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The Internal Auditing As An Insrument For Efffective Management
[A CASE STUDY OF INSTITUTE OF MANAGEMENT & TECHNOLOGY I.M.T. ENUGU]
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CHAPTER ONE
1.1 INTRODUCTION
The function and the existence
of internal audit department in organisation cannot be over emphasized
considering the enormity of trust and responsibility attached to this
department of an organisation. This brings to mind why the writers
chose to research on the subject, internal auditing as an instrument for
effective management.
Internal auditing becomes necessary as a
result of the extended span of control faced by the management
concerning the employment of men and material in the conduct of
organizational affairs. The work of the internal audit are very
important in most modern organizations and have trust of responsibility
to advice the management and enforce the operations of internal control,
and the internal checks in the organisation. The inefficiency in the
organisation during day to day activities are controlled.
The
internal audit is the independence appraisal activity in the
organisation as a service to the management. The duties are usually
defined by the management and these includes:
Ø Measurement of the adequacy and effectiveness of the internal control system on a continuous basis;
Ø Routine checks to prevent and detect errors and frauds;
Ø Provision of hireling advice to management on internal control matters;
Ø Investigation of reported cases of all practices;
Ø Provision of statiscal data for management information and decision making;
Ø Other special assignment such as asset disposal, staff audits.
Inspite
of this being a seemingly exacting and challenging function of the
internal audit department. In some organizational, the management
starve the internal auditor of funds, staffing and training.
It is necessary for internal audit to have credibility by having as internal auditors persons of interrity.
The above qualities of internal auditors contributed to the inefficient of the internal audits of the organizations world-wide.
As
regards, the problems which usually effects the internal audit
departments, the staff of some organisation treats the internal audit as
“blood hound†and not “watch dogsâ€. The fraudulent staff would not
normaly corporate with the internal auditors as regard the supply of
information which should be used for the effective checks of the work of
the organizations activities.
The project directs its attention on
the institute of management and technology (IMT) Enugu. The school was
established as a result of the combination of the former college of
technology and institute of administration of East Central State in
1972.
The institute of management and technology (IMT) Enugu came
into being of the 1st July, 1973 as a result of edict No. 10 of 1973 of
the then East Central State Government.
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ABSRACT - [ Total Page(s): 1 ]The variable 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 for effective managementâ€.For this project on institution of management and technology (IMT) Enugu as a case studying, the researcher made use of both primary and secondary data. Structured questionnaires were the method used for the collection of primar ... Continue reading---
