INTERNAL AUDIT AS A CONTROL TOOL FOR EFFICIENT MANAGEMENT IN NIGERIAN PUBLIC ENTERPRISES
ABSTRACT
The purpose of this study is to assess the efficacy of internal auditing as a tool for efficient management. Internal audit is regarded as the key element in the application of accounting systems which in turn, helps in evaluating the work of the department. The internal audit is considered as the backbone of the business accounting as it is the section that records all businesses related to the sector, it is in view of this that the researcher intend to investigate the efficacy of internal audit in improving organizational performance.
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
The study of this internal control system of an organization is like the study of an anatomy of man. In word of Peter Druker” Good organizational structure dose not buy itself produce good performance just like a good constitution dose not guarantee great presidents or good laws a moral society. But a poor organizational structure makes good performance impossible, no matter how good the individual managers”.
Promised on this dictum, it is therefore obvious that the organizational structures of an establishment will greatly determine to what extent the organization is to be managed. In some organizations, jobs are not properly defined, duties are not efficiently assigned to the right persons and functions are sometimes duplicated with the result that in fighting within the organization results in sub-optimization. By this I mean that each staff and sub-manager try to impress the management and often times to the detriment of the overall goal of the organization.
A good internal control system ensures that functions/duties are properly defined and that duties are properly are properly assigned to qualified staff and that there is an inbuilt control in the system to ensure feedback, detection and correction of errors in good time