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AUDITING AS A TOOL OF ACHIEVING
ORGANIZATIONAL OBJECTIVES (A CASE STUDY OF THE INNOSON INDUSTRIES)
ABSTRACT
There should be an establishment
of an autonomous audit department in the organization this will ensure prudence
in the financial affairs of the company. The account should not be left to
check and pin -point irregularities without a separate audit department who
will cross check their activities in the organization. This department will be
responsible for revenue both of the accommodating staff of an organization and
also they are responsible for making report of any cases of frauds to the
appropriate authorities for disciplinary action. This will now increases the
effectiveness and efficiency of the staff who deals with the finance of an
organization. Training of professional auditors, intensive training of auditors
that went through some professional examination like ICAN, will help to bring
up some prudent auditors carrying out seminars, workshop and so on is necessary
for effective account ability the staff should be compel to undergo intensive
training account of an audit to embrace the lasts work because most staff are
not enough. They should be training account of an audit revenue, they
will now make proper maintenance of the accounting record, on the other hand
enable the auditor to improve in their method of audit. Having examined in
detail the position of auditors and their vital role towards ensuring proper
accountability in the organization services on could rightly conclude that
without the auditors and the organization activities would be in confusion it
is because this invaluable role of the auditors that he is often described as
the watch day of public fund “the auditors is seen as the last hope of the
common man. By attesting that financial statement contain a true an fair view
the minds of the owner of the business and user of the financial statement are
relaxed. And also, this project work will be divided into five chapter.
TABLE
OF CONTENT
CHAPTER ONE
Introduction
1.1 Background of
study
1.2 Statement of the problem
1.3 Objective of the
Study
1.4 Research Hypothesis
1.5 Research
Question
1.6 Significance of the
Study
1.7 Scope of the
Study
1.8 Limitations of the
Study
1.9 Definition of Term
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CHAPTER TWO
Review of related
literature
2.1 An overview of auditors
operations
2.2 Distress and cause in
organization objective
in Nigeria
2.3 Causes of organization
distress
2.4 Role of organization in
Nigeria
CHAPTER THREE
3.0 Research
Methodology
3.1 Research
Design
3.2 Area of Study
3.3 Population of study
3.4 Sampling
Method
3.5 Research
Instrument
3.6 Validation and Reliability of
Instrument
3.7 Source of
Data
3.8 Analytical Techniques
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CHAPTER FOUR
4.1 Presentation Analysis of Data
4.2 Test of Hypothesis
CHAPTER FIVE
5.1 Findings
5.2
Conclusion
5.3 Recommendations
References
Appendix
CHAPTER
ONE
INTRODUCTION
Auditing as a tool for achieving organization objectives” has become the major
concern of the organization. In the country, auditing as we all know is the
independent examination and investigation of an organization.
The nature of audit work is being divided into three i.e. private, statutory,
and internal audit and each carry its own function based on the perspective
from which the auditors operates. Chapter of this term paper deals with auditor
type (internal and external auditor) and their objective, problem, scope and
limitation, functions and qualities, of each in a company organization they are
operating on.
Stages of development in an organization and their measure of internal control
used in the organization in order to check fraud and misappropriation of funds.
The internal control questionnaire and standard audit program are treated in
chapter three. Chapter four deals with the important of audit summary and some
recommendation which are very importance to the development and efficient control
of an organization.
Furthermore, the evaluation performance of auditing as a whole is usually based
purely on analysis of financial accounting data exclusively.
One obvious reason for this occurrence is the lack of agreement on a
reliability tool for measurement of performance of auditing, other than with
the sue of accounting data.
Recently, many have contented that in order to appraise the value of auditing,
calculating must be made in addition to those prepare for financial ratio analysis.
It is in the content that the auditing audit started.
1.1
BACK GROUND OF STUDY.
According to Cluip
Development Paul F. (1970) his book title auditing principle and practice: historical
beliefs that records keeping in the near east began to establish organization,
government was concerned with accounting for receipt and disbursement and
collecting taxes. Some part of this concerned were establishing control.
Including audit to reduce error and frauds on the part of dishonest official.
Some forms of internal control are describe in the Bible, specially, the bible
tell us that of dual custody of asset the need for honest employers and
segregation of duties.
The emergence of
joint stock company forms of business organization led to the practice of deleting
business organization to some of the directors concerning the number of owners
of such a business from then. It was to practice effectively in their
organization.
The directors needs
to keep records and to prepared periodic statement of account but to show the
entire body or members, in addition, it become sinegua non for the stock
holders to assure them solves that the financial statement presented to them
were reliable, creditable and reflect the true position of things in the
company. It was at this point and for this purpose that proactive developed the
appointment of auditors whose duty is to finalized the financial statement of
the directors and reports to their show-holders .at first, auditors were
appointed from among the share-holder but as accounting it become their
complies it become necessary to have person who will be responsible for books
keeping who will be accounting to under take the job and also the
responsibility of auditing. Presently the account of limited companies as well
as government owned establishment must be audited only person who were
qualities chartered accountants.
1.2
STATEMENT OF THE PROBLEM.
By means of the study
of auditing, not only can the presentation
of an organization financial position and transaction be assured but also the
overall method of business organization and administration can be appreciated
and assimilated through the investigation, the implementation of the most
effective method of management an organization are made possible. The
performance of an external audit services the auditors must think beyond the
interest of his clients and be concerned with the interest of the thirds
parties, often unknown, who will be relying on the financial statement he
signs.
The following can damage the
independent of an auditors.
(a)
Close personal relationship with the client official or Employees.
(b)
Financial involvement with or in the affaire of a client
(c)
Disclosing information gathered during his audit to the third party.
1.3 OBJECTIVE
OF THE STUDY
In some organization,
auditing at times see no good reason for bothering with an audit of auditing it
self, such organizations auditing may fall that the staff is doing best, so
that an audit can’t help.
In some cases suggestions
that the auditing audit be performed regularly would be regarded as insulting
by those incharge. Infact, some managers, top, middle and low, have been
out spoken against all attempts to evaluate their activities and those of their
fellow staff member they have insisted that such appraised implies a lack of
faith on the part of interested parties, internal and external is an insult to
their professional competence.
The above views
cannot be justifies today as auditing of financial phase a business or agency.
(1)
To allow the main purpose which auditors are made up of.
(2) To make profit at the
and of their mission.
(3) To promote the auditing
sectors in the country.
(4)
To produce good financial report and render services to the public.
1.4
RESAERCH HYPOTHESIS
a)
If organization regularly carry out well planned and adequately executed audit,
the effectiveness of using it as a tool for improving auditing efficiency will
be made manifest (Ho).
b)
If organization regularly carry out well planned
Hypothesis One
Ho: Audit is not a tool of at
achieving organizational objective.
H1:
Audit is a tool of at achieving organizational objective relevant.
Is
audit a tool of achieving organizational objective.
Hypothesis
Two
Ho:
That the Company’s Financial auditing ability in relation of the achievement of
the cooperate goals and objective of the organization is not adequate.
H1:
The company’s financial auditing ability is relation to the achievement of the
corporate goal and objective of the organizational is adequate.
Hypothesis
Three
Ho:
Audit personnel of Innoson limited are not given the necessary corporation by
auditing and staff.
Ho:
Audit personnel of Innonson Limited are given the necessary cooperation by
auditing and staff.
The relevant research question is audit
personnel. It Innoson Limited give the necessary co-operation by auditing
and adequately executed auditing, the effectiveness of using it as a tool for
improving auditing efficiency will not be made manifest
(H1).
1.5
RESEARCH QUESTIONS
To enable the
research test if there is any correction between revenue generation and it
impact on Enugu State Economy especially with respect to that of Enugu East
Local government Area Sole Statistical Model will be used based on the response
of the later interview carried out and the question data gathered will be used
to test the hypothesis.
1.6
SIGNIFICANT OF THE STUDY
Hitherto, the
evaluation of the auditing performance, has been usually based on an analysis
of financial accounting data. Furthermore, there is lack of
agreement on a reliable tool for the evaluation of the auditing performance and
the level of efficiency.
This study therefore,
may be of special importance in the following interest groups who may find the
research beneficial.
1.
The auditing itself, who make the organization decision and policies.
2. The stockholder
and other interested potential investor.
3. Financial analysis
4.
For the auditing, staff and the country’s economy as a whole for interested
parties both internal and external.
5.
The general public who have right to be informed of the activities of any such
organization. Implementation of the research findings would help in
recognizing more, and appelling tool for improving auditing efficiency.
1.7
SCOPE OF THE STUDY
This research work is
designed to cover all issues involved in auditing audit, which is group under
two broad areas, namely:
1.
Auditing function auditing, which evaluation of the fields of planning,
organizing, staffing, directing and controlling.
2.
Auditing decision audit dealing with the quality of decisions in the area of
corporate and long range planning marketing, operations, personnel, accounting
and finance.
1.8
DEFINITION OF TERMS
(i)
An Auditor: This is define as the independence examiner who has been
invited to examine the evidence, or written from which the financial statement
have been prepared and whether the view itself reflect truly, and years and
financial of the business in the balance sheet date.
(ii)
Appraised: It means to estimate the value or quantity of the auditing
audit.
(iii)
Investors: They are prospective business, that are financial balance with
the intension to promote financial ability of a company.
(iv)
Auditing Audit: It is also know operations audit, it serves as a yard
stick for measuring the ability of the auditing and to determine the objectives
of the organization.
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