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This study was carried out to examine the impact of post payment audit and investigation in Gobarau Micro Finance Bank, Katsina. Specifically, the study examined   the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system. The study also  ascertain the extent of limitation on the effectiveness of internal control owing to the small number of employees. The study further  find out if proper auditing and investigations were made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit. More so the study determine to what extent the organization suffered from inadequate post accounting records.  The study also ascertains the extent of inadequate management support for post paymemt auditing. The study employed the survey descriptive research design. A total of 30 responses were validated from the survey.  From the responses obtained and analyzed, the findings revealed that the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system is high. The study also reveals the extent of limitation on the effectiveness of internal control owing to the small number of employees is high. Lastly, the study revealed  post auditing and investigations are made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit. The study hereby recommends that a qualified auditor should be employed in other to carry out an auditing for a small scale organization. Also that small and medium organization should be encouraged to adopt sound accounting system and the cost of installing and operating such systems should be minimized.

TABLE OF CONTENT

TITLE PAGE

APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT.
TABLE OF CONTENT

CHAPTER ONE

INTRODUCTION

1. BACKGROUND OF THE STUDY
2. STATEMENT OF THE PROBLEM
3. AIM AND OBJECTIVES OF THE STUDY
4. RESEARCH QUESTION
5. THE SCOPE OF THE STUDY
6. SIGNIFICANCE OF THE STUDY
7. LIMITATION OF THE STUDY

CHAPTER TWO

REVIEW OF RELATED LITERATURE

1. INTRODUCTION
2. CONCEPTUAL FRAMEWORK
1. HISTORICAL BACKGROUND OF AN AUDIT
2. AUDITING
3. FEATURES OF AN AUDIT
4. OBJECTIVE OF AUDITING
5. IMPORTANCE OF AUDITING
6. THE THREE DIFFERENT TYPES OF AUDITS
7. EFFECTIVE INTERNAL AUDIT
8. EXTERNAL AUDIT
9. OBJECTIVES OF EXTERNAL AUDIT
10.  INDEPENDENCE OF EXTERNAL AUDITORS
11.  AUDIT INVESTIGATION
12.  DIFFERENCE BETWEEN FINANCIAL AUDIT AND INVESTIGATIVE AUDIT
13.  THE PURPOSE OF THE INVESTIGATION
14.  CONCEPT OF SMALL SCALE ORGANIZATION
15. FUNDING OF SMALL MEDIUM BUSINESS ORGANIZATION
3. THEORETICAL FRAMEWORK

CHAPTER THREE

METHODOLOGY

1. INTRODUCTION
2. RESEARCH DESIGN
3. POPULATION OF THE STUDY
4. SAMPLE SIZE DETERMINATION
5. SAMPLE SIZE SELECTION TECHNIQUE ANDPROCEDURE
6. RESEARCH INSTRUMENT AND ADMINISTRATION
7. METHOD OF DATA COLLECTION
8. METHOD OF DATA ANALYSIS
9. VALIDITY OF THE STUDY
10. ETHICAL CONSIDERATION

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS
4.1.     INTRODUCTION
4.2      DATA PRESENTATION
4.3     DESCRIPTIVE ANALYSIS

CHPATER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

1. SUMMARY
2. CONCLUSION
3. RECOMMENDATION

REFERENCES

CHAPTER ONE
INTRODUCTION

1.1 BACKGROUND TO THE STUDY
Audit is a management tool used in ensuring transparency in conduct of business. Auditing took the entire stage after the industrial revolution since before this period, transactions increased, precipitated by the development of large corporations, limited liability companies, there became the need for divorce of ownership from control. Hence mangers and shareholders became two different partners. Then it became apparent for mangers to render accounts of their stewardship to those who has pooled their resources together for the business .it is noteworthy that an independent person be appointed to represent the interest of the shareholders in reviewing the report of mangers to ensure accuracy and transparency. This is how auditing started.
The work of an auditor in any organization cannot be looked beyond or over emphasized. This is because in earlier years when there was no auditor to take proper care of the organizational financial statement, many organizations like small scale business organization, manufacturing companies and even private companies suffered frauds and errors in their business. The enterprises that existed at the time were mostly joint ventures with a limited life. In such cases, the ascertainment of profit was simple. It was equal to the surplus of cash in hand at the end of the venture. One should also remember that where audits were conducted at this time, it was not because of any statutory provisions, and that responsibilities and duties of an auditor had not been clearly defined. Most of fraud is being committed by the staff of those organizations especially small-scale business organization because of this, there is need for auditing and investigation in small scale business organization. Since small scale business is a business that has little fund and materials. It is very crucial to employ the service of an auditor. The auditor is concern merely to ascertain the correctness of sums of money received and disbursed, checking the accuracy of individual entries in a cash record and verifying the balance of cash in hand at a particular point in time. In so doing, frauds, and errors can be easily detect and prevent. An auditor is the only person authorized by law to conduct auditing and investigate on any financial matter concern organization (including small scale business).
Investigation is a special inquiry into the financial affairs of a business. An auditor need proper investigation to help him carryout his auditing duties. Finally, the major important need for auditing and investigation in small scale business organization is to make sure that the business grows with its little financial back up coupled with total minimum of frauds and errors.
Post payment audit of all accounting records to confirm the correctness of what was passed for payment. Post payment auditing in a financial sector (such as in Gobarau Micro Finance Bank, Katsina) auditing help in ensuring that no material, financial or otherwise is misused.

1.2 STATEMENT OF THE PROBLEM
Considering the circumstance and predicaments of business, it is apparently obvious that there is no business that can survive without encountering one kind of problem especially in small-scale business organization. According to James Bades, all firms’ faces risk but they are proportionally greater in the small firm. The failure of a production batch in small firms may spell disaster while a similar failure or problem in a large organization. Causes of frauds and errors by the management staff are one of the major problems that the organization is encountering.
Financial problem is a major problem for small-scale business organization in Nigeria sources of fund for this category of business. Inability to borrow is difficult because of the small amount of asset they have. The organization is also seriously suffering from marketing problems due to lack of experience in the field, poor human relations, unable to meet customer’s demand. Since the organization is operating with small amount of fund and asset they are suffering from production problem due to lack of production facilities, insufficient of raw materials for production, poor product planning, lack of purchasing policy and sources of supply and also lack of ware housing. The organization is seriously suffering from research problems such as illiteracy and human behaviour. Major weaknesses in the system of internal control is minor errors which is caused by the management staff of the organization by not keeping the appropriate financial statement due to false manner of entering accounting transaction.

1.3 AIM AND OBJECTIVES OF THE STUDY
The aim of the study is to examine the impact of post payment audit and investigation in Gobarau Micro Finance Bank, Katsina)
The objectives of this study are:

1. To find out if proper post payment auditing and investigations were made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit.
2. To determine the extent post payment auditing and investigations impact Gobarau Micro Finance Bank.
3. To determine to what extent the Gobarau Micro Finance Bank suffered from inadequate payment accounting records.

1.4     RESEARCH QUESTION
The following questions have been prepared for this study

1. To what extent does post payment auditing and investigations were made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit.
2. To what extent does post payment auditing and investigations impact Gobarau Micro Finance Bank.
3. To what extent does Gobarau Micro Finance Bank suffered from inadequate payment accounting records.

1.5 THE SCOPE OF THE STUDY
The scope of this study covers examining the impact of post payment audit and investigation in Gobarau Micro Finance Bank, Katsina. Specifically, the study examined   the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system. The study employed the survey descriptive research design. A total of 30 responses were validated from the survey.  From the responses obtained and analyzed, the findings revealed that the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system is high.

1.6 THE SIGNIFICANCE OF THE STUDY
The relevance of the study cannot be over emphasized as a successful completion of this study.
The need for auditing and investigation in small scale business organization help the organization to employed a qualified auditor to enable the management staff of the organization to keep adequate accounting record. So that the financial statements prepared by the management can only be accurate and reasonable. If the organization employed a qualified auditors it will help the organization to detect and prevent errors and frauds easier.
Finally, the study will help us to understand the extent auditing and investigation will help for survival and substantial growth of the organization.

1.7     LIMITATION OF THE STUDY
As we all know that no human effort to achieve a set of goals goes without difficulties, certain constraints were encountered in the course of carrying out this project and they are as follows:-

1. Difficulty in information collection: I found it too difficult in laying hands of useful information regarding this work and this course me to visit different libraries and internet for solution.
2. Financial Constraint:        Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
3. Time Constraint:   The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

   CHAPTER FIVE
   SUMMARY, CONCLUSION AND RECOMMENDATION
   5.1     SUMMARY
   In this study, our focus was on the impact of post payment audit and investigating in small scale business organization  using Gobarau Micro Finance Bank, Katsina as a case study. The study specifically was aimed at highlighting the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system. The study also  ascertain the extent of limitation on the effectiveness of internal control owing to the small number of employees. The study further  find out if proper post payment auditing and investigations were made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit. More so the study determine to what extent the organization suffered from inadequate accounting records. Lastly , the study ascertain the extent of inadequate management support for internal auditing.  A total of 30 responses were validated from the enrolled participants where all respondent are drawn from staff of Gobarau Micro Finance Bank.
   
   5.2     CONCLUSION
   Based on the finding of this study, the following conclusions were made:

   1. The extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system is high.
   2. The extent of limitation on the effectiveness of internal control owing to the small number of employees is high.
   3. Auditing and investigations are made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit.
   4. The extent at which organization suffered from inadequate accounting records is high.
   5. The extent of inadequate management support for internal auditing is high.

   5.3     RECOMMENDATION
   Based on the responses obtained, the researcher proffers the following recommendations:

   1. That a qualified auditor should be employed in other to carry out a auditing for a small and medium organization.
   2. That small and medium organization should be encouraged to adopt sound accounting system and the cost of installing and operating such systems should be minimized.

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