THE EFFECTIVENESS OF INTERNAL AUDIT AS A FOOT FOR ORGANIZATION PERFORMANCE

THE EFFECTIVENESS OF INTERNAL AUDIT AS A FOOT FOR ORGANIZATION PERFORMANCE 
ABSTRACT
The study examines the effectiveness
of internal audit as a foot for organization performance, For the purpose of  this research work the population is made up
of the construction industries in Nigeria like stabilini visioning limited
Julius Beggar limited ECC Limited etc.
The population was only based on the
head other in Lagos
stabling, vision head office in Awodi Ora Apapa Lagos, which has staff strength
of 1,050 staff including 15 expatriate.
During the course of study, the
primary source of data and secondary source of data were used



TABLE OF CONTENTS
Title                                                                                 
Certification                                                                           
Dedication                                                                           
Acknowledgements                                                                
Abstract                                                                               
Table of Contents                                                                   
CHAPTER ONE: INTRODUCTION                                 
1.1     Background
of the Study                                                       
1.2     Statement
of the Problem                                                      
1.3     Objectives
of the Study                                               
1.4     Research
Question                                                                 
1.5     Statement
of  Hypothesis                                              
1.6     Significance
of the Study                                             
1.7     Scope
of the Study                                                                
1.8     Limitation                                                                    
          References
                                                                    
 CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.2           
Internal
Audit Effective Area                                        
2.3     How
to Introduced Internal Audit to Business             
2.4     Objective
and Purpose Of Internal Audit                     
2.5     Internal
Auditor Responsibility                                             
2.6     Scope
of Auditing Standards and Guideline                           
2.7     Comparison
Between Internal Audit And External Audit     
2.8     Limitation
of Effectiveness of Internal Controls           
CHAPTER THREE: RESEARCH
METHODOLOGY     
3.1     Research
Design                                                           
3.2     Identification of Population and
Determination
of Sample Size                                                             
3.3     Selection of Sample                                                      
3.4     Validity
                                                                        
3.6     Questionnaire
Administration                                                
3.7     Questionnaire
Analysis                                               
3.8     Data
Analysis and Interpretation                                 
3.9     Limitation
of the Study Methodology                           
           References                                                                    
CHAPTER FOUR
4.1  Analysis and Discussion                                                 
4.2  Test of Hypothesis                                                                  
References                                                                     
CHAPTER FIVE
5.0     Introduction                                                                   
5.1     Summary of the Study                                                  
5.2     Conclusion                                                                   
5.3     Recommendations
                                                             
References                                                                     
Bibliography                                                               
Appendix                                                                      

Questionnaire                                                       

CHAPTER ONE
INTRODUCTION
The institute of in addition the
internal audit activity will adhere to organization relevant policies regarding
the performance evaluation appointment or removal of the chief audit monitoring
and evaluating the effectiveness of the organization risk.
The effectiveness of internal audit
in central government nation. Performance improvement good practice advice costs
government around effective delivery internal audit costs government around
$70million each year but or substantial value to their organization they that
concern over  internal auditing in a
charging management culture: many had set up performance target for measurable
part of the audit this organization changes have meant for internal audit know
which were among the most effective internal audit group.
          Characteristics
of a high functioning internal audit organizations Aligning internal audit contribution
with strategic objective 2 conducting performance measurement and reporting on
what really contribution to internal audit organization. Aligning internal
auditing contribution to internal audit effectiveness.
          New
strategies and best practice in internal audit .i.e. Organization with a process
improvement focus ink internal audit disciplines with the organization that
influence organization result and performance over this risk adequate and
effective.
          Global
internal audit survey 2012:. Stakeholder wants the standard for an
effectiveness internal audit function has been raised and the need to elevates
to performance to meet the always increasing truly effective an organization
must integrate audit into your risk management perspective. internal audit can
be transformed into an operational governance tool disciplined approach to
evaluate and improve the effectiveness to risk management control organization performance
in.
          The
critical role of auditing continuous improvement to be effective. The audit
process must be properly managed standards for expected performance should be
generated internally by the organization through to keep that one in his shirt
pocket so he would not shoot himself in the foot.
          Field
Work Standard Performance Audit: performance audit performed in accordance with
GAGA chapter 1 Through 3-b internal control as it relates to the specific
objective and scope to the audit producers to evaluate the effectiveness of
significant.
          AFMD
Naval Audit Service Effectiveness of Navy internal: we found that the
effectiveness of navy’s internal audit organization has been limited serious
deficiency in each of its four regional offices to asset assess performance in
areas such as supervision.
1.1     BACKGROUND OF THE STUDY
          The
company chosen as the case study, which is foot for organization performance and
lumbady construction company was chosen to the auditing has played in its
stability in activities progress expansion since its inception. Its head office
is at plot Adejanju-Daniel street
Awodi Ora, Apapa Lagos.
          Foot
for organization performance  was
incorporate in 1969. The company is presently operating on different kinds of
construction i e. building road e t c. it has its office at Abuja,
Lagos and other
place where project are being awarded.
Foot for organization performance  prove very innovative, with this successful
background a proper accounting system strong internal central system was set up
for proper stewardship reporting. Auditing plays a very essential role in the
successful outing of the organization. This stability in the accounting system
likewise. Auditing has help to prevent fraud and irregularities in the
company’s existence, there has not been or record of any major fraudulent act,
due to strong internal control and audit report, the management has been able
to force by improved conditions of service base on profitability. This has
enable the company for expansion.
1.2     STATEMENT OF THE PROBLEM
The controversy of internal audit in
a construction industry created a distinct role and function to the
organization as a whole but due to its importance there is non recognition of
internal audit department which as a result of non independence of internal
auditor on the internal audit procedure and conclusion more due to the fact
that auditor does not have enough independence the management deliberately
refused to supply inter information to them.
         
Likewise this effect of the attitude
of the staff towards the internal audit leads to unavailability of adequate
accounting system in company accounting that is the non auditing personal feed that
a way to hinder the audit work and make him have asses to few evidence and information
is by operating adequate accounting system.         
          Also
the use of unqualified audit staff leading to poor audit execution in the audit
process in conclusion, the effect of internal auditing in internal control to
the organization can be determined by the kind of skill used by the internal
auditor.
1.3     OBJECTIVE  OF THE STUDY.
The purpose of this is to safeguard the
organization’s asset and property.
          Also
it is to evaluate the deterministic factor of skill required of an internal
auditor.
          Moreover
it also help in examining the effect of management interference into fraud in
the organization. Likewise assist assessing the effects non-independence of internal
auditor in internal audit procedure and conclusion in the organization finally,
it helps to solve conflict of internal that is ensure that the control set up
by management are not exceed by the authorities.
1.4     RESEARCH QUESTION
1.                
How
an audit bring about proper accountability of stewardship
2.                
How
does refusal  to reveal some information
hinder the audit work
3.                
When
does a company need internal audit department
4.                
How
does High labour turnover affect auditing
5.                
How
does auditing helps in solving problem of poor accounting records
6.                
 How does malpractice by both management and
other staff occurred
7.                
What
causes labour turnover mostly in auditing department and the entire organization
as a who.
8.                
Why
does an organization work force deliberately refuse to release vital
information to audit department
9.                
What
is the effect of management interference in internal audit function
10.           
What
are inconsistent accounting schedules and how do they affect auditing
11.           
How
can maximum co – operation recorded on internal control system by the internal
auditor and the external auditor
12.           
when
does internal system become infective and outdated in an organization?
13.           
What
are the duties of internal auditor in your organization?
14.           
Do
external auditor rely on the report of internal auditor?
15.           
How
can internal audit be improved in your organization?
16.           
Has
audited company account contributed to be improvement of the company stability?
17.           
How
often does fraud occurred in your organization?
18.           
How
effective is audit department in detection of fraud and error in an
organization?
19.           
what
are likely causes of fraud in your organization
20.           
How
can fraud be checked.
1.5     STATEMENT OF HYPOTHESIS
          To
enable the success of this research work the following hypothesis have been
postulated and tested
HYPOTEHSIS I
Ho      That
there is no proper internal audit setup in construction industries
Hi That there is proper
internal audit setup in construction industries
HYPOTHESIS II
Ho: There is frequent mismanagement
of the organization fund and asset
Hi:     That
there is no mismanagement of the organization fund and asset
HYPOTESIS III
Ho:    That
there is abuse of authority in construction industry
Hi:     that
there is no abuse of authority in construction industry.
1.6     SIGNIFICANCE OF THE STUDY
          The
significance of the research work is to evaluate the deterministic factor of
skill required of an internal auditor.
          Moreover
it also help in examining the effect of management interference into fraud in
the organization. Likewise assist assessing the effects non-independence of
internal auditor in internal audit procedure and conclusion in the organization
finally, it helps to solve conflict of internal that is ensure that the control
set up by management are not exceed by the authorities.
1.7     SCOPE OF THE STUDY
The purpose of this project is to
determine how internal audit is applicable in various organization both in
public and private comprises.
Therefore, the work of this project
will include the importance and uses of internal audit in all organization
especially in construction company which is our main focus.
1.8     LIMITATION.
 There is however some constraints to the
research work, the includes.
1        Time
Factor: Considering both time factor, which will be needed in completing this
project, it is limited considering the needs to attend lecture in the class and
preparation for the test and examination it is evidence that the time in writing
this project is short
2        Information:
In gathering information for this project work for the case study and other
source, the managers to contract are always busy and  we therefore not generally ready to attend to
ones need.
                            
REFERENCES
Alvin, A.A. (1997) “Auditing an Integrate Approach” New Jersey
7th Edition Englewood
Cliff.
Awe, O.I. (2007)
“The Theory and Practice of Auditing”
Eilgal Publication, Lagos.
Jack, C.R. (1979) “Legal Liabilities and Fraud
Detection Dollar Business Publication
Mclead W.T. (1983) “Collins English Gen Dictionary 1st  Edition
Okolo, J.U.T. (1988) “The Concept and Practice of
Auditing of Auditing, J.U.T. Okolo Evans
Oremade T. (1988) “Auditing
 and Investigation” Lagos
West Africa Book Publishers
Williams R.G. (1974) “ Principle and Practice of Auditing” 7th Edition.

 

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