THE IMPACT OF INTERNAL AUDITING IN INI LOCAL GOVERNMENT ADMINISTRATION (A CASE STUDY OF INI LOCAL GOVERNMENT COUNCIL)
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THE IMPACT OF INTERNAL
AUDITING IN INI LOCAL GOVERNMENT ADMINISTRATION (A CASE STUDY OF INI LOCAL
GOVERNMENT COUNCIL)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
This work “impact of internal Auditing in Local Government
Administration” aims at analyzing whether the internal auditing enables
management to ensure efficient use of resources. In modern business
organizations, Management and ownership are distinguished. The purpose
management is to make it possible for people to operate in groups through the
use of available human and material resources in order to make gain. Many
organizations render valuable service to both members of the public and
government. Examples are Local Government Areas whose services include
provision and maintenance of road, Motor park, market, health service and
primary school, as well as the maintenance of peace and order in the society.
It is through Local Government that State and Federal
Government generate enough revenue to finance their projects yearly. The nature
of services offered by Local Government place the state and Federal Governments
at high level of generating revenues.
It is based on these reasons that efficient operational
results are demanded from the various Local Government Administration.
Efficient management only result through sound internal
control and other control measures adopted by management. However, the introduction
of control measures cannot itself guarantee profitability of any enterprise
without the activities of the organization being reviewed, measured, evaluated
and appraised.
An important tool used for this purpose is the Internal Audit
Function. Auditing, in general, involves an independent examination and
investigation of the guidance from which the financial statement has been
prepared with a view to enabling the independent examiner report, whether in
his opinion and according to the best of the information and explanations
obtained by him, the statements is properly drawn up and gives a true and fair
view of what of reports to show and if not, to report in what respects he is
not satisfied. (Ayasi, 1982).
Internal auditing, as a branch of auditing, is defined by the
international federation of accountant (1984) as “an element of internal
control system set up by management of an enterprise to examine, evaluate and
report on accounting and other controls and operation”. Commenting on the role
of internal auditors, Authens Holmes ad Wyane Overniyem (1976) said the
internal auditor appraises financial
records, accounting and operating procedures, evaluates the system of internal
control periodically, summarizes the results of the continuous investigation
and prepares recommendation for better operation and report the result o f his
findings to top management.
The internal auditing is a management tool which functions by
appraising all activities of the organization with a view to helping management
attain its defined goals and objectives efficiently and effectively. Besides,
internal auditing assists the operation of the independent auditor ensuring
that a good system of internal control is maintained within the organization.
1.2 STATEMETN OF THE
PROBLEM
The researcher observed that the importance of internal
auditing has not been realized by the management of most organizations
including Local Government Councils.
It is also observed that most assets of the Local Government
Councils are exposed to waste and fraud as a result of poor or weak internal
auditing carried out by internal audit unit.
In addition, the researcher observed that failure by the
management to realize the benefits of internal auditing and the inability of
the management to implement efficient management of the assets of the council
which has negative effect on the council’s productivity.
1.3 PURPOSE OF THE
STUDY
The study was carried out by the researcher in order to
discover the following:-
The reason for creating in the Local Government Council and
administration.
If internal auditing enables management to ensure efficient
use of resources.
The benefits management derives from the services of internal
audit department.
The scope of work for internal audit department in the Local
Government Council.
The possible problems always confronting internal auditors
and how to solve them.
1.4 RESEARCH
QUESTIONS
To obtain accurate and concise facts for this study, few
research questions were selected and answered in the study.
What is the purpose of creating internal audit department in
Ini Local Government Council?
Is there any benefit derived from internal auditing by the
management of Local Government Council?
What is the extent of work covered by the internal audit
department in the council?
What are the major problems encountered by the council
internal auditors in the process of their work?
1.5 SIGNIFICANCE OF
THE STUDY
This study was taken to shade more light on “The impact of
Internal Auditing in Local Government Administration” in Local Government
Council. It is essential in a number of ways such as: The study will reveal the
reasons responsible for frequent loss of assets and occurrence of frauds
leading to inefficient management by consecutive Local Government Council
Management. The study will also enlighten the management of Local Government
Council on the need to establish a strong internal audit department in their
respective councils and also improve their functions.
The study is further intended to point out to the management and other employee of the
Local Government that internal auditing is not a threat to their jobs but is
mainly to ensure compliance with established system and polices set up by
management.
1.6 SCOPE AND
LIMITATION
This study was limited in scope by the following three
factors:-
The study was conducted on the impact of internal auditing in
Ini Local Government Council in Akwa Ibom State. No such study was conducted in
any other Local Government Council within or outside the state. The study
investigated the impact of internal audit.
1.7 DEFINITION OF
TERMS
For the purpose of this study, the following terms were used
as defined.
AUDIT: Audit is an
examination of the books of accounts and vouchers of a business organization,
as will enable the auditor to satisfy himself/ that the balance sheet is
properly prepared so as to give a true
and fair view of entity for the financial year (Bigg, 1965).
ACCOUNTING: This is the process of recording classifying,
selecting, measuring, interpreting and communicating financial data of an
organization to enable user make assessments and decision. It is a discipline
which comprises a set of theories and concepts for processing financial data
into information. (Longe and Kazeem,1999).
AUDITING: Auditing is the independent examination of, an
expression of opinion on, the financial statements of an enterprise by an
appointed auditor in pursuance of that appointment and in compliance with any
relevant statutory obligation (Adeniji, 2004).
AUDITOR: An auditor is an independent public accountant who
has the sufficient professional qualification to express an opinion as to the
truth a d fairness of the financial statement of an organization.
INTERNAL AUDIT: According to Okolo (1987) internal audit is
the independent review or appraise within an organisation of the accounting,
financial and other operations as a basis for protective and constructive
service to management.
MANAGEMENT:- The is an enquiry into the effectiveness of
management. Management audit is an enquiry into the advisability of any of the
polices of the directors in furthering the objectives of the company as defined
with which they are securing the execution of the policies (Mithchamp, 1987).
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