INTERNAL AUDITING AND CORPORATE MANAGEMENT(A CASE STUDY OF PZ INDUSTRIES NIGERIA PLC ABA)

INTERNAL AUDITING AND CORPORATE MANAGEMENT(A CASE STUDY OF PZ INDUSTRIES NIGERIA PLC ABA)

ABSTRACT

In an organization, the importance of internal auditing cannot be over emphasized, that is why I decided to research on the topic “Internal Auditing and Corporate Management”. This research work will help the research to find out that internal auditing is an important instrument for effective corporate management taking Pz industries Nigeria plc as a case study.It was observed that there are levels of management interference in duties of this unit.

Again, lack of information contributes to the embezzlement of funds and convention of organization properties to personal use. It serves as a management control which functions by measuring and evaluating the effectiveness of other controls.Furthermore, the researcher recommends that auditors can be persons who are properly trained, experienced and of good and high moral standard for a proper recognition and efficiency.

Severally, management should not interfere with the duties and functions of this unit’s effectiveness.

TABLE OF CONTENTS

TITLE PAGE

APPROVAL PAGE————————————–ii

CERTIFICATION ————————————–iii

ACKNOWLEDGEMENT———————————iv

ABSTRACT ———————————————v

TABLE OF CONTENTS———————————vii

CHAPTER ONE

• Introduction———————————————1

1.1 Background of the Study———————————1

1.2 Objectives of the Study———————————-1

1.3 Research Questions————————————–2

1.4 Statement of the Problem ——————————-3

1.5 Scope of the Study—————————————4

1.6 Limitation of the Study———————————–4

1.7 Definition of Terms—————————————-5

CHAPTER TWO5

• Literature Review—————————————-8
  • Historical Background of Research Problem——8
  • Concept of the Internal auditing and

Corporate Management————————-10

• Purpose of Internal Auditing and

Corporate Management—————————-12

• Problems of Internal

auditing and Corporate Management ————–14

• Essential Features of Internal auditing ———-19
• Areas Where Internal Auditing is Usually Useful-20

CHAPTER THREE

• Theoretical Framework and Methodology————–23
  • Introduction—————————————-23
  • Area of study ————————————–24
  • Population of the Study—————————24
  • Instrument for Data Collection——————-24
  • Methodology—————————————25
  • Sources of secondary Data.———————–26

CHAPTER FOUR

• Presentation and analysis of Data———————-27
  • Introduction—————————————-27
  • Analysis of Data according to Research Question28
  • Analysis of Data ———————————39
  • Interpretation of Results————————-41

CHAPTER FIVE

• Summary, Conclusion and Recommendation———43
  • Summary of Findings—————————–43
  • Conclusion—————————————-44
  • Recommendation———————————45
  • Area for Further Study—————————46

Bibliography————————————–47

Appendix

CHAPTER ONE

1.0 INTRODUCTION

1.1  BACKGROUND OF THE STUDY

The term audit is defined from the Latin word “audio” meaning to hear. The origin of an audit dated back from ancient times when the land owners allowed tenants farmers to work on their farm while the land owners themselves does not involve in the business of farming. The land owners relied on an overseer who listened to the account of the stewardship given by the tenants of the farm. According to (Johnson 1002,63) an audit is the independent examination and expression of opinion on the financial statement of an enterprise by an appointed audition in pursuance of that with any relevant statutory obligation.

• OBJECTIVE OF THE STUDY

The objective of the research work includes the following;

1. To find out the extents to which audit department affect Pz industries Nigeria Plc.
2. To know how lack of information in Pz industries Nigeria Plc affects the internal audit work.
3. To determine the extent to which the independent of the internal audit work is being impaired.
4. To ascertain whether internal auditing is an instrument for effective management.

1.3 RESEARCH QUESTIONS

To guide this project (six) research questions were generally formulated as follows:

1. Does lack of information in industries affects the internal audit work?
2. Is the internal auditor a qualified professional accountant?
3. Is internal auditing an instrument for effective management in industries?
4. Does the manager report consider the internal auditor?
5. Is the internal audit department given a free hand in terms of running of the activities of the department and responsibilities assigned to it?
6. Does inability to identify the function of internal audit department affect organization (industry)?

1.4 STATEMENT OF THE PROBLEM

The study entitled internal auditing and corporate management attempts to determine the ways by which some organization or firms has utilized internal auditing as instrument for effective management.

The internal auditor by the nature of his job is often treated with suspicion by members of staff. This places the burden on his shoulder to show his colleagues after all he is not a blood hound but one is implementing management procedures in a manner that he will help achieve the target goals and objectives of the organization. In lack of information, the internal audit has a task of receiving an authenticating financial decision taken by management. His attempt to make enquire, have in many cases placed him in a collusion course with his supervision. It is usually observed by the auditors that there is always reliance on the part of the employed especially those concerned with recording and documentation of financial transaction and accounting for custody to assets of the business organization, to discuss freely with auditors or make disclosure to the auditors without reservation, this is because employees are totally ignorant or have little knowledge of the duties of the auditors during normal audit exercise at this, the internal auditor is not given free hand in terms of independence in the running of the activities of the department and responsibility assigned to it

1.5 SCOPE OF THE STUDY

The scope of this study focuses on internal auditing and corporate management using Pz industries Plc, Aba as a case study. The study is meant to cover the whole of Pz industries Nigeria Plc since studying the organization as a whole would entail sampling data from both their head office and other collected from the chosen branch would from good representation of the whole company. Also factory of the company was chosen because of nearness and easy collection of data.

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