INTERNAL AUDITING AND STOCK TAKING

ABSTRACT

Internal auditing and stocktaking are characterized by paucity of literature mostly when it involves having a focus on a particular establishment. Most at the work on auditing have been centered on independent audit. However, effort were made to scrape as much as possible from the dired ground. Internal auditing is this an independent appraisal activity within the organization for the review of accounting, financial and other operation as a basis for services to management. The person who does the above job is known as an internal auditor. While stoking is the counting and checking of the price and physical quantities at goods or items in the store by selected officials at the company. In an establishment like the total Nig. Limited is a company which concentrates much on the marketing of petroleum products though diversification are being made towards such area like agriculture.In the view of different scholars and has been established by the researcher in internal auditing is very important in any organization, since they are eyes and ears of the management and stock being one of goods or items that determines progress or failure of an producing or marketing that should be taken care of.

TABLE OF CONTENT

CHAPTER ONE

INTRODUCTION

Background of the study
Statement of problem
Purpose of the study
Significance of the study
Scope and limitation of the study
Definition of terms

CHAPTER TWO

REVIEW OF LITERATURE

What is an audit
Types of audit
Internal audit
Function of internal audit
Internal audit department and others
Problems of the internal audit
Stock taking

CHAPTER THREE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

Findings
Recommendation
Conclusion
BIBLIOGRAPHY

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Internal auditor has been described as “the review of operations and records sometimes continues, undertaken within a business by specially assigned staff. An internal audit or section is a part of the organization headed by the chief internal audit who reports to the chief of the executive of the organization. Internal audit is a part of system of internal control and is undertaken by the staff of the organization. The work undertaken by the internal audit is decided by either the Board of Directors or the management. The responsibilities duties and power of internal audit are determined by the director periodically these duties and responsibilities are reviewed by revised.

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