ABSTRACT
There is no doubt that anything that is not controlled is either wasted or mismanaged and on this premise, the importance of internal audit in controlling operations both in the public and private sector organizations cannot be overemphasized.
Generally, Internal Audit Control in Government establishments is very weak and in particular, Internal Audit Control in project Development Institute (PRODA) Enugu is no exception. As the main aim managerial control, internal audit ensures conformity to laid down rules and regulations.
The topic “Internal Audit Control in Government Establishment”, A case study of PRODA Enugu highlights some problems and areas of the study.
Findings of the study were analyzed using percentage analysis and presented in table using the formula.
Some of the findings includes:
1. Management rarely uses internal audit report or recommendations;
2. The internal audit department is poorly staffed;
3. The internal audit reports to the chief directors;
4. The relationship between the internal audit it and other department s is not very encouraging.
Based on these findings, the researcher made some
recommendations some of which are:
1. Letting all the other department staffers know that the role of internal audit is that correction of mistakes where any is made and not that of catching a thief.
2. Staff the internal audit department properly with staff from accounts and personnel, and
3. The internal auditor should be allowed some reasonable decree of independence to enable him function effectively.
Having made the above recommendations, arising out of the
findings, the research concludes that for the successful attainment of organization goals the internal audit department should be given its far share in the scheme of things including, some reasonable measure of independence.
TABLE OF CONTENTS
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT
TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 BRIEF HISTORY OF PRODA ENUGU
1.2 STATEMENT OF PROBLEM
1.3 OBJECTIVES OF STUDY
1.4 SIGNIFICANCE OF THE STUDY
1.5 RESEARCH QUESTION
1.5 DELIMITAITON/LIMITAITON OF THE STUDY
1.6 DEFINITION OF TERMS
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 HISTORICAL BACKGROUND OF AUDITING
2.2 PURPOSE OF AUDITING
2.3 SELECTION OF AUDITORS
2.4 INTERNAL AUDITORS IMPORTANCE
2.5 ROLE OF AUDITING IN COMPANIES
2.6 PLANNING FOR AN AUDIT
2.7 EVALUATION OF INTERNAL CONTROL SYSTEM
2.8 RELIANCE ON OTHER AUDITORS
2.9 PREPARATION OF THE AUDIT REPORT
REFERENCE
CHAPTER THREE
3.1 METHODOLOGY
3.2 POPULATION
3.3 SAMPLE
3.4 INSTRUMENT
3.5 VALIDATION OF INSTRUMENT
3.6 COLLECTION OF DATA
3.7 QUESTIONNAIRE DESIGN
3.8 METHOD OF ANALYSIS
3.9 RECOMMENDATION
3.10 CONCLUSION
BIBLIOGRAPHY
APPENDIX
INTRODUCTION
This research work is an attempt to study an internal audit
control as a tool for improving company’s performance using project development institute (PRODA), Enugu as the case study.
BACKGROUND OF THE STUDY
Auditing standards and guidelines (AS89) define internal
audit control as “the whole systems of control both financial and otherwise established by management in order to carry on the business of the enterprise in an orderly and efficient manner ensure adherence to management policies and secures as far as possible the accuracy and reliability of its records.
As we have been witnessing in recent times, there has been drastic changes in business trends in Nigeria. Some of the reasons for these anomalies in company performance resulted in the general company down turns, some of the seasons include fraud, misappropriation of funds and property, excess expenditure incompatible with real budgets, lack of accountability and general company crises.
It is also believed that fraud and misappropriation of funds and property have been the main causes of company’s poor performance in Nigeria.
Improvement will only follow, when there is a recognition of what is wrong and how it can be put right.
In view of this fact, attempt will be made to highlight the importance of control in auditing and its effect in improving company’s performance.