Abstract
This
project work examined the role of management audit in evaluating organizational
performance. The main objective of this study is to ascertain if management
audit is a means of evaluating organizational performance and efficiency. The
primary source of data collection which includes the personal interview and
questionnaire were source to gather useful information during the project work.
Simple percentage was used to analyze the data obtained. The chi-square was
used to test the hypothesis drafted. The result reveals that good internal
control system is the strong back bone to any establishment and objective, this
internal audit department staff has to be sincere and honest. It was concluded
that management audit should be carryout at a piece meal or continuous basis
and it was recommended that control should be simplified and lines of
accountability made direct.
TABLE OF CONTENTS
Title Page
Certification
Dedication
Acknowledgments
Abstract
Table of Contents
Chapter
One: Introduction
1.1
Background to the Study
1.2
Statement of Problem
1.3
Research Questions
1.4 Objectives of the Study
1.5
Statement of Hypotheses
1.6 Significance of the Study
1.7 Scope
of the Study
1.8
Limitations of the Study
1.9
Definition of Terms
Chapter
Two: Review of Related Literature
2.1
Introduction
2.2
Objective of Management Audit
2.3
Advantages of Management Audit
2.4
Procedures for Management Audit
2.5
The Difference Between Audit Management
and Management Audit
2.6
Examinations of the Objectives and
Structures of the Organization
2.7
Internal and External Recruitment
2.8
Evaluation of Staff Training Method
2.9
A Critical Consideration of the Polities
and Operational Procedure of the Organization
2.10 A
Critical Review of Existing Sources of Income and Search for a Possible New
Source of Income
2.11 Examination
of all Expenditure Items
2.12 Formation
of Recommendation and Management Audit Report Writing
2.13 Internal
Control System
2.14 Types
of Internal Control
2.15 The
Function of Internal Audit
2.16 Attributes
Required of an Internal Auditor
2.17 Factors
that Determine the Effectiveness of the Internal Auditor
Chapter
Three: Research
Method and Design
3.1
Introduction
3.2 Research design
3.3
Description of the Population of the
Study
3.4 Sample Size
3.5
Sampling Techniques
3.6
Method of Data Collection
3.7
Method of data Presentation
3.8 Method of Data Analysis
Chapter
Four: Data Presentation,
Analysis
and
Interpretation
4.1
Introduction
4.2
Presentation of Data
4.3 Data Analysis
4.4
Testing of Hypothesis
Chapter
Five: Summary of Findings, Conclusion
and Recommendations
5.1
Introduction
5.2 Summary of Findings
5.3
Conclusion
5.4
Recommendation
References
Appendix I
Appendix II
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The establishment of this organization
is to produce and distribute coca-cola products and they are geared towards
making profit through this goods and services they offer, this result is
qualifiable and can easily be measured against predetermined standard.
In an attempt to achieve this objective
this organization used some kind of internal control which every staff of the
organization has to adhere to accordingly. The measure of the success of this
organization is a reflection of the quality and effectiveness of its
management. Management accounting to Breach, is a social process entailing responsibilities
of the effective and economic planning and regulation of the operation of an
enterprise in fulfillment of a given purpose or task. Such responsibilities
involve:
1. Judging
and taking decision that will lead to the effective management of the business
of the organization.
2. The
controlling, motivation and supervisor of both man and material resources in
attaining the objective and goals of the organization.
Some organizations dos well than the
others in the same environment with almost the same financial economic
resources.
In efficiency and ineffectiveness of an
organization result form may factors like bad management, fraudulent practices,
lack of experience, planning and lack of good management skills. Management
audit will reveal all this and recommend to the management the appropriate
position and suggest solution to individual problems, then all this problems were
started in the terms of reference to the management audit term.
The exercise is designed to check all
levels of management. From the chief executive officer to the lowest rank
officer of this organization. The independence of the management audit term has
played a very crucial role in affecting the performance of the organization and
to crown it all, the attitude of the management to the management audit term
report has also has a very crucial role to play in measuring the extent at
which management audit has affected performance in this organization.
1.2 Statement of Problem
It is a clear fact that this
organization is established to make profit the worth of a firm is determined by
the financial statement prepared by the management and an independent body (the
external auditors) which is called up as to examine the accounts and report on
the fieriness of the account opinion. In the establishment of the organizations
the objectives and goals are spelt out in the memorandum and article of
association which guide their activities internally and externally as the case
may be. It is an often occurrence that in an attempt for an organization to
work towards achieving their desired goods and objectives in the most effective
and efficient manner, the Westford some resources and left untapped as a result
of either inadequate technical know hoe, experience business acumen or
mismanagement of fund.
This study therefore is aimed at
establishing how management audit has affected the evaluation of performance in
the NBC plc coca cola company and makes necessary recommendations in the area
of weakness in the organization. With the data gathered so far, it crystal
clear that this organization can never do well without a good system of
internal control which in there hands of the management, and this is the main
focus is the management audit which ensure that this system of this external
control is well planned and prepared and ensure that management conform to it
because this ahs a great effect in increasing performance.
1.3 Research Questions
An interview was conducted in order to
ascertain of the following;
i.
Is management audit a means of
evaluating organizational performance and efficiency?
ii.
Does management audit have position
change in an organization?
iii.
Does management audit contribute to
economic development of the society?
iv.
Are there significant difference between
the role of management audit and evaluating performance in an
organization?
1.4 Objective of the Study
The following objectives were to be achieved
by the researcher during the course of this research;
i.
To ascertain if management audit is a
means of evaluating organizational performance and efficiency.
ii.
To ascertain if management audit have
position change in an organization.
iii.
To highlight the contribution of
management audit to economic development of the society.
iv.
To find out the significant difference
between the role of management audit and evaluating performance in an
organization.
1.5 Statement of Hypotheses
The hypotheses used for the purpose of
this study have been divided into four;
Hypothesis One
HO: Management audit is not
a means of evaluating organization performance and efficiency.
HI: Management audit is a
means of evaluating organizational performance and efficiency.
Hypothesis
Two
HO: Management audit cannot
have position change in an organization.
HI: Management audit can
have position change in an organization.
Hypothesis
Three
HO: Management audit does
not contribute to the economic development of the society.
HI: Management audit
contribute to the economic development of the society.
Hypothesis
Four
HO: Management audit does
not enhance the overall efficiency of the organization.
HI: Management audit
enhance the overall efficiency of the organization.
1.6 Significance of the Study
Management audit has been increasingly
important in the model management. In the face of increasing cost of operation
resulting from high cost of input, rising risk in international political
economy, any responsible organization can no longer afford the luxury of either
over staffing the best laid goals of an organization. irrespective of the
planning expert can be frustrated, it would be seen as inadequate and well
round staffing structure, hence the role of management audit.
The inviolability of management audit in
less developed countries cannot be overemphasized. This research work will
clearly and lucidity spell to all that is involved in management audit as well
as the compelling need of such an exercise from time to time. Management audit
is not only this organization but any other organization which wishes to
continue in existence and remain competitive for both human and non-human
resources.
1.7 Scope of the Study
This research work covers all aspect of
management audit in the coca-cola company it examine the doings and positions
of every workers and see if there is need for a change in the management of the
organization and for making and taking strategic and tactical plans and
decision respectively. With reference to management, the underlying study is
audit as it affects procedure for taking decisions, carrying out business and
the goals and objectives of the organization. This study was basically carried
in Benin City and a time frame of 5 years was used in the course of this study
(2008 – 2013) with a sample of 40 respondents for easy clarification.
1.8 Limitations of the Study
This project work suffered several
limitations, which vary in different stages and forms in the course of the
research work. Briefly put the time allocated for the work of this magnitude
was rather too short, distance was another constraint which militated against
this work, and sources of information failure by some officers to keep their
appointment are factors which also affected the research work.
1.9 Definition of Terms
1.
Management:
According
to Wayne (2005), this is a process which enables organization to achieve their
objective by planning, organization, controlling their resources in order to
achieve the organizational goals.
2.
Audit:
According
to Okolo (2004), this is an independent examination of an expression of opinion
on the financial statement of an enterprise by an appointed auditor in
pursuance of that appointed and in compliance with any relevant statutory
obligation.
3.
Auditor:
According
to Alan (2003), this is a professional man employed to carryout the audit
exercise, he is responsible to the members or shareholders of the organization.
4.
Financial
Audit: According to Brech (2001), this is the strategic
decisional choice in which the management finance an enterprise.
5.
Internal
Audit: According to Brech (2001), it is an element of
internal control system set up by the management of an organization to examine,
evaluate and report on accounting and other controls in operations.
6.
Internal
Control: According to Dave (2001), this is the whole system
of control, financial and otherwise established by management in other to carry
on the business of the enterprise in an orderly and efficient manner ensure
adherence to management policies, safeguard the assets and secure as far as
possible the completeness and the accuracy of the records.
7.
Organization:
Etzioni
defines organization as a social units that pursue specific goals, which they
are structured to service under some social circumstances.
8.
Goal:
According
to Buri (2000) this is defined as a future state of affairs which the
organization strives to achieve.
9.
Fraud:
According
to Dave (2001) an act which involves the use of deception to obtain unjust
financial advantage. It is also an act of international misstatement in or
omission of amounts in an entity’s accounting records or financial statement.
10. Accounting:
According to Mock (2006), this is the process of identifying, measuring and
communicating of economic information or permit information judgement and
decision by user of such information.
11. Policy:
According to Igbinosun (2002), procedure or rules which an organization has
decided to follow consistently in order to obtain defined goals.
12. Policy Analysis:
According to Burt (2000), this is defined as the practical philosophy on how to
assist decision, makers with complete problems of choice under conditions of
uncertainty.
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