THE EFFECTIVENESS OF INTERNAL AUDIT AS A FOOT FOR ORGANIZATION PERFORMANCE

TABLE OF CONTENTS
Title
Certification
Dedication
Acknowledgements
Abstract
Table of Contents
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Question
1.5 Statement of Hypothesis
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitation
References

 

CHAPTER TWO: REVIEW OF RELATED LITERATURE 11
2.2 Internal Audit Effective Area
2.3 How to Introduced Internal Audit to Business
2.4 Objective and Purpose Of Internal Audit
2.5 Internal Auditor Responsibility
2.6 Scope of Auditing Standards and Guideline
2.7 Comparison Between Internal Audit And External Audit
2.8 Limitation of Effectiveness of Internal Controls
References
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design
3.2 Identification of Population and Determination
of Sample Size
3.3 Selection of Sample
3.4 Validity
3.6 Questionnaire Administration
3.7 Questionnaire Analysis
3.8 Data Analysis and Interpretation
3.9 Limitation of the Study Methodology
References
CHAPTER FOUR
4.1 Analysis and Discussion
4.2 Test of Hypothesis
References
CHAPTER FIVE
5.0 Introduction
5.1 Summary of the Study
5.2 Conclusion
5.3 Recommendations
References
Bibliography
Appendix
Questionnaire

CHAPTER ONE
INTRODUCTION
INTERNAL AUDIT ACTIVITY CHAPTER. The institute of in addition the internal audit activity will adhere to organization relevant policies regarding the performance evaluation appointment or removal of the chief audit monitoring and evaluating the effectiveness of the organization risk.
The effectiveness of internal audit in central government nation. Performance improvement good practice advice costs government around effective delivery internal audit costs government around
$70million each year but or substantial value to their organization they that concern over internal auditing in a charging management culture: many had set up performance target for measurable part of the audit this organization changes have meant for internal audit know which were among the most effective internal audit group.
Characteristics of a high functioning internal audit organizations Aligning internal audit contribution with strategic objective 2 conducting performance measurement and reporting on what really contribution to internal audit organization. Aligning internal auditing contribution to internal audit effectiveness.
New strategies and best practice in internal audit .i.e. Organization with a process improvement focus ink internal audit disciplines with the organization that influence organization result and performance over this risk adequate and effective.
Global internal audit survey 2012:. Stakeholder wants the standard for an effectiveness internal audit function has been raised and the need to elevates to performance to meet the always increasing truly effective an organization must integrate audit into your risk management perspective. internal audit can be transformed into an operational governance tool disciplined approach to evaluate and improve the effectiveness to risk management control organization performance in.
The critical role of auditing continuous improvement to be effective. The audit process must be properly managed standards for expected performance should be generated internally by the organization through to keep that one in his shirt pocket so he would not shoot himself in the foot.
Field Work Standard Performance Audit: performance audit performed in accordance with GAGA chapter 1 Through 3-b internal control as it relates to the specific objective and scope to the audit producers to evaluate the effectiveness of significant.
AFMD Naval Audit Service Effectiveness of Navy internal: we found that the effectiveness of navy’s internal audit organization has been limited serious deficiency in each of its four regional offices to asset assess performance in areas such as supervision.
1.1 BACKGROUND OF THE STUDY
The company chosen as the case study, which is foot for organization performance and lumbady construction company was chosen to the auditing has played in its stability in activities progress expansion since its inception. Its head office is at plot Adejanju-Daniel street Awodi Ora, Apapa Lagos.
Foot for organization performance was incorporate in 1969. The company is presently operating on different kinds of construction i e. building road e t c. it has its office at Abuja, Lagos and other place where project are being awarded.
Foot for organization performance prove very innovative, with this successful background a proper accounting system strong internal central system was set up for proper stewardship reporting. Auditing plays a very essential role in the successful outing of the organization. This stability in the accounting system likewise. Auditing has help to prevent fraud and irregularities in the company’s existence, there has not been or record of any major fraudulent act, due to strong internal control and audit report, the management has been able to force by improved conditions of service base on profitability. This has enable the company for expansion.
1.2 STATEMENT OF THE PROBLEM
The controversy of internal audit in a construction industry created a distinct role and function to the organization as a whole but due to its importance there is non recognition of internal audit department which as a result of non independence of internal auditor on the internal audit procedure and conclusion more due to the fact that auditor does not have enough independence the management deliberately refused to supply inter information to them.

Likewise this effect of the attitude of the staff towards the internal audit leads to unavailability of adequate accounting system in company accounting that is the non auditing personal feed that a way to hinder the audit work and make him have asses to few evidence and information is by operating adequate accounting system.
Also the use of unqualified audit staff leading to poor audit execution in the audit process in conclusion, the effect of internal auditing in internal control to the organization can be determined by the kind of skill used by the internal auditor.
1.3 OBJECTIVE OF THE STUDY.
The purpose of this is to safeguard the organization’s asset and property.
Also it is to evaluate the deterministic factor of skill required of an internal auditor.
Moreover it also help in examining the effect of management interference into fraud in the organization. Likewise assist assessing the effects non-independence of internal auditor in internal audit procedure and conclusion in the organization finally, it helps to solve conflict of internal that is ensure that the control set up by management are not exceed by the authorities.
1.4 RESEARCH QUESTION
1. How an audit bring about proper accountability of stewardship
2. How does refusal to reveal some information hinder the audit work
3. When does a company need internal audit department
4. How does High labour turnover affect auditing
5. How does auditing helps in solving problem of poor accounting records
6. How does malpractice by both management and other staff occurred
7. What causes labour turnover mostly in auditing department and the entire organization as a who.
8. Why does an organization work force deliberately refuse to release vital information to audit department
9. What is the effect of management interference in internal audit function
10. What are inconsistent accounting schedules and how do they affect auditing
11. How can maximum co – operation recorded on internal control system by the internal auditor and the external auditor
12. when does internal system become infective and outdated in an organization?
13. What are the duties of internal auditor in your organization?
14. Do external auditor rely on the report of internal auditor?
15. How can internal audit be improved in your organization?
16. Has audited company account contributed to be improvement of the company stability?
17. How often does fraud occurred in your organization?
18. How effective is audit department in detection of fraud and error in an organization?
19. what are likely causes of fraud in your organization
20. How can fraud be checked.
1.5 STATEMENT OF HYPOTHESIS
To enable the success of this research work the following hypothesis have been postulated and tested

 

HYPOTEHSIS I
Ho That there is no proper internal audit setup in construction industries
Hi That there is proper internal audit setup in construction industries
HYPOTHESIS II
Ho: There is frequent mismanagement of the organization fund and asset
Hi: That there is no mismanagement of the organization fund and asset
HYPOTESIS III
Ho: That there is abuse of authority in construction industry
Hi: that there is no abuse of authority in construction industry.
1.6 SIGNIFICANCE OF THE STUDY
The significance of the research work is to evaluate the deterministic factor of skill required of an internal auditor.
Moreover it also help in examining the effect of management interference into fraud in the organization. Likewise assist assessing the effects non-independence of internal auditor in internal audit procedure and conclusion in the organization finally, it helps to solve conflict of internal that is ensure that the control set up by management are not exceed by the authorities.
1.7 SCOPE OF THE STUDY
The purpose of this project is to determine how internal audit is applicable in various organization both in public and private comprises.
Therefore, the work of this project will include the importance and uses of internal audit in all organization especially in construction company which is our main focus.
1.8 LIMITATION.
There is however some constraints to the research work, the includes.
1 Time Factor: Considering both time factor, which will be needed in completing this project, it is limited considering the needs to attend lecture in the class and preparation for the test and examination it is evidence that the time in writing this project is short
2 Information: In gathering information for this project work for the case study and other source, the managers to contract are always busy and we therefore not generally ready to attend to ones need.

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