INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY
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TITLE PAGE
INTERNAL AUDIT AS A TOOL FOR PROMOTING ACCOUNTABILITY AND TRANSPARENCY
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "internal audit as a tool for promoting accountability and transparency" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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The major objective of this study is to examine how internal audit can promote Accountability and transparency. The first chapter gave an in-depth of the background to the study, statement of the problem, objective of the study, research question, research study, limitation, definition of term in the course of the study, many literary works were on the literature review and conceptual framework in this chapter, the researcher was able to explain the concept of Internal Control based on the explanation given by different authors. The researcher was able to relate Internal audit as a check on Internal Control. Also, the researcher explained the concept of Accountability and Transparency, limitation of Internal System, and lastly review of previous Studies which the researcher gave a lot of Authors opinion. There is no research that can be done without presenting data. Chapter three, which is the research methodology on respondent who are well informed about auditing. The data collected were mostly analyzed by using chi-square method (x2) to arrived at final conclusion. Chapter Four focuses on the data presentation, analysis and interpretation. Based o the data collected and analyzed. It was discovered that the relationship between Internal audit department and other department strongly affect the Effectiveness of Accountability and Transparency in Okehi Local Government. The factors that hindering the effective performance of auditors includes auditor’s independence, qualification and working experience and laid down rules and regulations, while Chapter Five focus on Summary, Conclusion, Recommendation and Suggestion for further studies.
TABLE OF CONTENTS
Title page i
Dedication ii
Certification iii
Dedication iv
Acknowledgement v
Abstract vii
Table of Contents ix
List of Tables xiii
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study 1
1.2 Statement of the Study 3
1.3 Objective of the Study 4
1.4 Research Question 5
1.5 Research Hypothesis 6
1.6 Significance of the Study 7
1.7 Scope of the Study 8
1.8 Limitation 9
1.9 Definition of Terms 10
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction 12
2.2 Concept of Internal Control 13
2.3 Internal Audit as a Check on Internal Control 17
2.4 Internal Check 21
2.5 Concept of Accountability and Transparency 23
2.6 Limitation of Internal Control System 25
2.7 Review of Previous Studies 27
2.8 Summary 30
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 Introduction 32
3.1 Research Design 33
3.2 Population of the Study 33
3.3 Sampling Method 34
3.4 Sampling Procedures 34
3.5 Research Instrument 35
3.6 Analysis of Data Collected 36
3.7 Statistical Tools and Analytical Procedures 36
3.8 Limitation of Methodology 37
CHAPTER FOUR: DATA ANALYSIS RESULTS AND DISCUSSION
4.1 Introduction 39
4.2 Data Analysis 39
4.3 Analysis of Responds/Items on the Questionnaire 44
4.4 Testing of Research Hypothesis 51
4.5 Discussion of Findings 57
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction 60
5.2 Summary 60
5.3 Conclusion 62
5.4 Recommendation 63
5.5 Suggestion for Further Studies 65
References 66
Appendix 69
Questionnaire
LIST OF TABLES
Table 1: Age Distribution of Respondents 39
Table 2: Marital Status of Respondents 40
Table 3: Gender Distribution of Respondents 41
Table 4: Respondents Level of Education 42
Table 5: Working Experience of Respondents 43
Table 6: Percentage Score of the Responses 44
Table 7: Percentage Score of the Responses 45
Table 8: Percentage Score of the Responses 46
Table 9: Percentage Score of the Responses 46
Table 10: Percentage Score of the Responses 47
Table 11: Percentage Score of the Responses 48
Table 12: Percentage Score of the Responses 49
Table 13: Percentage Score of the Responses 50
Table 14: Percentage Score of the Responses 51
Table 15: summary of chi-square (x2) result of the impact of internal auditing in promoting transparency in the local government council 52
Table 16: Summary of Chi-square (X2) result of the impact of internal audit in promoting accountability in Okehi Local Government Area of Kogi State 54
Table 17: Summary of Chi-square (x2) result of the impact of internal auditor’s independence, qualification and working experience in promoting accountability and transparency in Okehi Local Government Council of Kogi State 56
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The growth and increasing complexity of business environment has made it imperative for management to seek for more of control which has resulted to internal and it serves as control measure in both public and private sector. It is now very rare to find an enterprise of any size which does not have internal control system.
Internal control system said to be essentially and appraising activity with an organization that contributes to a good controlled environment through an effective internal audit function.
According toDandago (2002), internal auditing is the independent review or appraisal within an organization of accounting, financial or other operations as basic for protection and constructive service to the management of such an organization.
Accountability is an obligation imposed by law or lawful order or regulation on an officer or other person for keeping accurate record of property, documents or funds.
It is quiet understand that internal audit is the major role play in the public sector and expected to enhance accountability. But there are some sector that is still lack accountability despite the internal audit is put in place by government.
I carry out the research and discover there are some challenges facing by internal auditors that is why internal audit in public sector lack accountability.
The reason of carrying out the research is to correct and maintain proper internal control and adequate internal audit to enhance accountability in public sector.
The challenge that affects internal audit in order not to enhance accountability is inadequate staffing, organizational policy and incompetent staff.
With the challenges listed above, if government can make adjustment and put in place adequate staffing manipulation of organizational policy and employ quality auditors.
If all these can be meaningful and financial statement of every parastata will be fair and free from miss- appropriation.
1.2 Statement of the Problem
The effectiveness and survival of any organization depends on its ability to manage its resources effectively and one of such ways is by establishing an effective internal control system in the organization. It is often argue that despite that there is existing internal audit department in both private and public sector, the rate of fraud I the economic is still on the high side.
It now occur that effective internal audit leads to accountability, and in most cases effective internal control leads to lack of accountability due to the insufficient staffing, organization policy, qualification of staff and incompetent of the internal control unit. The presence of internal audit department has not completely checked the menace of irregularities, fraud and misappropriation. It is therefore important to investigate the level of effectiveness of internal audit in the local government with the view to find out factors that hinder its successful operation. The development therefore appears to put auditors investigative and reporting independently in jeopardy and this may defeat the purpose of internal audit an erode the independent and hence the objective of report to the management. It is therefore doubtful of the independent of the auditors will have any significant impact on the accountability of public sector Nigeria.
1.3 Objective of the Study
This research work is on the role of internal audit as a tool for promoting account ability and transparency in local government with specific reference to Okehi local government area of Kogi state.
Specifically the study seek to;
- Investigate the role of internal audit in promoting transparency in the local government council.
- Investigate the role of internal audit in promoting accountability in the local government.
- Investigate the extent of internal auditor’s independence, qualification and working experience promote accountability and transparency in the local government.
1.4 Research Questions
The study makes effort to provide answer to the following research questions.
- What are the roles of internal audit in promoting transparency in the local government council?
- What are the roles of internal audit in promoting accountability in the local government council?
- Do internal auditor’s independence, qualification and working experience promote accountability and transparency in the local government?
1.5 Research Hypotheses
The following hypotheses were formulated to guide the conduct of this research work;
Hypothesis 1
H1: Internal audit has significant impact in promoting transparency in the local government council.
H01: Internal audit has no significant impact in promoting transp rency in the local government council.
Hypothesis 2
H2: Internal audit has a significant impact in promoting accountability in the local government council.
H02: Internal has no significant impact in promoting accountability in local government council.
Hypothesis 3
H3: Internal auditor’s independence qualification and working experience has a significant impact in promoting transparency and accountability in the local government council
H3: Internal auditor’s independence qualification and working experience has no significant impact in promoting accountability and transparency in the local government council.
1.6 Significance of the study
The fact remains that the result of the through research project contribute greatly to factors and doctrines which were already in existence. Thus, the finding of the study is an additional work to the existing body of knowledge.
The finding of this research work is expected to provide the guide useful for identifying the internal audit as a tool for promoting accountability in the local government of Nigeria. It is also aimed to providing solution to the problem hindering some firm having proper internal control but lack accountabilities. Beside, the research work will provide skills need to carryout effective internal audit so that public sectors financial statement will have fair value.
1.7 Scope of the study
The scope of the study covers the internal audit as a tool for promoting accountability and transparency. The study is limited to the local government in Nigeria. Due to time and financial constrain, the research work will not be extended to provide the information needed about the internal audit as a tool for promoting accountability and transparency in Okehi Local Government Area Kogi State which is used as a sample.
1.8 Limitation
A research work of this kind is always constrained by many limitations. Among the limiting factors encountered during the cause of carrying out this work include:
Time Constraints: This factors limits the study scope limited time coupled with other academic commitments like lecture time which marrows the degree of effort that would be devoted to the work.
Financial Constraints: This is the striking problem that limit the scope of this work insufficiency financial resources.
This has restricted the extent of data collection and ability to obtain adequate material.
Confidentiality: This was encountered of the part of the executive officers of the cases study because of their unwillingness to disclose information for fear being against them.
1.8 Definition of Terms
Internal Audit: It is an independent, objective assurance and consulting activities designed to add value and improve and organization.
Internal Control: It is a whole system of control, financial or otherwise established by the management to ensure it carries out its functions in orderly manner, safeguard its assets and ensure as far possible the accuracy a reliability of its records.
Accountability: The obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner. It is also includes the responsibility for money or other entrusted property.
Transparency: Lack of hidden agendas ad conditions, accompanied by all availability of full information required for collaboration, cooperation and collective decision making.
Local Government: This is the third-tier of government in the Nigeria sate. It is a form of public administration which in a majority of contexts, exist as the lowest tier of administration within a given state.
1.9 PROJECT ORGANISATION
The work is organized as follows: chapter one discuses the introductory part of the work, chapter two presents the literature review of the study, chapter three describes the methods applied, chapter four discusses the results of the work, chapter five summarizes the research outcomes and the recommendations.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "internal audit as a tool for promoting accountability and transparency" is also available. Order full work to download. Chapter two of "internal audit as a tool for promoting accountability and transparency" consists of the literature review. In this chapter all the related work on "internal audit as a tool for promoting accountability and transparency" was reviewed.
CHAPTER THREE: The complete chapter three of "internal audit as a tool for promoting accountability and transparency" is available. Order full work to download. Chapter three of "internal audit as a tool for promoting accountability and transparency" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "internal audit as a tool for promoting accountability and transparency" is available. Order full work to download. Chapter four of "internal audit as a tool for promoting accountability and transparency" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "internal audit as a tool for promoting accountability and transparency" is available. Order full work to download. Chapter five of "internal audit as a tool for promoting accountability and transparency" consist of conclusion, recommendation and references.
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