THE IMPACT OF INTERNAL AUDIT IN STATE MINISTRIES AND EXTRA- MINISTERIAL DEPARTMENTS (A CASE STUDY OF THE OFFICE OF THE ACCOUNTANT-GENERAL)
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THE IMPACT OF
INTERNAL AUDIT IN STATE MINISTRIES AND EXTRA- MINISTERIAL DEPARTMENTS
(A CASE STUDY OF THE
OFFICE OF THE ACCOUNTANT-GENERAL)
ABSTRACT
This paper, assess the impact of
internal Audit in state ministries and Extra-Ministerial Department (a case
study of the Accountant-General of Enugu State). The methodology employed for
data collection is only primary source, which involved the use of questionnaires,
in which 40 questionnaires were administered to the staff of Accounting and
internal audit department of the office of the Accountant –General of Enugu
State, out of which only 36were returned. The data generated for the study were
interpreted using simple percentage. The main findings of the study include
among others; lack of proper independent exercise by the internal audit, poor
understaffing in the side of internal audit unit, the internal control system
is very weak toward financial and other controls and also non adherence
by the auditors on general auditing standards. The paper recommends that
internal auditors should exercise the degree of independency on various
departments within the organization in performing their duties, the internal
control system should be efficient in such a way that it will prevent any act
of financial crime and detection of fraud and state government should
established a scheme for internal auditors training from time to time
because it will enhance their operational capacities and skills in
administering the internal control system by way of attending
professional seminars, workshop and symposium.
TABLE OF CONTENTS
CHAPTER ONE:
INTRODUCTION
1.1
Background of the
Study
1.2
Statement of the Problem
1.3
Objective of the Study
1.4
Hypotheses
1.5
Research Questions
1.6
Significance of the
study
1.7
Scope of the
study
1.8
Limitations of the study
Reference
CHAPTER TWO: RELATED
REVIEW OF LITERATURE
2.1
Introduction
2.2 The concept of the Internal
Auditing
2.3 Scope and Objective of Internal
Auditing
2.4 Duties of an Internal Auditor
2.5 The concept and Definitions
Internal Control System
2.6 Administrates and Extra-Ministerial
Audit departments
2.7 Reporting Relationship with
Accounting Officer
2.8 The need for Audit Quality Control
Measure
2.9 Principal functions of Internal
Audit
2.10 Importance of Internal Audit
Department
2.11 Problems encountered by the
Internal Auditors
2.12 Summary of related review of
literature
References
CHAPTER THREE:
METHODOLOGY
3.1 Research Design
3.2 Area of the Study
3.3 Population of the study
3.4 Sampling
Method
3.5 Research Instrumentation
3.6 Validity and reliability of
Research Instrument
3.7 Sources of
Data
3.8 Analytical Technique
References
CHAPTER
FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1 Presentation and analysis of Data
4.2 Test of
Hypothesis
References
CHAPTER FIVE: SUMMARY OF FINDINGS
CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings
5.2
Conclusion
5.3 Recommendation
References
Appendix I
Appendix II
LIST OF TABLES
Table 4.1: The table showing how long
the staff have worked we the Audit Department.
Table 4.2: The inadequately of the
independence provided for the Audit department.
Table 4.3: Excessive control of audit
department staff Strength.
Table 4.4: Problem in relation to the
Audit Department staff strength.
Table 4.5 Effectiveness of the
state ministries and Extra- Ministerial internal control system.
Table 4.6: Hypothesis on the
appropriateness of the ICS of the state Ministries Extra Ministerial
Department.
Table 4.7: The effect of pressure on
the internal Auditors
Table 4.6: Excessive control of budget
by government officials.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
The Auditor is regarded as the eyes and
ears of the financial statements of an Organization. The auditor, shareholders
and directors have a tripartite relationship in an organization. The
shareholders are the owners of the enterprise, the directors are employed by
the shareholders to manage the business while the auditors are appointed by the
shareholders to act as check and balances for the purpose of giving them a true
and fair view of the organizational financial report.
However, the role of
auditors is to conscientiously and objectively examine inquiring into any
financial statements and other documents in order to assertion an opinion. It
is the auditor’s duty to consider whether the information given in the
director’s report in respect of the year for which the accounts are prepared is
consistent with those accounts.
STATEMENT OF THE PROBLEM
There are bound to be problems in the
presentation of accounting Information. Specifically, these problems are as
follows;
1.
Audit department in the state ministries and extra- ministerial departments is
subjected to pressure from within and outside the enterprise.
2.
Inadequate trained personnel posed to technical skills to meet challenges in
the public sector.
3.
Lack of proper audit planning, process and the generally accepted audit
procedure as the base for audit test.
4. Poor internal
control system.
5. Lack of audit
quality control measures.
1.2
OBJECTIVE OF THE STUDY
The purpose of this study includes;
1.
To determine to what extent the state ministries lack trained personnel to meet
up with challenges.
2.
To find out if the internal/audit department is subject to pressure from within
and outside the enterprise.
3.
The usefulness of proper audit planning, process and the generally accepted
audit procedure.
4.
If there is need for internal control system and its impact on the state
ministries departments.
5.
To find out the impact of the internal audit department on the state
extra-ministerial departments.
1.3
RESEARCH HYPOTHESIS
For the purpose of handling this thesis
effectively, the null hypotheses have been empirically tested on the impact of
internal audit on state miniseries and extra-ministerial department
Ho:
The present Internal Control System in state ministries
is not appropriate in
present world of technology.
HI:
The present internal control system in state ministries is appropriate in
present world of technology.
Ho:
Pressure from within and outside the audit department has negative impact on
the internal auditors.
H2:
Pressure from within and outside the audit departments has positive impact on
the internal auditors.
H1:
There is excessive no control of budget by government officials.
H2:
There is excessive control of budget by government
officials.
RESEARCH
QUESTIONS
In order to adequately address the
problems already stated, the following research questions were formulated to
ensure clarity.
1.
Does the audit department in practice subject to excessive control by
government officials?
2.
How effective is the state ministries and extra-ministerial internal control
system?
3.
Does the pressure from within and outside the audit department affect the
internal audit performance?
4.
Do the ministries lack trained personnel?
1.4
SIGNIFICANCE OF THE STUDY
This work will find application to the
public sector as it out lay the functions and the responsibilities of the
internal audit towards effective and efficient objectives of the sector.
The study will also find application in higher institutions and libraries as it
will contribute to stock of knowledge.
1.5
THE SCOPE OF THE STUDY
The scope of this thesis is on the
impact of the internal audit through the Internal control system, the quality
control measures and the audit programme on the state ministries and
extra-ministerial departments.
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