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CHAPTER ONE

INTRODUCTION

Background of Study

For the fact that “Audit” has been in practice for many years, it is to be observed that some educated and enlightened people do not fully understand the importance of Audit management control system. While control generally exercised on daily basis to ensure that no single individual or group is responsible for carrying out transaction from its origin to its conclusion. Audit, it is a control which ensures that the work of a person is independently proved by that of another person. Adekunye (2006)

Audit has developed since the concept of a company as separate legal entity came into existence in the late nineteenth (19th) century. This led to the separation of ownership from management and consequently need to safeguard the interest of the owner (THE SHARE HOLDERS) who were not involved in the day to day decision ofthe management and the source of fund to execute project calls for the appointment of an unbiased, skillful and professional examiners known as “AUDITOR” (Internal and External)to review the account of the most organization. Howard L. (2008).It is a legal requirement that account of companies should be subjected to an Audit at least once a year.

Auditing is defined as an independent examination and expression of opinion of the financial statement of an enterprise by an appointed auditor in pursuance of the appointment and compliance with any relevant statutory obligatory.

 The institute of Internal Audit (IA) defines internal audit as an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. Olusanta O.O (2003).

Internal audit is an internal review, an appraisal of policies, plans, procedures, activities and records of the organization by specially assigned staff called “INTERNAL AUDITORS”. Internal audit service is to ensure that the organization’s internal control system is operating satisfactorily. The employees known as INTERNAL AUDITORS and constituting in the internal audit department are not allowed carrying out other duties in the organization that would result in conflicting interest and consequently which impair their independence which is the most desirable quality for their rule. The internal auditor should ensure that there is a routine check to prevent, detect error and fraud. They also make a timely advice to management on internal control issues. They investigate and report cases of malpractice and other special assignment such as asset disposal and staff audit.

Internal auditor must update the system of accounting and internal control comparison of the financial statement with the underlying records and books of accounts to ensure that they agree with the performance of substantial test on all assets and liabilities and conduct analytical review.External auditors on the other hand, are independent auditors. Their appointment and operation as external Auditor are regulated by the provision of the company and Allied Matters Acts 1990.Thet are not members of staff of the firm;shareholders make their appointment and remuneration of the external auditors at Annual General meetings while those of the internal auditors determine by the management of the organization who are responsible for his promotion, transfer and determination. Andrew D. (1993) 

STATEMENT OF THE PROBLEM

Business failure of has been attributed to financial mismanagement or misappropriation. Also, financial recklessness is encouraged in a firm where there is no control of expenditure. In such an organization where the laid down procedure, principle, rules and regulation or accounting policies are not followed, it will eventually lead to business failure. In business organizations where proper accounting books are not maintained on daily, weekly and monthly basis, there is likely to be ineffective internal control and financial mismanagement. Also there are likely to be poor judgment in terms of incompetence, inadequate supervision, poor management, inadequate supervision,poor management,inadequate control, poor planning, lack of co-ordination, corruption and ineptitudeness which may generate fraud, all these are very-rampant in the public sector parastatal in Nigeria. It is the foregoing identified problem that motivated the researcher to look into the remoter causes of the problems with the aim of finding lasting solution.

 

AIMS AND OBJECTIVES

The aim of the study is to assess the effect of internal auditor as an instrument that canaid the performance of management while it has the following objectives:

Ø  To show theextent to which internal audit can prevent and control fraud and errors

Ø  To examine how management benefits in practical terms from the services of internal audit.

Ø  To evaluate the role that the internal audit serve as a tool of management control.

Ø  To examine whether internal audit system can improve management efficiency.

Ø  To examine whether internal audit function have a significant effect on the policy operating in the organization and,

Ø  To examine whether internal audit has significant effect on organization’s profit. 

RESEARCH QUESTIONS

The following research questions will serve as guides in the course of carrying out this research work. The aim of this study is to assess the effects of internal auditor as an instrument that aid the performance of the management while it has

Ø     How can management use internal audit to ensure an effective internal control measure?

Ø     Does internal audit create room for the accountability in an organization

Ø     Does internal audit function have a significant effect on the policy operating in the organization?

Ø     Is there any significant relationship between the internal audit and external audit?

Ø     Is there any relationship between internal audit and organization performance?

Ø     Is an internal audit independent of those whom he inspects?

Ø     What are the relationship between internal audit and other department?

 

 

RESEARCH HYPOTHESIS

Hypothesis one

Ho:       Adequate internal audit does not create room for accountability in an organization

Hi:              Adequate internal audit create room for accountability in an organization

             Hypothesis Two

Ho:           The internal audit department does not perform roles that affect management

performance/efficiency

Hi:            The internal audit departments perform roles that affect management performance/efficiency

            Hypothesis Three

Ho:        Adequate internal audit function does not have a significant effect on the policy operating in the organization.

Hi:                     Adequate internal audithave a significant effect on the policy operating in the organization.

     Hypothesis Four

Ho:       Company management does not use internal auditing as a measure to ensure an effective internal control.

Hi:                    Company management uses internal auditing as a measure to ensure an effective internal control.

SIGNIFICANCE OF THE STUDY

The outcome of this research work will go a long way in finding solution to questions concerning the impact of the internal audit on management control, while discharging their statutory duties.

This project assists in determining whether prescribed management plan, policies and the  operations department is complying with the procedures. It will evaluate problems within the system and suggest possible ways of rectifying those problems. This shall improve the quality of work of the internal audit and hence increased the confidence response in them by management. The external auditors need quality work of internal auditor to make their job easier. It also reduces the volume of work to be carried out by the external auditors. The management needs an effective internal audit department; it also assists the management in having effective internal control system.

SCOPE AND LIMITATAION OF THE STUDY

The scope of this study shall be restricted or limited to Cadbury Nigeria Plc, area of Lagos state. The study will focus on the impact of internal audit on management control and it will be limited to a year. However, constraint may arise as a result of certain factors inherent in our environment and these include time, funds, data and reluctance on the part of the respondents.

 

DEFINITION OF TERMS

      i.        Auditing: A systematic examination of financial statement, records and related operations by external body.

    ii.        Internal Auditing: An independent appraisal activity within an organization for the review of operations as services to the management.

   iii.        Audit Plan: A statement showing and setting out the audit objectives and setting out the audit objectives and strategies to be adopted in achieving the objectives.

   iv.        Fraud:An internal misappropriation or misinterpretation of financial information by one or more people.

     v.        Error: An unintentional mistake that is condition of being wrong in belief or conduct.

   vi.        Compliance Test: This can be described as audit test, which are designed to determine whether the control have operated effectively throughout the period under review.

  vii.        Internal Check: A system of accounting or otherwise where a person’s work is being checked and substantiated automatically by a superior officer.

 viii.        Examination: The work of an auditor is mainly review and examination in nature.

   ix.        Expression of Opinion: The end product of the examination work done by the auditor is the audit reports to those who appointed him. He should say in clear terms whether he has obtained all necessary information and explanation relating to items in the books he has examined and whether the accounts show a true and fair view. This brings us to area of auditing referred to as “INTERNAL AUDIT”. It is defined as an independent appraisal of activity within an organization for the review of operations as a service to the management. It is regarded as the examination of the service to the management. It is regarded as the examination of the financial statement by an employee of an organization. It is also a managerial controlwhich functions by measuring and evaluating the effectiveness of other control.

     x.        Independent: Indicates that the auditor should be independent of owners and management of the company.

   xi.        Auditor: The auditor is an individual who is trained to review and verify that the accounting data provided by an audited company accurately corresponds to the activities that have been carried out by the company.

The auditor’s job is to write a report at the conclusion of the audit which determines the level of accuracy and clarity that the organization has accounted for.

  xii.        Internal Auditor: Internal Auditors are those who are employed by the company that they audit. They primarily provide audits related to the effectiveness of the company’s internal controls over financial reporting.

Internal auditors are not independent of the company they perform audit procedures for, but they usually do not report directly to management, in order to reduce the risk that they will be swayed to produce biased assessments.

 

 xiii.        Financial Accounting: Reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic bases.

 xiv.        Accountant: An accountant is an individual who performs accounting tasks for individuals or companies. The exact material that an accountant handles varies depending on the size of the company and the accountant’s specialization, but generally includes financial records, taxes and responsibility for the issuing of financial reports.

  xv.        Cash flow: This is how money moves in and out of a business usually over a set period of time. Cash flow statements can help to figure out if a specific project makes sense or if you have a liquidity problem.

 xvi.        Credit: A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is positioned to the right in an accounting entry.

xvii.        Debit: A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry.

xviii.        Journal: A journal details all the financial transactions of a business and which accounts these transactions affect.

 xix.        Ledger: A ledger is an accounting book that facilitates the transfer of all journal entries in a chronological sequence to individual accounts. The process of recording journal entries into the ledger is called posting.

  xx.        Financial Management: The planning, directing, monitoring, organizing and controlling of the monetary resources of an organization.