THE CHALLENGES OF INTERNAL AUDIT FUNCTION-IN-THE-NIGERIAN-PUBLIC-SECTOR (A STUDY OF KADUNA STATE MINISTRY OF FINANCE)
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THE CHALLENGES OF INTERNAL AUDIT
FUNCTION-IN-THE-NIGERIAN-PUBLIC-SECTOR (A STUDY OF KADUNA STATE MINISTRY OF
FINANCE)
ABSTRACT
This
research work deals with the challenges of internal audit function in the
Nigerian public sector with reference to Kaduna state ministry of finance.
Internal auditing is a process generally adopted towards ensuring and
safeguarding of resources and promoting operational efficiency in organization.
The objective of this study has been to evaluate the internal control system in
the Nigerian public sectors, to ascertain the non- implementation of routine
audit report and the lack of proper segregation and assignment of duties. In
recent times, a combination of forces has led to a quiet revolution in the
profession. Government moving towards democracy must demonstrate accountability
in the use of public money and efficiency in the delivery of service. In many
cases internal control system are weak, staffs are poorly paid making them
unmotivated, coupled with non-implementation of routine audit report by
appropriate authorities. The Responses from staffs were analyzed using relevant
statistical tools from which three hypothesis were formulated and tested using
Z-test statistics, while questionnaire were analyzed in tabular form using
simple percentage. It was discovered that the internal audit is facing a lot of
challenges which includes inadequate staffing, lack of independence, lack of
facilities to carry out audit function and also poor funding. As a result of
some of these challenges the effectiveness of the internal audit in the
Nigerian public sectors, has been hindered as well as the organizational change
it can bring to its environment. I recommend that for internal audit to be
effective, it must be a completely independent group, adequately funded and
equipped with qualified internal auditors as well as sufficient opportunities
for internal auditors to become qualified.
TABLE OF CONTENTS
Approval
page ii
Certification
iii
Dedication
iv
Acknowledgment
v
Abstract vii
List of tables’
xi
CHAPTER ONE:
INTRODUCTION
1.1
Background of the study 4
1.2
Statement of the study 5
1.3
Statement of the objectives 6
1.4 Research
questions 6
1.5 Research
hypotheses 7
1.6
Significance of the study 8
1.7 Scope of
the study 9
1.8
Limitations of the study 9
1.9
Definition of terms 9
CHAPTER TWO:
REVIEW OF RELATED LITERATURE
2.1
Introduction 12
2.2
Organizational structure of ministry of finance 14
2.3
Definition of auditing 15
2.4 Types of
auditing 16
2.5 Meaning
of internal audits 17
2.6 Meaning
of internal control 18
2.7 Meaning
of internal check 20
2.8
Objective and purpose of internal audit 21
2.9
Qualities required of an auditor 23
2.10
Elements of internal audit 25
2.11 Scope
of internal audit 27
2.12 Duties
and responsibilities 28
2.13 Role of
internal audit in the Nigerian public sector 29
2.14
Challenges of internal audit 30
2.15 Factors
responsible for the problem of internal 32
CHAPTER
THREE: RESEARCH METHODLOGY
3.1 Research
design 34
3.2 Sources
of data 35
3.3 Area of
the study 36
3.4
Population of the study 36
3.5
Determination of population size 37
3.6
Reliability Test 39
3.7 Validity
test 39
3.8 Method
of data collection 39
3.9
Techniques for data analysis 40
CHAPTER
FOUR: PRESENTATION OF DATA, INTERPRETATION
AND ANALYSIS
OF DATA
4.1
Presentation of data 42
4.2 Test of
hypotheses 55
4.3
Discussion of findings 68
CHAPTER
FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary
of findings 70
5.2
Conclusion 71
5.3
Recommendations 71
Bibliography
73
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