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Internal Audit As A Tool In Achieving Organisational Objectives
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1.6 SIGNIFICANCE OF THE STUDY
Due
to the ignorance of the public as to the contribution of internal audit
department to efficient management makes this study essential. This is
the form at which the public believe that internal audit is not
necessary as it delays job, while some sees it as the only way to detect
frauds and misappropriation of funds in a firm/organisation.
So this project will make clear, the merits of having a source of internal audit, which benefits and how such benefits comes.
Secondly,
the inability of workers to effectively and efficiently utilize
resources and lack of proper control mechanisms has led to wastage of
human resources, time, and finance and material resources. This study
will help management in bringing about greater efficiency and effective
use of resources and the same management cost. E. Woo [1988] (FCA) if
maintained that great deal of the work of an internal auditor is curled
with the evaluation of systems internal checks, conservations with
officials (the results of when, was later confirmed by examinations of
records) and general stripling of records. This study makes more
insights into the differences in current internal audit practices in the
banking system and suggests useful innovation for making necessary
changes in both the organisation and implementation into internal audit
functions as it contains and obtains in Afri-bank plc.
Lastly, this
will at most expose the benefits of this great department to companies
who do not have such, so that they can establish this control department
without delay.
In further research, the shareholders in any
organisation/firm are the beneficiary when it comes to the role of
internal auditing in the view at which frauds detected are made known to
them, not only the shareholders, but the also the general public as a
whole, so as to give
assurance of less risk in creating business
opportunities with such firms/organisation and knowing the financial
stability of such firm/organisation. Also detecting fraud helps in
firms/organisations the board of trustees protect the rights of such
firm/organisation at which either misappropriation of frauds in an
organisation is going bankrupt.
This is of the view at which internal auditors helps organisations/firms/companies get back to achieving their goals/objectives.
1.7 SCOPE OF THE STUDY
Various
measures of internal control system are considered in Mainstreet bank,
but more concentrations would be made on internal audit aspect for the
purpose of this study. Accounting systems and related internal control
measure the position, the independence of the auditors as well as the
scope of his workers is here to be studied.
1.8 LIMITATION OF THE STUDY
Certain
problems and limitations are expected to face the study, such problems
are lack of resources or time to study or go around other divisions of
the bank.
Also, some staff may not like to reveal information which
they regard as classified, deputes the facts that manager of the bank
has given the manager of the bank approved.
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