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INTERNAL AUDIT: A
TOOL FOR CONTROLLING FINANCE IN NIGERIA LOCAL GOVERNMENT
ABSTRACT
This
study is motivated by a desire to examine the determinants of disclosure of
environmental audit report in annual reports and accounts. A sample of 100
companies listed in the Nigerian Stock Exchange was selected as the sample size
covering the period of one year (2009) financial year. In light of the
empirical review and other discussions, a number of questions arose as to
whether leverage, profitability, or company size exerts a positive influence on
firm’s decision to voluntarily disclose environmental audit report. Using the
Ordinary Least Square (OLS) regression technique with the aid of a computer
software E-view 7.0, the empirical findings revealed among other things that,
leverage, profitability, and company size exerts a positive influence on firm’s
decision to voluntarily disclose environmental audit report. We recommend among
other things that, Environmental auditors working as consultants, in industry,
and in government must continue to educate clients as to what various types of
environmental auditing are and are not, and what they can and cannot do for the
client.
TABLE OF CONTENTS
CHAPTER
ONE: INTRODUCTION
1.1
Background to the Study
1.2
Statement of Research
Problem
1.4
Objectives of the Study
1.5
Hypothesis of the
Study
1.5
Scope of the
Study
1.6
Significance of Study
1.7
Limitations of the
Study
References
CHAPTER TWO:
LITERATURE REVIEW
2.1
Introduction
2.2
Review of Empirical Work on Environmental Auditing
2.3
Conclusion
References
CHAPTER THREE:
METHODOLOGY
3.1
Introduction
3.2
Research Design
3.3
Population and Sample
3.4
Data Collection Method and Measurement of Variables
3.5 Sources of Data
3.6 The
Research Instrument
3.7
Data Analysis Techniques: (Binary Logistic Regression
Models)
3.8 Model
Specification
chapter
four: data presentation and analysis
4.1
Introduction
4.2
Data
Description
4.3
Binary Regression
Results
4.4
Discussion of Regression Result
4.5
Test of Hypotheses
CHAPTER
FIVE: SUMMARY OF
FINDINGS, RECOMMENDATIONS AND CONCLUSION
5.1
Introduction
5.2
Summary of Findings
5.3
Recommendations
5.4
Conclusion
References
Appendix
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND TO THE STUDY
An audit refers to
“the activity, which involves the collection and evaluation of evidence about
the performance and position of an entity with a view to forming an opinion on
the quality of that performance and position as measured by established
criteria” Oladipupo (2005).
Okolo (1988) defines
an audit as “a conscientious and objective examination of and inquiry into, any
statement of account relating to money or money worth, the underlying documents
and the physical assets where possible as it will enable the auditor to form an
opinion as to whether or not the statement of account present a true and fair
view of whatever it purports to represent, and to report accordingly”.
Auditing itself is
defined by Meigs et al, (1982) as an examination or investigation by
independent public accountant of a set of financial statements, and the
accounting records and other supporting evidence both within and outside
client’s business. Auditors roles are being regulated by legislations,
standards, case laws, rules and regulations, professional ethics and other
factors. They ensure proper accountability and transparency in financial
reporting by directors so that they will not just run the business to collapse
by manipulating the financial statements to look interesting.
Izedonmi (2000), defined an Audit as
“the examination of the financial statements prepared by management of an
enterprise so as to enable the auditor to express a professional opinion as to
whether or not such financial statements present the true and fair view of the
company”.
The proper
administration of any organization is solely dependent in the management which
sees to the effective and efficient utilization of the limited resources
available to it through proper planning controls to ensure the realization of
corporate objectives. Managers therefore need to be made aware of the need for
effective and efficient auditing and accountability in the corporate
organizations.
There is no doubt
that auditing within public sector has increased in profile during the past
decade. This is mainly due to increased pressures placed on organizations due
to the restrictions on funds and the need to ensure good value for money exists
within organizations.
The internal audit
has always been viewed as an integral part of government financial management
and increasingly as an instrument for improving the performance of the public
sector. Auditing and Accounting covers a broad range of activities which have
different objectives. Traditionally, it has been a mechanism for assuming the
government or its ministries (Internal Audit) and the legislature (External
Audit), that public funds are received and spent in compliance with
appropriations and other relevant law that the government’s reported use of
funds fairly and accurately represents its financial position (Financial Audit)
IMF (2002).
While internal audit
and external audit face similar issues, generally more attention has been paid
to the functions of the latter. In OECD (Organistation for Economic Cooperation
and Development) countries and other developing economics like Nigeria, the
demand for improved accountability and greater transparency in the public
sector has resulted in a call for more information about government programmes
and services OECD (1999), INTOSAI (1995).
The increased
emphasis on accountability and improving the Nigerian public sector performance
has caused managers to protect themselves by improved IAF (Internal Audit
Functions), accountability and procedures that will provide them some minimal
assurances of meeting public demands and avoiding adverse audit reports.
Internal audit is a managerial tool which function by examining,
evaluating and reporting on the adequacy of internal control are contribution
to the proper economic, efficient and effective use of resources within an
organization, (Oladipupo, 2005).
The growth of the
public sector calls for proper accounts or record keeping and according to
Johnson (1992), the nature of public sector accounting is quite different from
that adopted by the private sector. Accountability is traditionally concerned
about ensuring effective and efficient use of state resources (Odesoni, 1992).
Accounting officers
are ultimately held accountable for the design and implementation of a fraud
prevention strategy and plan. The success of such plan will require and
acceptance and commitment by all role player in both private and public sector.
Every official need to be held accountable for activities/assets under his/her
control. It must be further emphasized that an understanding of overall
internal audit functions and accountability in relation to fraud risk in public
is critical to the success of a fraud prevention plan.
In the light of this,
the researcher intends to investigate the impact of internal audit in
controlling finance in Nigeria Local Government.
1.2
PROBLEM OF THE STUDY
Internal audit function is an integral part of the finance structure in the
Nigerian public organization. A constant complaint in the sector is that there
is a gap between internal audit in the public sector. Public fund are not also
spent in compliance with appropriations and other relevant laws and that the
governments reported use of fund does not represents its financial position due
to fraudulent practices.
There is lack of
accountability in Nigerian public sector because accounting officers are not
held accountable for activities/assets under their control.
Management hierarchy
has also been a factor that militates against the smooth running of government
organization sector, due to overbearing influences of top managers and has
resulted independency lack of transparency in government establishments.
Against this
backdrop, the following researcher questions are raised:
1.
Has auditing served as an effective tool towards the minimization of financial
impropriety in local government council?
2.
Is the internal audit department responsible for the control of government
finance at the local government council?
3.
Is the report of the auditors being given recognition and the work being
carried out by qualified and sufficiently independent auditors?
1.3
OBJECTIVES OF THE STUDY
The objective of this
study is to examine the impact of internal audit in controlling finance in the
Nigeria local government.
The specific
objectives are:
1.
To investigate if internal auditing served as an effective tool towards the
minimization of financial impropriety in local government council.
2.
To find out whether internal audit department responsible for the control of
government finance at the local government council.
3.
To verify if the report of the auditors being given recognition and the work
being carried out by qualified and sufficiently independent auditors.
1.4
RESEARCH HYPOTHESES
The following
hypotheses shall be tested in this study
Hypothesis I
Ho:
Internal auditing has not served as an effective tool towards the minimization
of financial impropriety in local government council.
H1:
Internal auditing has served as an effective tool towards the minimization of
financial impropriety in local government council.
Hypothesis
II
Ho:
Internal audit department is not responsible for the control of government
finance at the local government council.
H1:
Internal audit department is responsible for the control of government finance
at the local government council
Hypothesis
III
Ho: The
report of the auditors has not being given recognition and the work being
carried out by qualified and sufficiently independent auditors.
H1: The
report of the auditors has being given recognition and the work being carried
out by qualified and sufficiently independent auditors.
1.5
SCOPE OF THE STUDY
This research work is
an empirical study on impact of internal audit in controlling finance in the
Nigeria local government. The population of the study is the local government
councils in Nigeria, while the sample is restricted to the staff of Estako
Central Local Governmental Council of Edo State.
This study will
involve assessing the impact of internal audit in controlling finance in the
Nigeria local government.
1.6
SIGNIFICANCE OF THE STUDY
This
research work on its conclusion, together with whatever solution or findings
that may arise, will prove useful to some particular group of persons or
otherwise for various reasons in accordance with their varying needs.
Beneficiaries
-
Stakeholders: This study will be important and beneficial to
stakeholders to know the impact of internal audit in controlling finance in the
Nigeria local government.
-
The Government: It will acquaint the government of the importance of
internal audit and how it should be managed.
-
The public: This study will help to restore the lost confidence of the
public as regard internal audit in controlling finance in the Nigeria local
government.
-
Academic/future researcher: Both academic and other future researchers
in this similar subject matter will find it a useful source of learning and
research.
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