ASSESSMENT OF INTERNAL AUDIT EFFICIENCY AS A TOOL FOR IMPROVING COMPANY’S PERFORMANCE (A CASE STUDY OF AMMASCO INTERNATIONAL LIMITED KANO )

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Product Code: 00005991

No of Pages: 45

No of Chapters: 1 - 5

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ABSTRACT

 

This research examine ASSESSMENT OF INTERNAL AUDITING AS A TOOL FOR IMPROVING COMPANIES PERFROMANCE, with reference to Ammasco International Limited Kano.

This research adopts descriptive research design. A well-structured questionnaire was used in collected data with simple random sampling technique. Forty (50) staff of the study were sampled and questionnaires administered to them. Thirty (30) questionnaires were returned and Twenty (20) were not returned.

The data collected were analyzed with basic descriptive statistics such as number  of respondents and simple percentages. The core findings from the results obtained show that the internal auditing efficiency in achieving the company’s performance are effective. It also shows that the internal auditing tool in determining the ills and weak points of the company’s performance is efficient. It was recommended that there should be relative independence of the internal auditor.






TABLE OF CONTENTS

Title page……………………………………………………………………………………………………………………………………i

Declaration…………………………………………………………………………………………………………………………………ii

Dedication…………………………………………………………………………………………………………………………………iii

Acknowledgement……………………………………………………………………………………………………………………iv

Table of contents………………………………………………………………………………………………………………………v

Abstract…………………………………………………………………………………………………………………………………….vi

 

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study                                                                                                   1

1.2 Statement of the Research Problems                                                                               2

1.3 Objectives of the Study                                                                                                     2

1.4 Research Hypothesis/Question                                                                                         2

1.5 Scope of the Study                                                                                                3

1.6 Significance of the Study                                                                                                  3

1.7 Definition of the Key Terms                                                                                              4

CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction                                                                         5

2.2 Concept of Auditing                                                              5

2.2.1 An Auditor                                                                     5

2.2.2 Selection of Auditor                                                       6

2.2.3 Auditing Function                                                             6

2.2.4 Internal Auditors Roles and Scope of Work               7

2.2.5 Internal Auditors Role In An Organization                     7

2.2.6 The Role of the Internal Auditing In Companies              8

2.2.7 Method And Procure of Carrying Out Internal Audit Work                       8

2.2.8 Differences Between Internal And External Audit           8

2.2.9 Internal Audit Report                                                     9

2.3 Evaluation of Internal Control In An Organization       9

2.3.1 Types of Internal Control                                                10

2.3.2 Internal Check                                                       10

2.3.3 Types of Internal Check                                 11

2.3.4 Collection And Evaluation of Evidence                           11

2.3.5 Types of Evidence                                                       11

2.3.6 Audit of Properties, Plant and Equipment                            13

2.3.7 Audit of An Investment                                                  13

2.4 Company Performance                                                         14

2.4.1 Efficiency Procedure In Audit                                      14

2.4.2 The Extent of Management of Information System          15

2.4.3 The Level of Accounting Control                            15

2.5 Professional Regulation And Regulatory Framework of An Audit            16

2.6 Theoretical Framework                                                      16

2.7 Review of Empirical Literature                                           17

 

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction                                                                             18

3.2 Research Design                                                              18

3.3 Population of the Study                                                       18

3.4 Sampling Size and Sampling Techniques                        18

3.5 Sources and Method of Data Collection                   19

3.6 Method of Data Analysis                                         19

 

CHAPTER FOUR

DATA PRESENTATIONS ANALYSIS AND INTERPRETATION

4.1 Introduction                                                                            20

4.2 Response Rate of Total Questionnaire Distributed                 20

4.3 Presentation of Data According Research Question           21

4.4 The Answer to the Research Questions                        27

4.5 Summary of the findings                                                         28

 

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary                                                                          29

5.2 Conclusions                                                                        29

5.3 Recommendation                                                            30

References

Questionnaire

 

 

 

 

 


 


 

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

  Company performance is very important if such a company wants to achieve the purpose of its establishment without positive impact of any organization, it means that the way of achieving the objectives when the business has commenced will be a difficult situation for the organization.

  It is obvious that the performance of companies is not up to expectations which leads the researcher to know the impacts of the internal auditing efficiency as a tool for improving company’s performances.

  Since companies have been encountering some problems like fraud, misappropriation of funds and properties, lack of effective management and others that made people to be asking whether auditing plays any significant roles towards ensuring efficiency and judicious use of funds set aside for various purpose.

  Therefore, for the proper efficient accountability, it is obvious that the auditor and accountant will manifest their principles to be able to arrive at what is expected of them in order to be convinced that the financial position of the organization as presented, show a clear and fair view of the organization.

  Consequently, because of biased nature of the organization as a result of poor investigation of the organization position, past rulers have pledged to introduce a more responsible system of government with accountability but their subsequent conduct has shown that they have little or no understanding definition and application of efficiency in the improvement of company’s performances.

  Audit which is regarded as one of the recently established professions turn out of the complexity of modern business world.  It became relevant so as to discourage people from erring and to expose those that gave wrong account of how they managed the funds and properties under their custody.  The account or report is usually done by means of financial statement.  In order to verify the time and fair view of this report, an independent person is needed to audit the account such as the internal auditor and the service of a qualified accountant for proper accountability and efficiency in the organization financial position and performances. In a related development it has been believed that efficiency in discovering the management inefficiency has been the root cause of many companies poor performance both companies in private and public limited sector in Nigeria. Improvement can only follow when what is honestly followed in been recognized and how such wrong could be remedied. In view of this point effort will be made to painstakingly highlight the improvement however taking auditing efficiency and the service of a qualified accountant in respect of private companies and public enterprises to improve the company’s performance.


1.2 Statement of the Research Problem

     A company may be classified under small medium or large depending on the size, feature of number share authorized calls issue and fully paid etc. many companies face the problem of internal auditing efficiency such as non-compliance with the accounting standard and non- disclosure of some fact which will guide the auditor either the external or internal to form an opinion on the true and fair free of the organization record. Other cooperate crime may pose a problem in the auditing efficiency and this cooperate crime may be a serious issue. There is many more looting in all the companies etc. the research work will attempt to highlight on these problem areas that basically undermine auditing efficiency in a   company and give possible solution

The following are some of the factors challenging the functionality of the internal auditors;

  •        Incompetency/Negligence of internal auditors
  •          Failure to separate the Internal Audit Unit (IAU) from accounting department
  •          Internal auditors involvement in fraud
  •          Management involvement in fraud
  •          Internal auditors independence level
  •          Internal auditors' motivations/remuneration


1.3 Objectives of the Study

     The main aim and objective of this study is to assess internal audit efficiency as a tool for improving company’s performances and the specific objectives are;

        i.            To examine the extent to which the management has appraised the internal auditing efficiency to improve company’s performance.

      ii.            To evaluate the internal auditing efficiency that has been the tools in determining the ills and weak points in the company’s performance.

    iii.            To investigate the accounting and auditing tools in improving the efficiency of the company’s performance.


1.4 Research Hypothesis/Research Question

     Based on the objectives of the study, the following hypothesis were formulated;

Ho:      The internal auditing tool in determining the ills and weak point of the company performance is not efficient?

Hi:        The internal auditing tools in examine the ills and weak point of the company performance is efficient.

Ho:      The assessment of internal audit efficiency in achieving the company’s performance is not effective.

Hi:   The assessment of internal audit efficiency in achieving the company’s performance are effective.

Ho:     The investigation of accounting and audit tools are not uses to improving the efficiency of the company’s performance

Hi:    The investigation of accounting and audit tools are uses to improving the efficiency of the company’s performance

Q1;      what is the extent to which the management has appraised internal auditing efficiency to improve company’s performance?

Q2;      How does the internal auditing efficiency tools been use to determine the ills and weak points of the company’s performance?

Q3;      what is the accounting tools used to improve the efficiency of the company’s performance?


1.5 Scope of the Study

     The scope of this Study “Assessment of internal audit efficiency as a tool for improving the company’s performance” by using the Ammasco International Limited Kano as the case study. The research encountered some difficulties ranging from time constraints poor response, financial constraint etc. Also it will cover the scope of addressing the problems of internal auditors, providing external auditors with measures in placing reliance on the work of internal auditors and the internal control system ICS.


1.6 Significance of the Study

The research work is highly optimistic that the completion of this research work will benefit most people or group of people, among them are:

Students and staff in the tertiary institution:   This research work will assist both the student in the future and even the staff in the tertiary institution will find this research work more rewarding and educative.

The Public:  The general publics who can cross check this research work, after proper checking will find this research work more valuable.

Professional Accountant:  The technology gamed from this research work will assist  the professional accountant whose works are so valuable.

Companies:  Efficiency in auditing serves as a life wire in any company.  Therefore, most company that are having problem pertaining to their poor performance will find this research work more efficient and valuable.

 

1.7 Definition of the Key Terms

Audit: this is an examination conducted by an auditor in order to examine the company(s) performance.

Internal audited: an element of the internal control system set up by the management of an enterprise in order to review accounting, financial, and operating and determine whether the prescribe policies are being adhered to.

External auditors: take account of the work done by an internal auditor such as letters of independence, staff resource, test mode, and influence by the management action.

Efficiency: this is referred to the ability to perform a duty well and produce a statistical result.

Internal assessment: is an ongoing monitoring of the performance of the internal audit activity and periodic reviews performed through self-assessment or by other persons organization with sufficient knowledge of internal audit practices.

Tool: it is an instrument used in doing a certain work or producing a certain result especially such that require accountancy or precision.

Company: an association of persons for a business purpose in particular which incorporated in the united kingdom under the companies Act or by the Act of parliament or by royal charter. In Nigeria, company is registered by a Corporate Affairs Commission Abuja and regulated by the companies and allied matter decree 1990.

Improvement: this means to make or become better or addition or alteration, form of repaired to better the face of an asset or to enhance the value of anything.

Diagnosis: ascertaining, analyzing, or determine the cause of nature of problem, situation from observation.

Performance evaluation: the easement by a superior or a subordinate and an important part of any management control system. To evaluate performance is necessary to decide which measure are to represent organizational goal, how qualify, what standard is to be used, what step back is to be taking.



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