Get the complete project »
- The Complete Research Material is averagely 89 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
1.1 BACKGROUND TO THE STUDY
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditing is a catalyst for improving an organization’s effectiveness and efficiency by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity (Adams, M.B, 2012).
The scope of internal auditing within an organization is broad and may involve topics such as the efficacy of operations, the reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and compliance with laws and regulations (Adams, M.B, 2012).
Internal auditing frequently involves measuring compliance with the entity's policies and procedures. However, internal auditors are not responsible for the execution of company activities; they advise management and the Board of Directors (or similar oversight body) regarding how to better execute their responsibilities. As a result of their broad scope of involvement, internal auditors may have a variety of higher educational and professional backgrounds (Anderson Richard J. 2010).
Internal auditing activity is primarily directed at improving internal control. Internal control is broadly defined as a process, affected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following internal control categories:
- Effectiveness and efficiency of operations.
- Reliability of financial reporting.
- Compliance with laws and regulations. (Anderson, 2010).
Management is responsible for internal control. Managers establish policies and processes to help the organization achieve specific objectives in each of these categories. Internal auditors perform audits to evaluate whether the policies and processes are designed and operating effectively and provide recommendations for improvement (Barrier M. 2012)
Internal auditing professional standards require the function to monitor and evaluate the effectiveness of the organization's Risk management processes. Risk management relates to how an organization sets objectives, then identifies, analyzes, and responds to those risks that could potentially impact its ability to realize its objectives (Barrier M. 2012).
Management performs risk assessment activities as part of the ordinary course of business in each of these categories. Examples include: strategic planning, marketing planning, capital planning, budgeting, hedging, incentive payout structure, and credit/lending practices. Corporate legal counsel often prepares comprehensive assessments of the current and potential litigation a company faces. Internal auditors may evaluate each of these activities, or focus on the processes used by management to report and monitor the risks identified. For example, internal auditors can advise management regarding the reporting of forward-looking operating measures to the Board, to help identify emerging risks (Shanteau, 2013).
In larger organizations, major strategic initiatives are implemented to achieve objectives and drive changes. Internal auditors may help companies establish and maintain Enterprise Risk Management processes. Internal auditors also play an important role in helping companies execute in assessing their risk management.
1.2 STATEMENT OF THE PROBLEM
The financial statement audit is an important tool for reducing information asymmetries and maintaining an efficient market environment, also it improves organizational performance (Farouk & Hassan, 2014). Internal Audits are an essential management tool to be used for verifying objective evidence of processes, to assess how successfully processes have been implemented, for judging the effectiveness of achieving any defined target levels, to provide evidence concerning reduction and elimination of problem areas to improve overall organizational performance (Mahzan & Binti Hassan, 2015).
Despite this enormous role, the sector has been beclouded with
problems such as:
(i) Financial impropriety
(ii) Lack of auditing control
(iii) Lack of independence of the internal control
Based on the above the researcher want to investigate the following listed in the objective below.
1.3 OBJECTIVE OF THE STUDY
The broad objective of the study is:
1. To determine if internal audit ascertain the correctness of
2. To find out if internal audit inspect and verifies organizational
assets and liabilities.
3. To determine the extent to which internal audit helps in
enforcing compliance to rules and regulations regulating companies
1.4 RESEARCH QUESTIONS
In line with the research objectives, the following are the research questions:
1. Does internal audit ascertain the correctness of financial records?
2. Does internal audit inspect and verifies organizational assets and liabilities.
3. Does internal audit helps in enforcing compliance to rules and regulations regulating companies
1.5 RESEARCH HYPOTHESES
To address the above mentioned problems the following hypothesis are formulated.
Ho: internal audit does not ascertain the correctness of financial records?
Hi: internal audit ascertain the correctness of financial records?
Ho: internal audit does not inspect and verifies organizational assets and liabilities.
Hi: internal audit inspect and verifies organizational assets and liabilities.
Ho: internal audit does not help in enforcing compliance to rules and regulations regulating companies
Hi: internal audit helps in enforcing compliance to rules and regulations &n
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
» CHAPTER ONE INTRODUCTION 1.1 Background to the Study Macroeconomic policy consists of the actions aimed at inducing appropriate changes in macroeconom...Continue Reading »
» Abstract The study examines the impact of accounting standard on financial reporting on Nigerian financial institutions. The broad objective of the st...Continue Reading »
3. PUBLIC POLICY IMPLEMENTATION IN NIGERIA AND ECONOMIC DEVELOPMENT (A STUDY OF THE NATIONAL POLICY ON POPULATION 1999-2007)» ABSTRACT A study of Public Policy under Olusegun Obasanjo Administration, A study of National policy on population for sustainable south Eastern Niger...Continue Reading »
» CHAPTER ONE 1.1 BACKGROUND OF THE STUDY Democratic Control are democratic organization controlled by their members, who actively participate in settin...Continue Reading »
5. THE IMPACT OF TAXATION ON DELTA STATE REVENUE (A CASE STUDY OF ISOKO NORTH LOCAL GOVERNMENT AREA OF DELTA STATE)» CHAPTER ONE INTRODUCTION 1.1 Background of the Study Some of the major functions of any government especially developing countries such as Nigeria are...Continue Reading »
» CHAPTER ONE INTRODUCTION 1.1 Background to the study There is no doubt that credit management is central to the liquidity of firms; especially manufac...Continue Reading »
» (A CASE STUDY OF FIRST BANK OF NIGERIA LIMITED ABDULLAHI FODIO ROAD BRANCH,SOKOTO) ABSTRACT This research work highlights the result of a research car...Continue Reading »
8. USEFULNESS OF FINANCIAL STATEMENT IN ASSESSING AND GUIDING INVESTMENT DECISION (A CASE STUDY OF BETA GLASS PLC, UGHELLI, DELTA STATE).» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY since the formulization of the separation of management from ownership of the public limited liab...Continue Reading »
9. PROBLEMS AND PROSPECTS OF LOCAL GOVERNMENT FINANCE/ACCOUNTING IN NIGERIA (A CASE STUDY OF NSUKKA LOCAL GOVERNMENT AREA)» ABSTRACT The title of this research work is, problems and prospects of local government finance/accounting in Nigeria” with particular reference...Continue Reading »
10. FACTORS MILITATING AGAINST THE PERFORMANCE OF STUDENTS IN INTRODUCTORY TECHNOLOGY IN JUNIOR SECONDARY SCHOOL LEVEL IN NIGERIA (A CASE STUDY OF SECOND...» ABSTRACT It is disheartening to say that until recently, Introductory Technology Education was not paid attention to by the introducers and the acquir...Continue Reading »