Contributions of internal audit to the accountability of water corporation
Complete Contributions of internal audit to the accountability of water corporation Project Materials (Chapters 1 to 5):
The primary objective of this study is to identify the contributions of internal audit to the accountability of NITEL Plc, Enugu zone. A number of 2010 staff consist the population while 72 staff from the 7 departments formed the sample through random sampling. In carrying out this research, four research questions were utilized. Copies of questionnaire were given out to staff of the organization. The data collected were analyzed using frequency table and mean. The findings revealed that: (a) High level of accountability, effective knowledge acquired by workers, etc are dependent on Internal auditing. (b) Proper stock taking, qualified auditors, etc by internal auditing helped the organization to optimize its assets. (c) The effective management of financial resources of the organization by internal audit are achieved through early dictation of fraud, effective internal control, etc. (d) Lack of internal audit give chances of fraud, retrenchment of workers, etc. Based on these findings, recommendations, conclusion and suggestions for further research were made.
Title page
Approval page
Certification
Dedication
Acknowledgment
Table of content
Abstract
CHAPTER I:
INTRODUCTION
Background of the study
Statement of the problem
Purpose of the study
Significance of the study
Research questions
Delimitation of the study
Definition of terms
CHAPTER II:
REVIEW OF RELATED LITERATURE
Roles of Internal Auditing in accountability of
business organization
Objectives and Purpose of internal Audit
Impact of Internal Auditing in the Operation Business
Organization
Summary of Literature Review
CHAPTER III:
RESEARCH METHODS
Research design
Area of the study
Population of the study
Sample and sampling technique
Instrument for data Collection
Validity of the instrument
Reliability of the instrument
Method of data collection
Method of data Analysis
Chapter IV:
DATA ANALYSIS AND RESULTS
Research question 1
Research question 2
Research question 3
Research question 4
CHAPTER V:
DISCUSSION OF FINDINGS, CONCLUSION
AND RECOMMENDATIONS
Discussion of Findings
Conclusion
Recommendations
Limitation of study
Suggestions for further Research
References
Appendixes I
Appendixes II
INTRODUCTION
Background of the Study
Auditing is defined as an official examination of business and financial records to see that they are true and correct.
According to Aguolu (1998:2) Auditing is defined as an independent examination of an organization’s financial statements with a view to expressing in form of a report, an opinion as it whether these statements gives a true and fair view and comply with the relevant statutes.
A person who carries out such an examination is know as an AUDITOR for an auditor to be able to carryout a meaningful examination as required for the purpose of his report, the auditor does not only review the financial statements, he also carriers out a skilful and careful examination of the records of the organization in order to ensure that the financial statements are in reflection of the affairs of the organization as they appear in the records.
Internal audit as defined by Guidance for Internal Audit (1990:14) is an appraisal function established by the management of an organization for review of the internal control system as service to the organization. It objectively examines, evaluates and reports on the adequacy on internal control as a contribution to the proper economic, efficient and effective use of resources.
Auditing is different from Accounting in what of auditing it involves a critical examination of accounts through test, vouching, verification, etc while accounting involves recording, use and analysis and interpretation of financial transaction accounting aims at determination of result of operation while auditing aims at create statement confidence on the accounts by stating the true and fair view of the financial statements. Auditing can be classified into internal, external private audit, etc while accounting can be classified into financial, costing, management and Tax accounting.
Internal auditing precisely is meant to control and ensure accounting or proper stewardship on the part of officers entrusted with the duty of managing public funds. It is also geared towards improving accounting system and techniques thereby facilitating prompt, accurate and reliable information to management.
The civil service reforms of 1988 contain provision for audit department Goarcia (2003). In highlighting the functions for internal audit department contended that internal audit department or unit is one set up to supervise the book-keeping accounting and other functions of the organization.
However, despite the above provisions safeguards one still hears and reads daily of the alarming rate of fraud and misappropriation of public fund and property by those who were entrusted with their safeguard. This study will look into the contributions of internal auditing to the accountability of water co-operation, Enugu zone to determine it potentials in preventing errors, encouraging improvements in operations accuracy, efficiency and effectiveness and operations.
Statement of the Problem
The unreliability in water corporation has given rise to the quest to know how its money is being used it is explained that the organization main objective is the welfare of its public but the extent to which they have achieved this through the services they provide is not applauded by the public.
There are still complaints on the high rate of fraud and wrong use of public funds by those who were entrusted with their safeguard the establishment of internal audit department in the organization, water corporation Enugu zone. It was based on this ground that this research has been decided to be carried out to find out how internal audit can help to the accountability of water corporation.
Purpose of the Study
This purpose of this research work was to investigate for the following objectives.
i. To determine the extent to which effective accountability is dependent on internal auditing.
ii. To find out how internal auditing has helped water corporation to optimize its assets.
iii. Ascertain how internal auditing has aided the water corporation Enugu zone, in efficient management of it financial and material resources.
iv. Dig deep into knowing the extent to which available resource of water corporation has been marked by lack of internal auditing.
Significance of the Study
It is expected that with the outcome of this study, management will be assisted in upholding its strengths and remedy the weakness of the internal audit system. Poor administrative control will not facilitate the organization’s resources and assets. There is going to be a justification for this study as both the organization studied and other’s in general would appreciate the impacts the internal audit has contributed to develop efficiency and effectiveness of performance.
Research Questions
i. To what extent is effective accountability dependent on internal auditing in water corporation?
ii. To what extent has internal auditing helped water corporation to make best use of its assts?
iii. To what extent has internal auditing aided efficient management of financial resource of water corporation?
iv. In what ways have the available resources of water corporation been marked by lack of internal auditing?
Delimitation of the Study
The study was being restricted to identifying the contribution of internal auditing to the accountability of water corporation in Enugu zone specially.
Definition of Terms
i. Contributions:- This means efforts made of help rendered to a person, group of persons, organization, etc to bring about a change.
ii. Internal: It means something happing in the inside or applying within an organization.
iii. Audit: This is an official examination of accounts
iv. Accountability: According to Ola, (1995:8) this implies being honesty and probity (transparent) in accounting for public funds both reserved and expended. It means being able to explain or give account of how something is being done.
The introduction of Contributions of internal audit to the accountability of water corporation should start with the relevant background information of the study, clearly define the specific problem that it addresses, outline the main object, discuss the scope and any limitation that may affect the outcome of your findings
Literature Review of Contributions of internal audit to the accountability of water corporation should start with an overview of existing research, theoretical framework and identify any gaps in the existing literature and explain how it will address the gaps
Methodology of Contributions of internal audit to the accountability of water corporation should describe the overall design of your project, detail the methods and tools used to collect data explain the techniques used to analyse the collected data and discuss any ethical issues related to your project
Results should include presentation of findings and interpretation of results
The discussion section of Contributions of internal audit to the accountability of water corporation should Interpret the implications of your findings, address any limitations of your study and discuss the broader implications of your findings
The conclusion of Contributions of internal audit to the accountability of water corporation should include summarize the main results and conclusions of your project, provide recommendations based on your findings and offer any concluding remarks on the project.
References should List all the sources cited in Contributions of internal audit to the accountability of water corporation project by following the required citation style (e.g., APA, MLA, Chicago).
The appendices section should Include any additional materials that support your project (Contributions of internal audit to the accountability of water corporation) but are too detailed for the main chapters such as raw data, detailed calculations etc.