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APPLICATION OF AN
ACCESSMENT OF EFFECTIVE INTERNAL CONTROL AND AUDIT IN PUBLIC SECTOR
ABSTRACT
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 €œthe 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. €œStewardship€
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
OBJECTIVES OF THE STUDY
To clearly demonstrate the impact effective internal control
and audit in the public sector.
To clearly and effectively specify the adequate control and
mnaagement mechanisms to put in place in
the public sector.
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.
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.
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 as it affect.
The effective management policies towards the maintenance,
safeguard and custody of assets in public sector.
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.
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 branch as case study. The study
restricted itself to the internal control and audit of the commission.
Therefore, it is based on the examinations and investigation of internal
control system and audit procedure in
order to ascertain the efficiency and effectiveness of management policies
towards fraud, error, irregularities and mismanagement prevention throughout
the year.
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 €œproviding 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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