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CHALLENGES OF INTERNAL AUDITING
CHAPTER ONE
1.0 INTRODUCTION
1.1 BRIEF
OVERVIEW OF THE SUBJECT OF STUDY
It
is generally agreed that finance is the main stay of any economy, be it public
or private sector. It is equally true that no meaningful development could be
achieved without finance and proper management, as a result of this, many
organizations establishes difference systems of control or ensure smooth
running of their business of which internal auditing is an integral part.
Basically, internal auditing ensures that all
activities of the organization are carried out by employees according to laid
down procedures.
The introduction of new technologies e.g. the invention of computerized audit system which
posed challenges to the internal audit staff and their work, the update of
their knowledge to meet with these challenges in the face of manipulation of
these to perpetrate fraud is desirable. Moreso, the requirement of new auditing
standards will make the staff of internal audit to update their knowledge and
adjust to the current practice.
Auditing as a key factor in controlling every kind
of organization with financial and economic aspect serves as a sort of checks
and balances in the financial and administrative procedure of any
organizational setup. Apart from explaining the concept of auditing and it’s
operations, emphasized is laid on the
problem areas in the account of governance, accounts maintained by the government and procedures involved in auditing
government accounts.
The need for maintaining and adequate, effective
and efficient internal audit system,
therefore cannot be over emphasized especially in days like these when Nigeria economy is with effort in
ensuring that wastage, pilferage, misappropriation and checked or avoided and
to ensure that asset are being secured.
1.2 STATEMENT
OF THE PROBLEM
i. often management of public sector and
internal audit department function are seen as contradictory rather then
complementary.
ii. Internal
audit department which is set up to ensure adherence to management policy may
not achieve their main objective because of interference and undue influence by
top management.
iii.
That the internal audit adequately
equipped with.
iv.
That better and well-trained
professional should be employed for efficiency and effectiveness.
1.3 OBJECTIVE
OF THE STUDY
i. To
identify the problems in internal audit department of public sectors.
ii. Finding
ways of improving on the internal audit of public sector.
iii.
To explain the meaning and
significance of internal audit as an aid to public sector.
iv.
Assist other researcher to obtain
useful information that will serve as input for further research work.
1.4 RESEARCH
OF HYPOTHESIS
Considering
the problem definition of this study and it’s objectives. The following
hypothesis are developed to be tested in this project.
Hi:
Internal audit is of importance to aid management of public sector
performances.
Ho:
Internal audit is not importance to aid management of public sector
performances.
1.5 RESEARCH
QUESTIONS
The
following research questions are used as a guide to collect information.
i.
How is the account of state ministry
being audited?
ii.
What are the procedures involved in
caring out audit of the state ministry?
iii.
What are the problems being
encountered by the auditors in auditory state ministry?
iv.
Is there any laws binding the auditing
of account of the state ministry?
1.6 SIGNIFICANCE
OF THE STUDY
The
significance of this study is to enable the researcher to know:
a.
If internal audit within an
organization is effective for internal control system.
b.
Whether internal audit in public
sector organization complies with sector management policies, law and
regulation.
c.
If internal audit in public sector
organization will help to defect minimization fraud in an organization (State
Ministry).
d.
Some procedures, techniques add
principles involve in auditor government parastatals.
1.7 DEFINITION
OF TERMS
In
the course of writing this project, there are some technical terms used that
needs to be understood very well before a project can have a good meaning to
the reader, these terms include the followings:
AUDIT:
Is the independent examination of the financial statement of an enterprise and
the expression of an opinion of such financial statement by an appointed auditors
as to whether it shows true and fair view of the state of affairs of the
enterprises in accordance with the terms of his agreement, the observation of
statutory regulation and professional requirement.
AUDIT REPORT:
Generally refers to any written report by an auditor in accordance with the
term of his appointment. It is an medium through which are auditor expresses
his opinion.
INTERNAL CONTROL SYSTEM: A
system within an organization designed to provide reasonable checks regarding
the achievement of the organizational objective.
IRREGULARITY: Is
the intentional distortion of financial records and report for what ever
purpose.
FRAUD: The
use of deception to obtain an unjust or illegal financial advantage.
ERROR: Unintentional
misstatement in or omissions of amounts or disclosures from an entity’s
accounting records or financial statements.
ILLEGAL ACTS: Refers
to any act that is contrary to law.
PUBLIC SECTOR: Is
all organization, which are established, being operated and controlled by the
government on behalf of the public.
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