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THE EFFECT OF INTERNAL CONTROL AUDIT IN THE PUBLIC
SECTOR
CHAPTER ONE
1.0 INTRODUCTION
Auditing is an independent checking, investigation,
examination and expression of the books of accounts and vouchers of a business
enterprise with a view to enable the appointed auditor to report whether the
trading, prodit and loss accounts and balance sheet are properly drawn up so as
to show a true and fair view of the state of affairs and the profit or loss of
the business according to the best information and explanation obtained by the
auditor and that they comply with the laid down rules and regulations of the
statement of standard acccounting product (SSAP) and other statutory
regulations.
Internal control system: This can be described
acording to auditing guideline (AG 204) as “the whole system of controls,
financial and otherwise, established by the management in order to carry on the
business enterprise in an orderly and efficient manner, ensure adherence of
maangement policies, safeguard its assets and secure as this as possible the
completeness and acccuracy of records” therefore this involves both internal
check and audit.
Internal Check: This briefly refers to the method (techniques) of
organizing and arraning the entire operation of office, factory and enhousing
and the duties of respective staff so that risk of fraud, errors,
irregularities and mismanagment will almost be impossible without conclusion.
That is day-to-day transactions, segregation of duties and job performance in
an organization.
Internal Audit: This is refers to an independent appraisal of activities
within the organization of the check of certain operations as a service to the
maangement, therefore, it is the maangement control to functions by the means
of evaluating and measuring the
efficiency and effectiveness of other controls or checks. Meanwhile, the
internal audit will ensure that some specific routine work are carrryout by the
departments and that the laid down procedures
is adequately carry-out by all applicable areas as well as making
recommendations to the management.
1.1 BACKGROUND
OF THE STUDY
Auditing in its daily and primitive stage can in an
existence since 16th Century, start when the first relationship
began between those who provided capital and those who managed the business.
Moreover, the innovation of joint stock companies
has enormously widened the possiility of raising capital for industry. As a
result of the limited liability of the shareholders, it become possible to
offer shares for subcription to the public and thus, the availability of
capital to both industry and commence. “Stewardship”
Meanwhile, under the company from of business
enterprises, the shareholders as a person, delegate the management of the
enterprise to the board of directors and practically, the board submits to the
shareholders the account of the enterprise so that its members may see a trur
and fair view of the financial position and the profit and loss undertaking.
Thus, in 19th century, the greatly arose aneed by the shareholders as a body to appoint
an auditor that will help in the presentation of statutory financial statement
of the board of directors in order to show true and fair view of the financial
position of the company.
However, in 20th century, mandatory
provision as requirement made for the audit to limited liability accounts and
presentation of audit report to numbers by the company acts in Nigeria have
company or companies and Allied Matters Act (CAMA) 1990.
1.2 STATEMENT
OF THE PROBLEM
This study is basically concerned with discussing
and appraising an assessment of effective internal audit and control in the
public sector. And also how to answers some related questions like;
-
How has the
effective internal audit and control
affected the public sector over some years?
-
How Does the
effective system of internal audit control affect management policies towards
records keeping, risk of fraud and errors, mismanagement, job functions and
proper coordination.
-
How does the
system take care of vouchers, payable, bank reconciliation statement and
prevention of overpayment as well as
1.3.1
OBJECTIVES OF THE STUDY
1.
To clearly
demonstrate the impact effective internal control and audit in the public
sector.
2.
To clearly and
effectively specify the adequate control and mnaagement mechanisms to put in place in the public sector.
3.
To indicate the
performance scope of internal control and audit in the public sector towards
quality of financial information, organization’s growth, improving it
efficiency at the costs lower as possible improvement of social environment.
4.
To clearly
explain the system audit general description as to executive a continual
analysis of a central authority. And organization’s reporting monitoring team
thus the management.
5.
To make possible
contribution to human knowledge as well as reduction or prevention in
management, risk of fraud, irregularities and errors.
1.4 RESEARCH
HYPOTHESIS
The main aim of public sector is for public utility
(satisfaction) while internal cotrol and audit is for maintennace and keeping
of accurate, complete and valid financial records and transaction daily as well
as safeguard of assets in order to prevent and eliminate errors and fraud.
Therefore public sector, particularly corporate affairs commision (CAMA)
meanwhile, the following hypothesis will be tested in the course of the study.
Null Hypothesis (Ho): the accuracy, completeness and validity of
financial records and maintenance, safeguard and custody of assets of an
organization as well as the elimination and prevention of fraud, errors,
irregularities and mismanagement do not tally with the efficiency and
effectivenes of effective internal audit and control in the public sector.
Positive Hypothesis
(H1): The accuracy,
completeness and validity of financial records and maintenance, safeguard and
custody of assets of an enterprise as well as the elimination and prevention of
fraud, errors, irregularities and mismanagement do not tally with the
efficiency and effectivenes of effective internal audit and control in the
public sector.
1.5 SIGNIFICANCE
OF THE STUDY
The significance of this research study is to fish
out the efficiency and usefulness of strict adherence of the effective internal
control and audit towards public sector in Nigeria
i.
The effective
management policies towards the maintenance, safeguard and custody of assets in
public sector.
ii.
The strict
mnagement policiies towards day to day transactions (activities), records as
the salaries and wages of the commission in order to prevent and eliminate the
risk of fraud errors, irregulaties and mismanagement in the public sector and
otherwise.
iii.
The need to
facilitate government interest towards the getting-up public sector or
corporation (enterprises) wihtout being punicky of fraud, errors,
irregularities and mismanagement in the public enterprises.
1.6 SCOPE
OF THE STUDY
The study is an assessment of effective internal
audit and control using corporate attain commision Kaduna
Meanwhile, the control on the assurance of
monitoring the registration fees, daily records and transactions, salaries and
wages that is the emolument of the employees as well as the maintenance,
safeguard and custofy of assets of the comission.
1.7 HISTORICAL
BACKGROUND OF THE CASE-STUDY
The corporate affairs commision (CAC) was
established and incorporated in nigeria by section 1. of CAMA 1990 as a acrognm
of companies and Allied matters act
19090 to replaced the former company registry. Before this Act, the company
registry was part of theministry of trade and commerce. Experience showed that
this arrangement was not effective since adequate time and funds were not
directed towards an essential area of the nation is economy like company
formation, registration, management and administration.
Moreover, the commission was established as a
corporate body, with perpetual succession and a common seal, capable name and
acquiring, holding and disposal of all moveable and immoveable for the purpose
of its function.
Meanwhile, the commission has its headquarters in
Abuja the federal capital terriroty (FCT) and branches or subsidaries spread
all over the federation according to section 1 (3) of CAMA 1990. The
decentralization of power no doubt reduces the handship an expense of reaching
the former company registry under the former framework.
1.8 DEFINITION
OF TERMS
Planning: this is the process of thining before activating.
It is the most basic management function, which involves selection from among
alternative duture worse of action in order to achieve a desirable goal.
Therefore, it is the function t etermine where we are and where we are intended
to be in accomplishing the organizational goal.
Policy: this is the general statement or understanding as
laid down principles, normo, ethics and guidelines and channel thinking in
decision making in an organization
towards its target goal.
Organization: this I sdefined as the according to henry Foyol as “providing a
business with everything necesssary or useful to its functions e.g. raw
materials, tools, equipment, money and men”.
Management: It can be defined is the efficient and effective
utilitization of human, social, political, economic and material resources for
the acomplanish of the set of goal in the organization.
Responsibility: This is an act of exercising authority or
influence to see that duties are performed.
Control: It is the ability of management to induce
subordinates to work towards group goal with confidence and kindness.
Accounting: is the atc of recording, classifying, selecting,
analyzing, interpreting and communicating the financial transactions of an
organization to induce or enable users to make financial assesment and decision.
Audit: It is an independent examination and expression of
opinion on the financial statement of organization by an appointed auditor in
accordance to the terms of his engagement and in compliance with any relevant
stutory obligation and profession requirements.
Examination: this means going into study of a particular idea
information and fuel in order to get the real thing in all.
Independency: This means having five mind or liberty (freedom)
in exercising one’s right without interference from outside. Therefore,
according to professional or accounting profession, it means atitude of mind
which is characterized by intergrity and objectivity.
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