THE EFFECT OF INTERNAL AUDIT ON THE PERFORMANCE OF PRIVATE FIRMS (A STUDY OF ANAMBRA MOTOR MANUFACTURING COMPANY)
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THE EFFECT OF INTERNAL AUDIT ON THE
PERFORMANCE OF PRIVATE FIRMS (A STUDY OF ANAMBRA MOTOR MANUFACTURING COMPANY)
CHAPTER ONE
INTRODUCTION
1.1.
Background of the Study
Internal
audit is a management tool used in ensuring transparency in conduct of
business. Auditing took the entire stage after the industrial revolution since
before this period, transactions increased, precipitated by the development of
large corporations, limited liability companies, there became the need for
divorce of ownership from control. Hence mangers and shareholders became two different
partners. Then it became apparent for mangers to render accounts of their
stewardship to those who has pooled their resources together for the business
.it is noteworthy that an independent person be appointed to represent the
interest of the shareholders in reviewing the report of mangers to ensure
accuracy and transparency. This is how auditing started.
We have two
types of sectors. Public and Private sectors. Public sector is the governments
initiate and control in economic activities with the aim of rendering services
at a breakeven point.
The private
sector is the private initiative aimed at profit/wealth maximization for the
owners Mill champ (1996) defines internal audit as an independent appraisal
function within an organization for the review of system of control and the
quality of review of systems of control and the quality of performance as a
service to the organization.
The papers
seek to empirical and statistically ascertain the impact of the internal audit
in the private sector of the Nigerian economy, while the private sector of the
economy is studied at large; the case study MB ANAMCO Ltd, Emene, Enugu is
particularized.
1.2.
Statement of the Problem
The private
sector according to Anyanwu (1993; 25) is that part of the economy not under
direct government control. It entails production and distribution that is in
private hands. It serves as a complement to the public sector since increased
public sector efficiency results from improvements and places government in a
better position to focus on the objectives, conduct and performance of those
enterprises that remain in the public sector (Hamming and Mansoor 1987).
Despite this
enormous role, the sector has been beclouded with problems such as:
(i)
Financial impropriety
(ii) Lack of
auditing control
(iii) Lack
of independence of the internal control
(iv)
Incomplete recording of business transactions
(v) Over
blow expenses to reckless spending
(vi) Non
compliance and adherence to accounting standard and guide lines.
(vii)
Mismanagement of scarce funds
1.3
Statement of Objectives
The broad
objective of the study is:
1. To
determine if internal audit ascertain the correctness of financial records.
2. To
determine the extent to which internal audit helps in enforcing compliance to
rules and regulations regulating private sector accounting and auditing.
3. To find out
if internal audit inspect and verifies organizational assets and liabilities.
4. To know
the factors hammering pa ring audit procedures in the private sector
1.4 Research
Hypothesis
To address
the above mentioned problems the following hypothesis are formulated.
(i) Ho:
internal audit has not significantly affected Private sector performance.
(ii) Ho:
There is no relationship between achieving corporate objective and efficient
internal auditing in the private sector.
(iii) Ho:
Inefficient internal audit and internal control has hampered audit reports.
1.5.
Significance of the Study
i) The study
will be of immense benefit to the shareholders who have contributed the funds
for the business and needs a reward in form of dividends.
ii) This can
be achieved if ineffectiveness and corrupt practices such as fraud, loss of
revenue, sharp practices, and lack of transparency etc .associated with the
private sector are minimized or even eradicated.
iii) Since a
virile private sector is noted for the economy will be of great benefit from
the findings of the study
iv) Equally,
future researches on auditing will find the study interesting in their
research.
1.6. Scope
of the Study
As the study
is centered on the effect of the internal audit in M.B ANAMCO LTD, Emene Enugu
State, the research covers all department under the firm in other to ascertain
whether auditing has an effect in the private firm and if not what is the
cause.
1.7
Limitation of the Study
The
researcher in the course of carrying out the research was faced with the
following problems and constraints.
(a) Time
factor: Time shortage posed serious challenges, since it was indeed very short
considering the enormity of the research work.
(b) Lack of
information and data due to unavailability of materials and other vital
information. Libraries are either out of stock or scanty in their content of
relevant materials.
(c)
Financial problem was also a deterrent in carrying out the research since the
available fund was not enough to sustain the vast research proposals, it was
also a challenge in that regard.
1.8
Definition of Term: (A) Audit:
Audit can be
define as the independent examination of a financial statement and expression
of opinion on the financial statement of enterprise by an appointed auditor in
pursuance of that appointed and in compliance with any relevant statutory
obligation.
(B) Auditor:
Auditor is a
qualified accountant who also passed a professional examination. Such a person
must be of good conduct and have a vast knowledge and able to understand a
practical business, endeavor always to grasp the technicalities and business,
methods of any concern whose account he undertakes to audit.
(C) Internal
Auditing
According to
Bright (1964) “Internal auditing has to do with the independent examination of
the books of account so as to ascertain whether the books of accounts are in
agreement with the organization transaction.
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