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APPLICATION
OF ASSESSMENT OF EFFECTIVE INTERNAL CONTROL AND AUDIT IN PUBLIC SECTOR
CHAPTER
ONE
1.0 INTRODUCTION
Auditing
is an independent checking, investigation, examination and expression of the
books of accounts and vouchers of a business enterprise with a view to enable
the appointed auditor to report whether the trading, prodit and loss accounts
and balance sheet are properly drawn up so as to show a true and fair view of
the state of affairs and the profit or loss of the business according to the
best information and explanation obtained by the auditor and that they comply
with the laid down rules and regulations of the statement of standard
acccounting product (SSAP) and other statutory regulations.
Internal
control system: This can be described acording to auditing guideline (AG 204)
as “the whole system of controls, financial and otherwise, established by the
management in order to carry on the business enterprise in an orderly and
efficient manner, ensure adherence of maangement policies, safeguard its assets
and secure as this as possible the completeness and acccuracy of records”
therefore this involves both internal check and audit.
Internal Check:
This briefly refers to the method (techniques) of organizing and arraning the
entire operation of office, factory and enhousing and the duties of respective
staff so that risk of fraud, errors, irregularities and mismanagment will
almost be impossible without conclusion. That is day-to-day transactions,
segregation of duties and job performance in an organization.
Internal Audit: This
is refers to an independent appraisal of activities within the organization of
the check of certain operations as a service to the maangement, therefore, it
is the maangement control to functions by the means of evaluating and measuring
the efficiency and effectiveness of
other controls or checks. Meanwhile, the internal audit will ensure that some
specific routine work are carrryout by the departments and that the laid down
procedures is adequately carry-out by
all applicable areas as well as making recommendations to the management.
1.1 BACKGROUND OF THE STUDY
Auditing
in its daily and primitive stage can in an existence since 16th
Century, start when the first relationship began between those who provided
capital and those who managed the business.
Moreover,
the innovation of joint stock companies has enormously widened the possiility
of raising capital for industry. As a result of the limited liability of the
shareholders, it become possible to offer shares for subcription to the public
and thus, the availability of capital to both industry and commence.
“Stewardship”
Meanwhile,
under the company from of business enterprises, the shareholders as a person,
delegate the management of the enterprise to the board of directors and
practically, the board submits to the shareholders the account of the
enterprise so that its members may see a trur and fair view of the financial
position and the profit and loss undertaking. Thus, in 19th century,
the greatly arose aneed by the
shareholders as a body to appoint an auditor that will help in the presentation
of statutory financial statement of the board of directors in order to show
true and fair view of the financial position of the company.
However,
in 20th century, mandatory provision as requirement made for the
audit to limited liability accounts and presentation of audit report to numbers
by the company acts in Nigeria have company or companies and Allied Matters Act
(CAMA) 1990.
1.2 STATEMENT OF THE PROBLEM
This
study is basically concerned with discussing and appraising an assessment of
effective internal audit and control in the public sector. And also how to
answers some related questions like;
-
How has the effective internal audit and control affected the public sector
over some years?
-
How Does the effective system of
internal audit control affect management policies towards records keeping, risk
of fraud and errors, mismanagement, job functions and proper coordination.
-
How does the system take care of vouchers,
payable, bank reconciliation statement and prevention of overpayment as well as
1.3.1
OBJECTIVES
OF THE STUDY
1. To
clearly demonstrate the impact effective internal control and audit in the
public sector.
2. To
clearly and effectively specify the adequate control and mnaagement mechanisms
to put in place in the public sector.
3. To
indicate the performance scope of internal control and audit in the public
sector towards quality of financial information, organization’s growth,
improving it efficiency at the costs lower as possible improvement of social
environment.
4. To
clearly explain the system audit general description as to executive a
continual analysis of a central authority. And organization’s reporting
monitoring team thus the management.
5. To
make possible contribution to human knowledge as well as reduction or
prevention in management, risk of fraud, irregularities and errors.
1.4 RESEARCH HYPOTHESIS
The
main aim of public sector is for public utility (satisfaction) while internal
cotrol and audit is for maintennace and keeping of accurate, complete and valid
financial records and transaction daily as well as safeguard of assets in order
to prevent and eliminate errors and fraud. Therefore public sector,
particularly corporate affairs commision (CAMA) meanwhile, the following
hypothesis will be tested in the course of the study.
Null Hypothesis (Ho):
the accuracy, completeness and validity of financial records and maintenance,
safeguard and custody of assets of an organization as well as the elimination
and prevention of fraud, errors, irregularities and mismanagement do not tally
with the efficiency and effectivenes of effective internal audit and control in
the public sector.
Positive Hypothesis (H1):
The accuracy, completeness and validity of financial records and maintenance,
safeguard and custody of assets of an enterprise as well as the elimination and
prevention of fraud, errors, irregularities and mismanagement do not tally with
the efficiency and effectivenes of effective internal audit and control in the
public sector.
1.5 SIGNIFICANCE OF THE STUDY
The
significance of this research study is to fish out the efficiency and
usefulness of strict adherence of the effective internal control and audit
towards public sector in Nigeria as it affect.
i.
The effective management policies
towards the maintenance, safeguard and custody of assets in public sector.
ii.
The strict mnagement policiies towards
day to day transactions (activities), records as the salaries and wages of the
commission in order to prevent and eliminate the risk of fraud errors,
irregulaties and mismanagement in the public sector and otherwise.
iii.
The need to facilitate government
interest towards the getting-up public sector or corporation (enterprises)
wihtout being punicky of fraud, errors, irregularities and mismanagement in the
public enterprises.
1.6 SCOPE OF THE STUDY
The
study is an assessment of effective internal audit and control using corporate
attain commision Kaduna branch as case study. The study restricted itself to
the internal control and audit of the commission. Therefore, it is based on the
examinations and investigation of internal control system and audit procedure in order to ascertain the
efficiency and effectiveness of management policies towards fraud, error,
irregularities and mismanagement prevention throughout the year.
Meanwhile,
the control on the assurance of monitoring the registration fees, daily records
and transactions, salaries and wages that is the emolument of the employees as
well as the maintenance, safeguard and custofy of assets of the comission.
1.7 HISTORICAL BACKGROUND OF THE CASE-STUDY
The
corporate affairs commision (CAC) was established and incorporated in nigeria
by section 1. of CAMA 1990 as a acrognm of companies and Allied matters act 19090 to replaced the
former company registry. Before this Act, the company registry was part of
theministry of trade and commerce. Experience showed that this arrangement was
not effective since adequate time and funds were not directed towards an
essential area of the nation is economy like company formation, registration,
management and administration.
Moreover,
the commission was established as a corporate body, with perpetual succession
and a common seal, capable name and acquiring, holding and disposal of all
moveable and immoveable for the purpose of its function.
Meanwhile,
the commission has its headquarters in Abuja the federal capital terriroty
(FCT) and branches or subsidaries spread all over the federation according to
section 1 (3) of CAMA 1990. The decentralization of power no doubt reduces the
handship an expense of reaching the former company registry under the former
framework.
1.8 DEFINITION OF TERMS
Planning:
this is the process of thining before activating. It is the most basic
management function, which involves selection from among alternative duture
worse of action in order to achieve a desirable goal. Therefore, it is the function
t etermine where we are and where we are intended to be in accomplishing the
organizational goal.
Policy:
this is the general statement or understanding as laid down principles, normo,
ethics and guidelines and channel thinking in decision making in an organization towards its target goal.
Organization:
this I sdefined as the according to
henry Foyol as “providing a business with everything necesssary or useful to
its functions e.g. raw materials, tools, equipment, money and men”.
Management:
It can be defined is the efficient and effective utilitization of human,
social, political, economic and material resources for the acomplanish of the
set of goal in the organization.
Responsibility:
This is an act of exercising authority or influence to see that duties are
performed.
Control:
It is the ability of management to induce subordinates to work towards group
goal with confidence and kindness.
Accounting:
is the atc of recording, classifying, selecting, analyzing, interpreting and
communicating the financial transactions of an organization to induce or enable
users to make financial assesment and decision.
Audit:
It is an independent examination and expression of opinion on the financial
statement of organization by an appointed auditor in accordance to the terms of
his engagement and in compliance with any relevant stutory obligation and
profession requirements.
Examination:
this means going into study of a particular idea information and fuel in order
to get the real thing in all.
Independency:
This means having five mind or liberty (freedom) in exercising one’s right
without interference from outside. Therefore, according to professional or
accounting profession, it means atitude of mind which is characterized by
intergrity and objectivity.
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