THE RELEVANCE AND ADEQUACY OF INTERNAL AUDIT IN COMMERCIAL BANK

  • Type: Project
  • Department: Accounting
  • Project ID: ACC0079
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 82 Pages
  • Methodology: chi saqure
  • Reference: YES
  • Format: Microsoft Word
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THE RELEVANCE AND ADEQUACY OF INTERNAL AUDIT IN COMMERCIAL BANK
(A CASE STUDY OF ALL STAES TRUST BANK NIGERIA PLC)
ABSTRACT

          The society at large views public money as an opportunity to enriching themselves since it is not for any body beside it is our nation cake as always stated. People with questionable intentions makes good use of this opportunity in looking away most of this funds which were kept under their control as leaders.
          It is on the above points, that the research had carry out a critical research with a view to knowing the extent of accountability in the public expenditure.
          Carry out an in-depth study are to the causes of inadequate accountability in our public establishment and how best to control public funds. In terms of making expenditure.
          To achieve a reasonable research, the researcher embarked o the research work by making an empirical survey, which will be in form of oral, and written data, which involve questionnaires and library research which formed part of the researcher secondary data.
          With the above fact, the researcher analysis the research work and test the hypothesis. And the hypothesis was tested by the use of the chi-square formula, before arriving at a conclusion.
          However, based on the findings, recommendations were made on how best public expenditure would be managed. It is my strong opinion that it will go a long way in alleviating the situation if fully implemented.
 TABLE OF CONTENT
CHAPTER ONE
1.0  INTRODUCTION
1.1                          Statement of problem
1.2                          Objective of the study
1.3                          Significance of the study
1.4                          Statement of Hypothesis
1.5                          Scope of the study
1.6                          Limitation of the study
1.7                          Definition of terms
CHAPTER TWO
2.0     LITERATURE REVIEW
2.1            Origin and historical development of accounting
2.2            Accounting defined
2.3            Types of accounting
2.4            Specialized accounting fields
2.5            Definitions of public expenditure
2.6            Need for adequate accountability of public expenditure
2.7            The role of auditors in managing public expenditure.
2.8            Role of internal auditors
2.9            Role of external auditors
2.10       How accounting can help in the management of public expenditure
 CHAPTER THREE
1.0                      RESEARCH DESIGN AND METHODOLOGY
1.1            Design of the research
1.2            Sources of data
1.3            Primary data
1.4            Secondary data
1.5            Reliability of data
1.6            Sample used
1.7            Method of hypothesis testing
 CHAPTER FOUR
4.0            Data presentation Analysis, Interpretation
4.1            Data Analysis
4.2            Test of Hypothesis
4.3            Summary of Study
 CHAPTER FIVE
5.0            SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1            Findings
5.2            Recommendations
5.3            Conclusion
 CHAPTER ONE
1.0            INTRODUCTION
Misappropriation and embezzlement of public fund have been the talk of the day in our various government institutions. This case of inadequacy and inefficiency in the accountability of public fund had shown the force that people who are being entrusted with such funds shows a sort of non-challant attitude in carrying out the duties. This attitude had done a lot of harm to the growth of our various government establishments, it is clear that no institution, parastatals, or organization will grow without maintaining adequacy efficiency and accountability. However, it is also obvious that some organization has been closed up or folded up due to the fact that their funds were not adequately managed.
Because of the inadequate accountability of public funds that some times, necessitate the checks, which is carried out by both internal and external at intervals. This checks being carried out auditors both internal and external is called auditing, the reason for this is to find out the extent of accountability if any, and to advice the auditory on the steps and have best to control their funds.
Based on the fact that Enugu State Education Commission, which the researcher has chosen as her case study is one of the numerous establishment controlled by Enugu State Government. There is the need for an in-depth study to be carried out in Enugu State Education Commission which will service a sample size when analyzing the findings and making recommendations about public expenditure with special regard to Enugu State.
However, in the course of this study work be carried out in findings the origin of the board, sources of funds to the board, ways in which these funds are expended and finally an attempt would be made to find out if the people entrusted with the boards funds, maintain adequate account of the fund kept under their controlled.
 1.1                                    STATEMENT OF PROBLEM
The increase in inadequacy and inefficiency in the accountability of public expenditure, due to misappropriation to embezzlement of public funds has put to question that inequity of reliability of those entrusted with the accountability of public expenditure the non-challant attitude of government employees in the performance of their duties as related to accounting needs much to be desired, since they usually have on ugly nation that government fund belongs to nobody and as such they tend to exercise little or no care in making expenditure including the government.
A lot of efforts put in place to correct this notion had little or no impact on these government employees, have the establishment of internal audit, investigation and compliance units by the state education commission to deal with such issues.
It is necessary to state here that some of the courses behind inadequate accountability of public expenditure may be attributed to lateness in implementing reports issued by the above mentioned bodies or at times some of the reports are ignored without being implemented. It is based on the above reasons that this study is being embarked on to find out some of the factors that are militating against adequate accountability in the state education commission and to recommend on how best the situation could be reduced.
 1.2                                    OBJECTIVE OF THE STUDY
The objective of study is evaluate the role being played by Enugu State Education Commission with regard to extent of accountability of public expenditure.
The objective is also aimed of identifying obstacles / difficulties encountered by the commission accounting personals as a result of achieving adequate accountability of public fund expenditure if any.
Moreover, the study will give recommendation on how best public expenditure could be managed and maintained.
 1.3                                    SIGNIFICANCE OF THE STUDY
Based on the increase rate of accounting officers that are involved in financial irregularities and misappropriation of public funds, auditor’s job internal and external has been put in place for challenging.
Beside, the issue remains that some of the auditor’s findings are not being implemented, rather the government deem it necessary to set up panel on recovery of public funds and property. The establishment of the panel is necessary since the panel has right step in right direction and a lot of funds is being recovered anytime the exercise is being carried out by the state commission form various people.
It will serve as a help to people who may wish to carry out further research on the study on how best to achieve greater financial accountability and control over public expenditure.
Finally, it will be very important to the Enugu State Education Commission in particular and the government of the state in general to modify restructure and strengthen the machinery where necessary to achieve greater and effective control over public expenditure and accountability.
 1.4                                    STATEMENT OF HYPOTHESES
Series of reports has been going on about the irregularities and misapplication of public funds more especially in our various government establishments. Because of the above statement, the researcher is making the hypothesis as below.
Hi:     There is adequate accountability of public expenditure in state Education Commission Enugu.
Ho:    There is inadequate accountability of public expenditure in State Education Commission Enugu.
 1.5                                    SCOPE OF THE STUDY      
It is necessary to note that it is not exhaustive. The degree of accountability in our various government owned establishment in Enugu State is differ from one organization to another. Based on this, its facts cannot be covered in a small work like this and within the time limit given. For this study, thus this work will be narrow to the extent of accountability with more emphasis on State Education Commission Enugu.
1.7     HISTORICAL BACKGROUND OF THE COMMISSION
          before the advent of Nigeria Britain civil near which lasted from 1967 – early 1970, all educational activities are being handled by evolutionary or religion organizations or private individuals who wee interested in educational development.
          However, the payment of salaries to the treachery and the granting of incentives to government approved schools were left to the government as one of the government responsibilities notwithstanding, the fact that the schools are being controlled by voluntary religious organization and private individual.
          The religious organization and private individuals depends so much on the government for its sustenance to the extent that about 90% of the funds and equipment needed for running.
          Moreover, the east controls government made up of the five eastern states now, which, includes (Abia, Anambra, Ebonyi, Enugu and Imo States). After strong deliberation and consultations decided to take over the control and management of schools in 1970 by establishing state board to take over from the voluntary / religious and private individuals the management and control of the schools. Their main aim of doing this is to enhance efficient distribution and utilization of educational / facilities and reduce the cost of running schools to the optimum minimal level, and to see to it that school which are being financed by the government and managed by their approved representatives, will provide more efficient and effective education to the people, and also bring to an end the religious dichotomy in the education system.
          The edict to 2 of 1971 of then east central state public education transferred to the state all voluntary agencies and private schools. This edict created a state school board. The state school board had the following objectives.
a.     Management of all posts primary schools.
b.     Appointment, promotion, transfer and discipline of teachers in post primary schools.
c.      Consultation with and advising the ministry of education upon such matters as connected with educational policy, theory and practices as it deems fit and upon any question refereed to it by the ministry.
d.      The co-ordination of the activities of provisional boards.
It is necessary to bring it to notice that the first chairman of the state school board was Chief J.M Echeruce. Also Dr. Offia Nwali as SOLE administrator was conferred with absolute power to perform the duty of the board by the public education (interim provision) Edict No 5 of 1972.
It is important to know that prior to the creation of the states in 1976, the board was last known as teacher’s service commission. And stated by Mr. R.O. Onyeagbon, principal information officers of state education commission in his annual report, “the state Education Commission was established under the Anambra State amendment law No 11 of 1980 as a successor to the state school, services commission established under Edict No. 10 of 1979” its features relates directly to the provision of the government while paper on the report of a committee set up in 1979 which reformed the state providing for the commission Headquarters and zonal offices of five educational zones of the state as Awka, Abakiliki, Enugu, Nsukka and Onitsha.
As of now, the old Anambra state have been divided into 3 states namely Anambra state, Ebonyi and Enugu state. Each of the states have its own state education commission this is when Enugu state Education Commission was established.
With the recent development in educational development in Nigeria educational development in Nigeria, the Enugu State Education Commission have other boards under it and they includes – Post Primary School Management Board (PPSMB) which is in charge of all secondary schools in the state. It is being headed by a chairman who is usually on appointment. Another one is the State Primary Education Board (SPEB) which  is in charge of all primary schools, in the state. Also it is being headed by a chairman appointed by the state government.
What all these information, it is not an over statement to say that Enugu State Education Commission has come as very long way to be.
 1.8                          DEFINITION OF TERMS
The under listed terms has been defined by the researcher as they are listed in the work.
1.     Misappropriation: Use of public fund for what it is not meant for. Going against appreciation laws, financial instructions.
2.     School: any post primary school located within Enugu state.
3.     Management: people at the helm of affairs in an establishment.
4.     Expenditure: this is the out going of money as a result of acquired on asset or service.
5.     Authorization: the initiation of contractual obligations.
6.     Government: Enugu State government.
7.     Auditing: this is a work preferring by the auditor as a result of investigation, verifies accounting data. Determines he accuracy and reliability of accounting statement and report, and then reports on hos findings.
8.     Auditors: person (s) appointed to examine the accuracy of the accounts and records kept by business or organization and to report on the financial aspects of the undertaking at a particular time.
9.     Hypothesis: A tentative statement made by the researcher, which may be true or false.
10.            Commission: state Education, Commission  Enugu.
11.            Embezzlement: theft by a person of assets entrusted to him or her.
12.            Control this means the exercise to achieve a plan previously drawn up for the future.
13.            Fraud: Dishonest act intended to deceive often involving the thefts of assets and falsification of accounting records and financial statements.
14.            Board: Enugu State Education Commission, Enugu
15.            Internal Control System: This is every measure established by the management in an orderly way to ensure adherence to managerial polices regarding the operations and resources of the enterprise.
 
THE RELEVANCE AND ADEQUACY OF INTERNAL AUDIT IN COMMERCIAL BANK
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

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  • Type: Project
  • Department: Accounting
  • Project ID: ACC0079
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 82 Pages
  • Methodology: chi saqure
  • Reference: YES
  • Format: Microsoft Word
  • Views: 2.1K
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    Details

    Type Project
    Department Accounting
    Project ID ACC0079
    Fee ₦5,000 ($14)
    Chapters 5 Chapters
    No of Pages 82 Pages
    Methodology chi saqure
    Reference YES
    Format Microsoft Word

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