identify the problems in internal audit department of public sectors.

ii.     Finding ways of improving on the internal audit of public sector.

  1. To explain the meaning and significance of internal audit as an aid to public sector.
  2. Assist other researcher to obtain useful information that will serve as input for further research work.

 

1.4   RESEARCH OF HYPOTHESIS

Considering the problem definition of this study and it’s objectives. The following hypothesis are developed to be tested in this project.

Hi: Internal audit is of importance to aid management of public sector performances.

Ho: Internal audit is not importance to aid management of public sector performances.

 

1.5   RESEARCH QUESTIONS

The following research questions are used as a guide to collect information.

  1. How is the account of state ministry being audited?
  2. What are the procedures involved in caring out audit of the state ministry?
  3. What are the problems being encountered by the auditors in auditory state ministry?

 

  1. Is there any laws binding the auditing of account of the state ministry?        

 

1.6   SIGNIFICANCE OF THE STUDY

The significance of this study is to enable the researcher to know:

  1. If internal audit within an organization is effective for internal control system.
  2. Whether internal audit in public sector organization complies with sector management policies, law and regulation.
  3. If internal audit in public sector organization will help to defect minimization fraud in an organization (State Ministry).
  4. Some procedures, techniques add principles involve in auditor government parastatals.                                        

 

1.7   DEFINITION OF TERMS

In the course of writing this project, there are some technical terms used that needs to be understood very well before a project can have a good meaning to the reader, these terms include the followings:

AUDIT: Is the independent examination of the financial statement of an enterprise and the expression of an opinion of such financial statement by an appointed auditors as to whether it shows true and fair view of the state of affairs of the enterprises in accordance with the terms of his agreement, the observation of statutory regulation and professional requirement.

AUDIT REPORT: Generally refers to any written report by an auditor in accordance with the term of his appointment. It is an medium through which are auditor expresses his opinion.

INTERNAL CONTROL SYSTEM: A system within an organization designed to provide reasonable checks regarding the achievement of the organizational objective.

IRREGULARITY: Is the intentional distortion of financial records and report for what ever purpose.

FRAUD: The use of deception to obtain an unjust or illegal financial advantage.

ERROR: Unintentional misstatement in or omissions of amounts or disclosures from an entity’s accounting records or financial statements.

ILLEGAL ACTS: Refers to any act that is contrary to law.

PUBLIC SECTOR: Is all organization, which are established, being operated and controlled by the government on behalf of the public.

 

 

 


Get The Complete Project »

Project Department:

MORE ACCOUNTING FREE UNDERGRADUATE PROJECT TOPICS AND RESEARCH MATERIALS

Instantly Share this Project On Social Media:

CLOSELY RELATED ACCOUNTING FREE UNDERGRADUATE PROJECT TOPICS AND RESEARCH 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  ::   14694 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  ::   12091 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  ::   7439 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  ::   8382 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  ::   7590 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  ::   6288 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 you looking for today?

TESTIMONIALS:

  • 1. Jayone from FPA said " I had a wonderful experience using UniProjectMaterials,though they did not deliver the material on time, but the content had good quality. I recommend UniProjectMaterials for any project research work.".
    Rating: Very Good
  • 2. Mugisha R from B.U, UGANDA said "Wow, this is great, your materials has helped me alot. Many blessings. I will inform my friends. Thanks. ".
    Rating: Very Good
  • 3. Nwachukwu Ruth Chinyerr from Michael okpara university of Agriculture,umudike said "I really appreciate this. Materials like this are good guides to writing a researchable project.".
    Rating: Good
  • 4. Ibrahim Salama from Kaduna said "Thanks You So Much Sir We Appreciate ".
    Rating: Excellent
  • 5. Ibrahim Salama from Kaduna said "Thanks You So Much Sir We Appreciate ".
    Rating: Excellent
  • 6. Mohammed A.B from Veterinary Laboratory, Zanzibar ,Tanzania said "You are doing good job to assists in research. God bless you.".
    Rating: Very Good

Paper Information

Format:ms word
Chapter:1-5
Pages:67
Attribute: Data Analysis,abstract, table of content, references
Price:₦3,000
Get The Complete Project »

Best Selling Projects

Our Archives