Reference code: C054
ABSTRACT
This research project investigated the effect of statutory and internal audits on the performance of manufacturing companies in Nigeria. Data for the study was collected from primary sources through the issue of 80 structured questionnaires to accounting staff of three quoted manufacturing companies and analyzed using Pearson Correlation Analyses. The findings show that there is a positive and significant relationship between statutory audit and the efficiency and effectiveness of manufacturing companies. The findings further show that there is positive and significant relationship between internal auditing and the efficiency and effectiveness of manufacturing companies in Nigeria. From the findings, we conclude that statutory audits are very important determinant of the performance of manufacturing companies in Nigeria in terms effectiveness and efficiency in services. We also conclude that internal audits are a very important determinant of the effectiveness and efficiency of manufacturing companies in Nigeria. It was thus recommended that there is need for all manufacturing companies in Nigeria to have a functional internal audit unit that is staffed by professionals. Finally, we recommend the training of accounting and finance officers within manufacturing companies on the importance of auditing in the firm and also provide them with the right tools in order for them to achieve the set objectives of the firm.
The role of auditing in today’s organization cannot be overemphasized .Overtime, companies have been encountering some problems like fraud, misappropriation of funds and properties, corporate financial reporting scandals and others, thus, we are faced with a question as to whether auditing plays any significant role on the performance of companies? In order for us to understand the relationship that exists between the two, it is expedient we understand the concept of auditing. Aguolu (2002) defined auditing as the independent examination of the financial statement of an organization with a view to express an opinion as to whether these statements give a true and fair view and comply with relevant statutes. An audit is also defined as a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an "Audit Society.
Audit is an effective tool for a Business Management, as internal audit is conducted in order to ensure the policies are being followed. It helps to make valuable suggestions for improvement and to formulate future policies of a business. Audit also helps management to review the policies from time to time.
Since audit involves a detailed verification of accounting records, it helps greatly to discover errors or frauds while it promotes a moral check on the employees through which their efficiency may also be determined. To its more positive form, audit can motivate the employee to maintain the efficiency leading to increase their performance level. Aside from these, it is with the help of audit that misappropriation of asset and manipulation of records may be identified. ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW
CHAPTER ONE
INTRODUCTION
1.1 Background to the study 1
1.2 Statement of the problem 3
1.3 Aim and Objectives of the study 3
1.4 Research question 3
1.5 Research hypotheses 4
1.6 Significance of the study 5
1.7 Scope of the study 5
1.8 Limitation of the study 5
1.9 Definition of terms 6
1.10 Organization of the study 7
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Introduction 8
2.2 Theoretical framework. 8
2.2.1 The agency theory 8
2.2.2The assurance theory 14
2.2.3 Stewardship theory 16
2.2.6 Theory of Inspired Confidence 20
Conceptual Framework 23
2.3.1 Conceptual Framework of Auditing 23
2.3.2 Brief History of Auditing 24
2.3.3 The Need for Auditing 25
2.3.4 Organizational Performance 28
2.3.5 Types of Audit 30
2.3.6. Internal audit effectiveness 32
2.3.7 Auditor’s responsibility 41
2.4 Empirical Review 42
CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction 45
3.1 Research Design 45
3.2 Population of the Study 44
3.3 Sample Size Determination 46
3.4 Sources of Data Collection 47
3.5 Methods of Data Analysis 47
3.6 Validity of Instrument 47
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1.1 Introduction 50
4.2 Presentation of Data 50
4.3 TESTING OF HYPOTHESES 58
CHAPTER FIVE
SUMMARY OF RESULTS, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary of Findings 64
5.2 CONCLUSIONS 65
5.3 RECOMMENDATIONS 66
REFERENCES 68
APPENDIX 72
Reference code: C054
INTRODUCTION
.................... The practice of auditing commenced on the day that an individual commenced stewardship over another’s property .Stewardship refers to the practice where productive resources owned by another person or group are managed by another person or of persons. The providers of funds would in turn require the stewards to give account of stewardship accordingly at the end of a particular period of how the resources given to them were spent. The practice of stewardship can be linked to present day limited liability companies, where the finance for running the business are provided by the owners and managed by directors appointed by them.The role of auditing in today’s organization cannot be overemphasized .Overtime, companies have been encountering some problems like fraud, misappropriation of funds and properties, corporate financial reporting scandals and others, thus, we are faced with a question as to whether auditing plays any significant role on the performance of companies? In order for us to understand the relationship that exists between the two, it is expedient we understand the concept of auditing. Aguolu (2002) defined auditing as the independent examination of the financial statement of an organization with a view to express an opinion as to whether these statements give a true and fair view and comply with relevant statutes. An audit is also defined as a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an "Audit Society.
Audit is an effective tool for a Business Management, as internal audit is conducted in order to ensure the policies are being followed. It helps to make valuable suggestions for improvement and to formulate future policies of a business. Audit also helps management to review the policies from time to time.
Since audit involves a detailed verification of accounting records, it helps greatly to discover errors or frauds while it promotes a moral check on the employees through which their efficiency may also be determined. To its more positive form, audit can motivate the employee to maintain the efficiency leading to increase their performance level. Aside from these, it is with the help of audit that misappropriation of asset and manipulation of records may be identified. ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW
INTRODUCTION
1.1 Background to the study 1
1.2 Statement of the problem 3
1.3 Aim and Objectives of the study 3
1.4 Research question 3
1.5 Research hypotheses 4
1.6 Significance of the study 5
1.7 Scope of the study 5
1.8 Limitation of the study 5
1.9 Definition of terms 6
1.10 Organization of the study 7
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Introduction 8
2.2 Theoretical framework. 8
2.2.1 The agency theory 8
2.2.2The assurance theory 14
2.2.3 Stewardship theory 16
2.2.6 Theory of Inspired Confidence 20
Conceptual Framework 23
2.3.1 Conceptual Framework of Auditing 23
2.3.2 Brief History of Auditing 24
2.3.3 The Need for Auditing 25
2.3.4 Organizational Performance 28
2.3.5 Types of Audit 30
2.3.6. Internal audit effectiveness 32
2.3.7 Auditor’s responsibility 41
2.4 Empirical Review 42
CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction 45
3.1 Research Design 45
3.2 Population of the Study 44
3.3 Sample Size Determination 46
3.4 Sources of Data Collection 47
3.5 Methods of Data Analysis 47
3.6 Validity of Instrument 47
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1.1 Introduction 50
4.2 Presentation of Data 50
4.3 TESTING OF HYPOTHESES 58
CHAPTER FIVE
SUMMARY OF RESULTS, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary of Findings 64
5.2 CONCLUSIONS 65
5.3 RECOMMENDATIONS 66
REFERENCES 68
APPENDIX 72
Reference code: C054
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68 Pages
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