Auditing As An Instrument For Ensuring Accountability

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AUDITING AS AN INSTRUMENT FOR ENSURING ACCOUNTABILITY

Auditing
TABLE OF CONTENT
Title Page
Approval Page
Dedication
Acknowledgement
Abstract
Table of ContentCHAPTER ONE

1.0 INTRODUCTION OF AUDITING AS AN INSTRUMENT FOR ENSURING ACCOUNTABILITY
1.1 Statement of Problem
1.2 Purpose of the Study
1.3 Significance of the Study
1.4 Statement of Hypotheses
1.5 Scope of the Study
1.6 Limitation of the Study
1.7 Definition of Terms
CHAPTER TWO2.0 DEFINITION OF AUDITING OF AUDITING AS AN INSTRUMENT FOR ENSURING ACCOUNTABILITY
2.1 Objective of Auditing
2.2 Types of Auditing
2.3 Reliance of Internal Auditing to External Auditors
2.4 Auditing as a measure for Controlling Fraud
2.5 The Future of Auditing
2.6 Auditors Liability
2.7 Audit Report
Reference

CHAPTER THREE

3.0 RESEARCH DESIGN AND METHODOLOGY OF AUDITING AS AN INSTRUMENT FOR ENSURING ACCOUNTABILITY
3.1 Selection of population
3.2 Sample Used
3.3 Method of Investigation
3.4 Techniques of data collection

CHAPTER FOUR

4.0 DATA PRESENTATION AND ANALYSIS OF AUDITING AS AN INSTRUMENT FOR ENSURING ACCOUNTABILITY
4.1 Questions, Presentation and Analysis
4.2 Test of HypothesisCHAPTER FIVE

5.0 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS OF AUDITING AS AN INSTRUMENT FOR ENSURING ACCOUNTABILITY
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
5.4 Suggestion for further study
Bibliography
Appendix (Questionnaire)

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONSUMMARY OF FINDINGS

The study concern mainly on Auditing as an instrument for ensuring accountability of Anamco Ltd. Emene Enugu. The auditing as an instrument for ensuring accountability of Anamco Ltd. Enugu, though effective to some extent still have some problem which have been consisting to it’s unsatisfactory performance as expected of a standard internal control and auditing. Some of these problems are:
– Inadequate staff
– Inadequate orientation of the staff on the need for internal Auditing.
However, the researcher also find out some positive aspect of Auditing as an instrument for ensuring accountability in Anamco Ltd. Emene Enugu; these are thus
– Independent of the internal Audit department
– Adequate attention given to the report of the internal auditing officer.
Based on the above discovery of problem and improvement the researcher will like to put forward the following suggestion based on my findings which will help to improve the internal Auditing department. On the aspect of staff in that department, the number of staff is not enough when compared to the magnitude of work they have to carryout for the effectiveness of the operation. Assuming there is enough staff in the internal Audit department to monitor the external of work being done in the department and to make sure they comply with management policies, rules and regulation.
Although no effective internal Audit system is costless, but the company stands to loose more if the activities of the functionaries are not under the surveillance of anybody. For the department to operate with few staff compared to the various department where there are many staff.
The management should endeavour to increase the staff strength of the department, if they want to get the expected result.
The result of this inadequate staff makes it that the staff of the department are over laboured with much work load which in variably result to inefficiency and fatigue on such staff.
Another problem identified during the course of this research is that the management is not creating adequate awareness for the internal Audit department, this has affected the work of the department, because some employees do not actually understand why they should be audited in the first instance. Some think that the Auditors are trying to expose their ill doing while some have other negative thoughts about the audit department.
The management should therefore create enough awareness to affect the entire department so that they will be educated on the role of the internal Audit department and make them know that they are part of the system with clear defunction of terms.
However, during the course of the research; the researcher discovered that the management is to give adequate audience to the internal control and audit staff or officers in term of independence. The degree of independence enjoyed by the internal Audit department in Anamco Ltd, Enugu is worthy of commendation, besides the independence enjoyed by the department in their report is given adequate attention by the management unlike in other companies. This action of the management is in fact commendable in all ramifications.

CONCLUSION

The Internal Auditing to all branches of management in the establishment and to various department. the effectiveness of managing an organisation depends on the concept of the internal Audit in place. A strong system will result to a formidable establishment while a flexible system will at the end achieve nothing. The independent of the Audit department will significantly contribute to the effectiveness of the organisation. The independent will help provide an impartial and unbiased judgement on the running of the establishment. More importantly the primary aim of fraud prevention will be minimized to the lowest minimal as it is the responsibilities of the management to do that through the internal Auditors it employees.

RECOMMENDATIONS

Having carried out a research work on the Audit department of Anamco Ltd, Enugu, the researcher came out with the following recommendations.
Firstly, that the management should employ more hands in the department to enhance the effectiveness of the department without minding the cost involvement, this is to enable the staff do the work well considering the importance of the job and the arrears of coverage.
Secondly, they should be adequate orientation about Auditing. The management should organize seminar that will include even the junior staff, so that they will be aware of the need for the system operation and that will change their attitude to be positive and encouraging.
Lastly, I recommend that the management should accord the report of the Audit department a great respect knowing full well that their jobs is indispensable to the organisation, and that fund should be made available to the department as at when due.

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