Description
Effect of internal audit on firm performance (a case study of Wichtech industries Asaba, Delta state).
Abstract
This research work is titled”effects of internal audit in firms performance,“A case study of Wichtech Industries Asaba, Delta State”. This study was aimed at examining in detail the role of internal audits in firms. In order to successfully accomplish the purpose of the research data are collected from primary and secondary sources. The main instrument for data collection was the questionnaire. An interview schedule was also used while secondary data were obtained through literature review. Five hypotheses were formulated and an account questionnaire comprising 19 questions was prepared as well. Each of the responses to the question was then analyzed using percentages and after that, each of the hypotheses was tested using Chi-square analytical techniques. During the work done findings were made which includes: internal auditors have been performing their duties adequately, the internal audit department has contributed immensely to overall performance of Wichtech Industries, that top management interference in the role of an auditor has hindered the success of the auditors, that makes auditor to be equal with an accountant will enhance accountability in Wichtech Industries. From the analysis, certain issues were brought to light and the following problems besetting the internal auditor were discovered, inadequate keeping of store records and accounting records etc. As a result of the problem and research findings, the researcher made various recommendations. Some of them are: To enhance the understanding of managers about internal audits should be organized for them from time-to-time. Finally, the internal audit department should always be headed by highly experienced chartered accountants.
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