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The Effect Of Interal Audit On The Performance Of Private Firms
[A STUDY OF ANAMBRA MOTOR MANAUFACTURING COMPANY]
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1.4 Research Hypothesis
To address the above mentioned problems the following hypothesis are formulated.
(i) Ho: internal audit has not significantly affected Private sector performance.
(ii) Ho: There is no relationship between achieving corporate objective and efficient internal auditing in the private sector.
(iii) Ho: Inefficient internal audit and internal control has hampered audit reports.
1.5. Significance of the Study
(I)
The study will be of immense benefit to the shareholders who have
contributed the funds for the business and needs a reward in form of
dividends.
ii) This can be achieved if ineffectiveness and corrupt
practices such as fraud, loss of revenue, sharp practices, and lack of
transparency etc .associated with the private sector are minimized or
even eradicated.
iii) Since a virile private sector is noted for the economy will be of great benefit from the findings of the study
iv) Equally, future researches on auditing will find the study interesting in their research.
1.6. Scope of the Study
As
the study is centered on the effect of the internal audit in M.B ANAMCO
LTD, Emene Enugu State, the research covers all department under the
firm in other to ascertain whether auditing has an effect in the private
firm and if not what is the cause.
1.7 Limitation of the Study
The researcher in the course of carrying out the research was faced with the following problems and constraints.
(a)
Time factor: Time shortage posed serious challenges, since it was
indeed very short considering the enormity of the research work.
(b)
Lack of information and data due to unavailability of materials and
other vital information. Libraries are either out of stock or scanty in
their content of relevant materials.
(c) Financial problem was also a
deterrent in carrying out the research since the available fund was not
enough to sustain the vast research proposals, it was also a challenge
in that regard.
1.8 Definition of Term:
(A) Audit:
Audit
can be define as the independent examination of a financial statement
and expression of opinion on the financial statement of enterprise by an
appointed auditor in pursuance of that appointed and in compliance with
any relevant statutory obligation.
(B) Auditor:
Auditor is a
qualified accountant who also passed a professional examination. Such a
person must be of good conduct and have a vast knowledge and able to
understand a practical business, endeavor always to grasp the
technicalities and business, methods of any concern whose account he
undertakes to audit.
(C) Internal Auditing
According to Bright
(1964) "Internal auditing has to do with the independent examination of
the books of account so as to ascertain whether the books of accounts
are in agreement with the organization transaction.
(D) Private sector:
Private sector includes the part of the economy that is fully controlled and managed and financed by private individuals.
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