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Internal Auditing As An Aid To Management
[A STUDY OF HOUSEHOLD PRODUCTS COMPANY, ORLU, IMO STATE]
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1.9 DEFINITION OF TERMS
AUDITING
It is defined as a process of carrying out an independent examination and expression of opinion on the financial statement of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant Law and Regulation.
INTERNAL AUDIT
MILLICHAMP 1996, defined internal audit as “An independent appraisal of an organization for the view of the internal audit control system as a service to the organization. It objectively examines, evaluates and reports on the adequacy of internal audit control as a contribution to the proper economic efficient and effective use of the resourcesâ€.
Internal audit reviews existing accounting system and related internal work. It assists in the implementation of new accounting systems. It identifies and draws attention to management weakness in control or measures which are unsaid to the organization. To investigate and eliminate pilferage and fraud, thereby ensuring the survival of the organization.
EXTERNAL AUDITOR
They are independent firm or persons appointed from outside an entity to audit the accounts and activities of that entity. They are also referred to as statutory auditor whose appointment, duties and other related matter are provided by law.
INTERNAL AUDITOR
He is an employee of a particular firm as related to its operation. It is in itself an internal control which reports the effectiveness of the other controls.
Its objective is to help manager in discharging their responsibilities and to evaluate compliance with cooperate procedure within the organization.
MANAGEMENT
It is a body charged with the responsibility of planning, directing and controlling of all the activities within the organization. Therefore management control is the process by which managers assure that resources are obtained and used effectively and efficiently in the accomplishment of the organizations goals (Anthony and Welsch, 1974).
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ABSRACT - [ Total Page(s): 1 ]ABSTRACTThis research work deals with internal audit as an aid to management. It aims at finding out the role of internal audit in management decision making in organizations. It is a survey research. Data were collected from primary and secondary sources which included using questionnaires, personal observations, text book, journal and internet. Sample of 92 were collected by random sample method. Three hypotheses were formulated and tested using Z-test statistics, while questionnaires were ana ... Continue reading---
