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The Challenges Of Internal Audit Function In The Nigerian Public Sector
[A study of Kaduna state ministry of finance]
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1.6 SIGNIFICANCE OF THE STUDY
The
project intended to bring to light the challenges of internal audits
department in the Nigerian public sector with a view of coming up with
possible ways to overcome such challenges.
The research work will be
of vital importance to the government, bringing to light the challenges
hampering the efficiency of the internal audit and how these challenges
can be tackled.
The research work will also be of significance to the
management or head of department of various government ministries and
public corporations so as to see the importance of effective internal
control system and the discharge of their responsibilities to the
internal auditors as a yardstick to improve organizational
performance.
It is also necessary for the internal auditors to understand their
loopholes so that necessary adjustments could be made to enhance their
efficiency.
1.7 SCOPE OF THE STUDY
The scope of this research work
in the Nigerian public sectors as a whole specifically the internal
audit and accounting department, with particular interest in the Kaduna
state ministry of finance.
1.8 LIMITATION OF THE STUDY
The
limitation to this research work is the lack of adequate information
from the senior staff of the ministry considering such information as
“Top Secretâ€. In ability to have access to vital documents in the
ministry considering such document as confidential.
1.9 DEFINITION OF TERMS
In
every study, there are some terms that are frequently used; also in the
course of this study the following terms relating to the subject matter
will frequently be used.
FRAUD: This is defined as criminal deception in an act of acquiring other people money kept in one’s possession deceitfully.
INTERNAL
AUDIT: A.H. Millichamp defined internal audit as “an independent
appraisal function within an organization for the review system of
control and quality of performance as a service to the organizationâ€.
The objective is to examine, evaluate and report on the adequacy of
internal control as a contribution to the proper economic efficient and
effective use of resources.
INTERNAL CONTROL: Internal control is the
whole system of control, financial and otherwise, established by
management in order to carry on with the business to an enterprise in an
orderly manner, ensure adherence to management policies, safeguard its
asset and secure as far as possible the completeness, accuracy and
reliability of books and other records.
INTRENAL CHECK: Internal
check is the aggregate of the check and balance imposed on the day to
day transactions in an organization where by the work of one person are
verified independently by or is complementary to the work of one
another.
MINISTRY OF FINANCE: This is a ministry that is responsible for the administration of government finance [public fund].
PUBLIC
SECTOR: consist of all organization whose control lies in the hands of
the public and whose objective involves the provision of services where
profit is not the primary motive.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACTThis research work deals with the challenges of internal audit function in the Nigerian public sector with reference to Kaduna state ministry of finance. Internal auditing is a process generally adopted towards ensuring and safeguarding of resources and promoting operational efficiency in organization. The objective of this study has been to evaluate the internal control system in the Nigerian public sectors, to ascertain the non- implementation of routine audit report and the lack of pr ... Continue reading---
