1.0INTRODUCTION
1.1BACKGROUND OF THE STUDY ABSTRACT
The vital 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 of effective management. For this project, the institute of Management and Technology (IMT), Enugu has been used as a case study. The researcher made use of both primary and secondary data, structured questionnaires were the methods used for the collection of primary data, and secondary data were also collected from textbook and various research materials. Chi-square was used as a statistical tool for analyzing the data. From the findings of this researcher it was discovered that internal auditing is an indispensable instrument for effective management. Management’s interference with the functions of the internal audit duties in the institution and also lack of information contribute to the misappropriation of funds and prosperities of the organization. Every nit of the establishments should acknowledge the importance of internal audit to enable it achieve its organizational goals. The researcher recommends that internal auditors should be persons who are well trained, experienced and of good moral standing for proper recognition. The internal auditor should not be seen as blood ground but as watch dogs and should be allowed to operate freely according to their schedule. On the other hand, an unhindered flow of information is very necessary and the presence of good internal control system and internal audit have leads to accountability, reduction in fraud, and safeguarding of assets in the institution, so internal audit is an important unit in any establishment. Internal auditing is an instrument of effective management.
TABLE OF CONTENTS
Title Pagei
Approval Pageii
Dedicationiii
Acknowledgementiv
Abstractix
Table of Contentsx
CHAPTER ONE: INTRODUCTION
1.1Background of the study1
1.2Statement of the Problem6
1.3Objective of the study7
1.4Research Questions8
1.5Formulation of Hypothesis 9
1.6Significance of the Study 10
1.7Scope/ Delimitation of the Study11
1.8Limitation of the study 11
1.9Definition of Terms 12
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1Definition of Internal Auditing 14
2.2Internal Audit Process 17
2.3The Appointment of Internal Audit 26
2.4Objectives and Scopes of Internal Audit 30
2.5Objectives of the Internal Auditor 42
2.6The Components of Internal Controls 47
2.7Management Control 55
2.8Detection of Frauds and Errors 62
2.9Audit Report and Relevance 75
2.10The Difference Between Internal and External
Auditor 78
2.11The Roles and Functions of Internal Auditors81
2.12Economic Implications of Ineffective Internal
Auditing System 85
References
CHAPTER THREE: METHODOLOGY
3.1Research Design92
3.2Area o the Study92
3.3Population of the study93
3.4Sample and sampling Procedure93
3.5Instrument for Data Collection94
3.6Validation of the Instrument94
3.7Reliability of the Instrument94
3.8Administration of the Instrument95
3.9Method of Data Analysis96
CHAPTER FOUR:DATAPRESENTATION AND RESULT
4.1Data Presentation and findings 97
4.2Discussion of Findings 112
4.3 Summary of Findings 115
CHAPTER FIVE: CONCLUSIONS AND RECOMMENDATIONS
1.1 Conclusion116
1.2Recommendation117
1.3Sugg
