THE INTERNAL AUDITING AS AN INSRUMENT FOR EFFFECTIVE MANAGEMENT
(A CASE STUDY OF INSTITUTE OF MANAGEMENT & TECHNOLOGY I.M.T.) ENUGU
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The variable instrument for the control of the organizational resources is the internal control, which has internal audit as its instrument. This important father makes the researcher to choose “Internal auditing as an instrument for effective management”.
For this project on institution of management and technology (IMT) Enugu as a case studying, the researcher made use of both primary and secondary data. Structured questionnaires were the method used for the collection of primary data. Secondary data were also collected from textbooks and form various libraries. Chi-squares was used as a statistical tool for analyzing the data.
It was discovered from the research that internal auditing is an indispensable instrument for effective management interferes with the function of the internal audit duties in the institution. Also lack of information contribution to the misappropriation of funds and properties of the organization.
The researcher recommend that internal auditors should be persons who are well trained experienced and of good moral standing for proper recognition.
On that note, the management should not interferes with the duties and proper working of the internal audit unit.
TABLE OF CONTENTS
- Background of the study
- Statement of the problem
- Objective of the study
- Scope of the study
- Research questions
- Null hypothesis (ho)
- Significance of the study
- Review of related literature
3.1 Research design
- Area o the study
- Population of the study
- Sample and sampling procedure
- Instrument for data collection
- Validation of the instrument
- Reliability of the instrument
- Administration of the instrument
- Method of data analysis
4.0 Data presentation and result
5.0 Discussion of results
- Implication of the study
- Suggestions for further research
- Limitation of the study
The function and the existence of internal audit department in organisation cannot be over emphasized considering the enormity of trust and responsibility attached to this department of an organisation. This brings to mind why the writers chose to research on the subject, internal auditing as an instrument for effective management.
Internal auditing becomes necessary as a result of the extended span of control faced by the management concerning the employment of men and material in the conduct of organizational affairs. The work of the internal audit are very important in most modern organizations and have trust of responsibility to advice the management and enforce the operations of internal control, and the internal checks in the organisation. The inefficiency in the organisation during day to day activities are controlled.
The internal audit is the independence appraisal activity in the organisation as a service to the management. The duties are usually defined by the management and these includes:
- Measurement of the adequacy and effectiveness of the internal control system on a continuous basis;
- Routine checks to prevent and detect errors and frauds;
- Provision of hireling advice to management on internal control matters;
- Investigation of reported cases of all practices;
- Provision of statiscal data for management information and decision making;
- Other special assignment such as asset disposal, staff audits.
Inspite of this being a seemingly exacting and challenging function of the internal audit department. In some organizational, the management starve the internal auditor of funds, staffing and training.
It is necessary for internal audit to have credibility by having as internal auditors persons of interrity.
The above qualities of internal auditors contributed to the inefficient of the internal audits of the organizations world-wide.
As regards, the problems which usually effects the internal audit departments, the staff of some organisation treats the internal audit as “blood hound” and not “watch dogs”. The fraudulent staff would not normaly corporate with the internal auditors as regard the supply of information which should be used for the effective checks of the work of the organizations activities.
The project directs its attention on the institute of management and technology (IMT) Enugu. The school was established as a result of the combination of the former college of technology and institute of administration of East Central State in 1972.
The institute of management and technology (IMT) Enugu came into being of the 1st July, 1973 as a result of edict No. 10 of 1973 of the then East Central State Government.
The institute of management and technology has two campus whish is campus II and III as campus I has been taken over by the Enugu State University of Science and technology (ESUT) Enugu Nigeria.
The institute of management and technology (IMT) Enugu runs preliminary studies, such as full-time, part-time and poly-air programmes. The institute has its head of establishment, the rector of the institute, the registrar, the accounts and the student’s affairs etc.
The institute of management and technology (IMT) Enugu has under its various programmes:
- School of business and administration;
- School of Engineering
- School of General Studies;
- School of Technical Teachers Education and;
- School of Continuing Education.
1.2 STATEMENT OF PROBLEMS
The research titled internal auditing as an instrument of effective management attempts to determine the methods by which some institution like the institute of management and technology (IMT), Enugu has utilized internal audit as an instrument for effective management some of these problems are: