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1.1.   Background of the Study

This project is on An appraisal of the activities of an auditor in the development of an organization (case study: Nigeria brewery). Internal audit has always been used as a management tool 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.

We have two types of sectors. Public and Private sectors.  Public sector is the governments initiate and control in economic activities with the aim of rendering services at a breakeven point.

The private sector is the private initiative aimed at profit/wealth maximization for the owners Mill champ (1996) defines internal audit as an independent appraisal function within an organization for the review of system of control and the quality of review of systems of control   and   the   quality  of   performance   as   a   service   to   the organization.

The papers seek to empirical and statistically ascertain the impact of the internal audit in the private sector of the Nigerian economy, while the private sector of the economy is studied at large; the case study MB ANAMCO Ltd, Emene, Enugu is particularized.

1.2.   Statement of the Problem

The private sector according to Anyanwu (1993; 25) is that part of the   economy  not   under  direct  government   control.   It   entails production and distribution that is in private hands. It serves as a complement to the public sector since increased public sector efficiency results from improvements and places government in a better position to focus on the objectives, conduct and performance of those enterprises that remain in the public sector (Hamming and Mansoor 1987).

Despite this enormous role, the sector has been beclouded with problems such as:

(i) Financial impropriety

(ii) Lack of auditing control

(iii) Lack of independence of the internal control

(iv) Incomplete recording of business transactions

(v) Over blow expenses to reckless spending

(vi) Non compliance and adherence to accounting standard and guide lines.

(vii) Mismanagement of scarce funds

1.3     Statement of Objectives

The broad objective of the study is:

  1. To determine  if  internal  audit  ascertain  the  correctness  of financial records.
  2. To determine  the  extent  to  which  internal  audit  helps  in enforcing compliance to rules and regulations regulating private sector accounting and auditing.
  3. To find out if internal audit inspect and verifies organizational assets and liabilities.
  4. To know the factors hammering pa ring audit procedures in the private sector

1.4     Research Hypothesis

To address the above mentioned problems the following hypothesis are formulated.

(i)     Ho: internal audit has not significantly affected  Private sector performance.

(ii)   Ho:   There   is  no   relationship  between   achieving  corporate objective and efficient internal auditing in the private sector.

(iii)    Ho: Inefficient internal audit and internal control has hampered audit reports.

1.5. Significance of the Study

(I) The study will be of immense benefit to the shareholders who have contributed the funds for the business and needs a reward in form of dividends.

(ii) This can be achieved if ineffectiveness and corrupt practices such as fraud, loss of revenue, sharp practices, and lack of transparency etc. Associated with the private sector are minimized or even eradicated.

(iii) Since a virile private sector is noted for the economy will be of great benefit from the findings of the study

(iv) Equally, future   researches  on   auditing  will   find  the   study interesting in their research

1.6. Scope of the Study

As the study is centered on the effect of the internal audit in M.B ANAMCO LTD, Emene   Enugu State, the research covers all department under the firm in other to ascertain whether auditing has an effect in the private firm and if not what is the cause.

1.7  Limitation of the Study

The researcher in the course of carrying out the research was faced with the following problems and constraints.

(a) Time factor: Time shortage posed serious challenges, since it was indeed very short considering the enormity of the research work. (b)  Lack of information and data due to unavailability of materials and other vital information. Libraries are either out of stock or scanty in their content of relevant materials.

(c)   Financial problem was also a deterrent in carrying  out  the research since the available fund was not enough to sustain the vast research proposals, it was also a challenge in that regard.

1.8 Definition of Term:

(A)   Audit: Audit can be define as the independent examination of a financial statement and expression of opinion on the financial statement of enterprise by an appointed auditor in pursuance of that appointed and in compliance with any relevant statutory obligation.

(B)     Auditor: Auditor is a qualified accountant who also passed a professional examination. Such a person must be of good conduct and have a vast  knowledge  and  able  to  understand  a  practical  business, endeavor always to grasp the technicalities and business, methods of any concern whose account he undertakes to audit.

(C) Internal Auditing: According to Bright (1964) “Internal auditing has to do with the independent examination of the books of account so as to ascertain whether the books of accounts are in agreement with the organization transaction.

(D)      Private sector: Private sector includes the part of the economy that is fully controlled and managed and financed by private individuals.


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