Project Materials

AUDITING UNDERGRADUATE PROJECT TOPICS

THE INTERNAL AUDITING AS AN INSTRUMENT FOR EFFECTIVE MANAGEMENT

THE INTERNAL ING AS AN INSTRUMENT FOR EFFECTIVE MANMENT

 

CHAPTER ONE

1.1.1 INTRODUCTION

The function and existence of an internal audit department in an organization cannot be overstated, given the magnitude of trust and responsibility placed in this department. This brings to mind why the authors chose to conduct research on the topic: internal auditing as a tool for effective management.

Internal auditing becomes necessary as a result of the management’s extended span of control over the employment of men and material in the conduct of organizational affairs. Internal audit work is very important in most modern organizations and has the trust of responsibility to advise management and enforce internal control and internal checks in the organization. The organization’s inefficiency during day-to-day operations is managed.

Internal auditing is the activity of evaluating independence in an organization as a service to management. Management typically defines the duties, which include:

Continuous assessment of the adequacy and effectiveness of the internal control system;

Routine checks are performed to prevent and detect errors and fraud.

Providing hiring advice to management on internal control issues;

All reported cases of all practices will be investigated.

stical data for management information and decision making;

Other special assignments include asset disposal and staff audits.

Despite the fact that this appears to be a demanding and difficult function of the internal audit department. Some organizations deprive the internal auditor of funds, staffing, and training.

Internal audit must be credible by employing people of integrity as internal auditors.

Internal auditors with the qualities listed above have contributed to the inefficiency of internal audits in organizations around the world.

Concerning the issues that frequently affect internal audit departments, some organizations treat internal audit as “bloodhounds” rather than “watch dogs.” The fraudulent employees would not normally collaborate with the internal auditors in terms of the supply of information that should be used for effective checks of the organization’s activities.

The project focuses on the Institute of Management and (IMT). In 1972, the former East Central State of and the East Central State Institute of Administration merged to form the school.

The Institute of Management and (IMT) was established on July 1, 1973, as a result of the then East Central State Government’s edict No. 10 of 1973.

Campus II and III of the Institute of Management and have been taken over by the State University of Science and (ESUT) Nigeria.

The Institute of Management and (IMT) offers pre-university programs such as full-time, part-time, and poly-air. The institute has a head of establishment, a rector, a registrar, accounts, and ent affairs, among other things.

The institute of management and technology (IMT) offers the following programs:

iness and administration school;

Department

General Studies ;

Technical Teacher Education School and;

Continuing Education School.

1.2 THE PROBLEM STATEMENT

The y, titled internal auditing as an instrument of effective management, seeks to identify the methods used by some institutions, such as the Institute of Management and (IMT) in , to use internal audit as an instrument of effective management. Some of these issues include:

I Inability to recognize the functions of the internal audit department;

(ii) Inadequate information for internal audit work;

(iii) Non-independent of the institute’s internal audit work and

(iv) Inability to recognize internal audit as an effective and dependable tool for management in carrying out its functions.

1.3 OBJECTIVES OF THE STUDIES

The following is the work’s goal:

I Determine the extent to which the institute of management and technology (IMT), is impacted by the inability to identify the function of the internal audit department.

(ii) Determine how a lack of information in this institute affects internal audit work.

(iii) To ascertain the extent to which the independence of internal audit work is hampered; and

(iv) Determine whether internal audit is a useful tool for effective management.

 

1.4 THE STUDY’S OBJECTIVE AND LIMITATIONS

The scope of this research focuses on internal auditing as a tool for effective management, with the Institute of Management and (IMT) in serving as a case y.

 

1.5 QUESTIONS FOR RESEARCH

To guide these projects, the following four were developed:

I To what extent does the institute of management and technology (IMT), ’s inability to identify the function of the internal audit department affect its activities?

(ii) To what extent does a lack of information at the Institute of Management and (IMT) in affect internal audit work?

(iii) To what extent is the independence of internal audit work hampered; and

(iv) To what extent does internal auditing serve as a tool for effective management at the Institute of Management and (IMT), ?

1.6 HYPOTHESIS OF NULL (Ho)

The following are the work’s hypotheses:

Ho1: The management of the Institute of Management and (IMT), is unaffected by the inability to identify the functions of the internal audit department.

Ho2: A lack of information at the Institute of Management and (IMT) in has no effect on its management’s internal audit work; and

1.7 THE IMPORTANCE OF THE STUDY

This work will be very useful to the management of any institute or firm that requires effective internal control, not just the institute of management and technology (IMT), .

Internal auditing is beneficial because it detects, controls, and prevents waste and fraud in the organization. This researcher provides moral support to protect efficiency and assists management in dealing with issues that would have caused problems if left to linger until they were brought to the attention of higher management.

The work may be of interest to ents of business, research, business execution, and the public institute.

 

 

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THE INTERNAL AUDITING AS AN INSTRUMENT FOR EFFECTIVE MANAGEMENT

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