+234 813 0686 500
+234 809 3423 853
info@grossarchive.com

INTERNAL AUDITING AS A TOOL OF CONTROL IN FEDERAL GOVERNMENT PARASTATALS

  • Type:Project
  • Chapters:5
  • Pages:65
  • Format:Microsoft Word
(Accounting Project Topics & Materials)

     INTERNAL AUDITING AS A TOOL OF CONTROL IN FEDERAL GOVERNMENT PARASTATALS 

CHAPTER ONE

1.0      INTRODUCTION

In Nigeria, successive governments, since independence have set up autonomous organizations with legal independence and powers, having the initiative of private enterprises to carry on developmental activities of commercial or industrial nature. Thus, the emergence of Ahmadu Bello University teaching Hospitals with headquarters in Samaru Zaria is charged with the responsibility of accounting properly all financial activities undertaken by its management.

The need to institute both internal and external audit systems within organizations for efficient and effective financial monitoring, management and control was further necessitated by some prevalent economic pressure like the recession in the privatization and commercialization of most of government owned organizations, keen competition in the Nigerian business environment, the Structural Adjustment Programme (SAP), Industrial unrest and the renewed call by the government through War Against Indiscipline and Corruption (WAI-C) foir financial prudence, action and accountability by government functions.

Internal auditing is of fundamental importance as an effective means of ensuring the reliability of internal records for information and use, through proper internal control systems within an organization without which such records will present chaos and the whole system may fail to succeed for lack of orderliness, accuracy, reliability of information, safety of its assets and the general security of records.

Effective internal control is necessary to be able to determine whether all transactions have been reflected within accounting record. It is therefore, important to recognize that the auditor concerns himself with internal control throughout the clients organization and not merely within the finance and supplies department alone. He ought to understand the organizational operations as a whole, ascertain and evaluate the whole system of control operating within the organizations. An important aspect about controls is the fat that it has to be timely otherwise the whole exercise will be futile.

The internal auditor helps management to achieve organizational objectives effectively through his report. Such reports have to contain express opinion of the auditor on the areas he undertakes to audit. The nature and extent of the internal control system and internal auditing, appropriate to anyone organization is the management’s responsibility and depends on the organizations typology and geographical distribution.

The importance of internal control for internal audit purposes will be appreciated most in an organization like the Ahmadu Bello University Teaching Hospitals, whose activities are spread over various branches at different locations both within and outside Kaduna State.

1.1   STATEMENT OF THE PROBLEMS

A problem represents an unhealthy organizational atmosphere or a puzzle a phenomenon, event or happening. Having defined a problem, an insight is given as to the major problems that could be said to bedevil the internal auditing and control systems in Ahamdu Bello University Teaching Hpsitals. As is the tradition with government parastatals and organizations, the Ahmadu Bello University Teaching Hospitals have some of its problems as follows:

1.           Lack of a good system if financial monitoring and control.

2.           Lack of sufficient audit staff and other professional services to aid and effective audit conduct.

3.           Lack of sufficient transport, financing and suit accommodation.

4.           Non issuance of internal audit reports prior to statutory audit thus increasing the audit fees and costs.

5.           Insensitivity of audit inspection reports and queries.

6.           Loss of funds through misappropriation or abscondment of accounts staff.

1.2      OBJECTIVES OF THE RESEARCH

With the above list of problems and many others yet unmentioned bedeviling the internal control system of the Internal Auditor Department in A.B.U. Teaching Hospitals, it will be unfair if no step is taken even as effected by one’s academic pursuance to look at the problems and causes critically and suggest possible solutions that could improve the situation for the organizations continued effective existence.

In a nutshell, the aim of this study is to find a possible shorten and long term solutions to the problems thereby pacing the way for efficient operation in the organization in order to achieve the purposes for its existence.

1.3      SCOPE AND LIMITATIONS OF THE RESEARCH

The study is limited to A.B.U. Teaching Hospitals activities, especially its internal audit system and financial dealings as it relates to the management of its financial resources.  

The A.B.U. teaching Hospitals are selected as a sample to be studied for the fact that it is likely to offer free access to relevant financial and audit information and documents that will be required for this research. The study centres largely on the Internal Audit Department of the Ahmadu Bello University Teaching Hospitals, Headquarters in Samaru Zaria.

The Departmental functions as per responsibilities assigned to it by management which is mainly to operate within the broad areas of reviewing of accounting system and other related internal control, examinations of financial and operating information for management, review economic efficiency and effectiveness of operations, and implementation of organizational policies, plans and procedures. The external audit concerns itself with making necessary information available with express opinion to outside users to third parties.

1.4      LIMITATIONS

As normal researches involving case studies of Government organizations in Nigeria, the issue of confidentiality really hindered the flow of necessary information for this write-up. Moreso, to somebody completely outside the organization like myself, the fear of leaking Governmental secrets due to the government secrecy acts and decrees, further aggravated lack of adequate materials for this work. Therefore, I had to rely on the materials that were made available to me by some personal friends in the organizational under discussion. 

Finally, the issue of financial constraints also becomes an important factor that hindered the adequacy of resources (materials) on this write-up.

1.5      RESEARCH METHODOLOGY

For the purpose of this project, both primary and secondary methods of data collection have been used. The primary was based on my personal interactions with my friends that are working there and the questioning techniques being used during my discussions with them any time I met some of them.

The secondary includes the accounting manuals of the organization and other relevant related audit files, other data used includes texts and journals that relate to the subject matter under discussion, and accounting data, lecture motes and all other relevant financial data necessary for this project write-up.

INTERNAL AUDITING AS A TOOL OF CONTROL IN FEDERAL GOVERNMENT PARASTATALS

Share This

Details

Type Project
Department Accounting
Project ID ACC1424
Price ₦3,000 ($9)
Chapters 5 Chapters
No of Pages 65 Pages
Format Microsoft Word

500
Leave a comment...

    Details

    Type Project
    Department Accounting
    Project ID ACC1424
    Price ₦3,000 ($9)
    Chapters 5 Chapters
    No of Pages 65 Pages
    Format Microsoft Word

    Related Works

    INTERNAL AUDITING AS A TOOL OF CONTROL IN FEDERAL GOVERNMENT PARASTATALS A CASE STUDY OF AHMADU BELLO UNIVERSITY TEACHING HOSPITALS ZARIA (ABUTH). INSTITUTE OF HEALTH ZARIA – NIGERIA. ABSTRACT Auditing has been used by governments and Private Enterprises for a long period as a tool for efficient and effective management and control of their... Continue Reading
    (A CASE STUDY OF PHCN ADO EKITI) CHAPTER ONE INTRODUCTION 1.1   BACKGROUND TO THE STUDY Several studies have been carried out in Nigeria to find out why many government parastatals or industries which started of well later fall or remain stagnant in their operations. The major causes of this... Continue Reading
    EFFECTS OF INTERNAL CONTROL SYSTEM IN IMPLEMENTING THE PROCESS IN GOVERNMENT PARASTATALS  CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY In Nigeria, successive governments, since independence have set up autonomous organizations with legal independence and powers, having the initiative of private enterprises to carry on developmental... Continue Reading
    ABSTRACT This research work was focused on investigation on the use of budgeting and  budgetary  control as    tools  for  accountability  in  government Parastatals. (A case study of Enugu State Housing Development Corporation). Budgetary control is a quantitative expression of plane of action prepare in advance of period to which it... Continue Reading
    (A CASE STUDY OF ENUGU STATE AGRICULTURAL DEVELOPMENT PROGRAMME ENUGU) ABSTRACT This study is based on the IMPACT OF AUDITING IN A GOVERNMENT PARASTATALS using ENUGU STATE AGRICULTURAL DEVELOPMENT PROGRAMME; located at Okpara Avenue as a study guide. The entire work was divided into five(5) characters... Continue Reading
    CHAPTER ONE INTRODUCTION Since the creation of Enugu state on the 17 of august 1991 till date, many of the government owned company e.g. Niger gas limited, Emene flour mill limited Emene, Anambra vegetable refinery oil Nachi, Nigeria cement company Nkalagu located at Eboyi state which is jointly owned by Enugu Eboyi and other state – Imo are at... Continue Reading
    {A case Study of Union Bank of Nigeria Plc} ABSTRACT This research study has examined all possible areas of the study was conducted on Auditing procedure and internal control system with reference to Union Bank of Nigeria Plc. However, the areas where the research revolves around are not limited to... Continue Reading
    A BSTRACT This study was to examine and find out the role of auditing on management’s control success with a particular reference to the Department of Audit, Ministry of Finance, Uyo, Akwa Ibom State. To achieve this objective, four research questions and three research hypotheses were formulated to guide the researcher study. The data collected... Continue Reading
    ABSTRACT The subject of this research investigation is the role and functions of internal auditing within the local government councils in Enugu State, specifically, this study has empirically investigated the present situation functions and problems of the... Continue Reading
    THE ROLE OF INTERNAL AUDITING IN THE EFFECTING MANAGEMENT CONTROL OF LOCAL GOVERNMENTS   ABSTRACT The subject of this research investigation is the role and functions of internal auditing within the local government councils in EnuguState, specifically, this study has empirically investigated the present situation functions and problems of the... Continue Reading