Full Project-INTERNAL AUDIT AS A CONTROL FOR EFFICIENT MANAGEMENT IN NIGERIA PUBLIC ENTERPRISES (A CASE STYDY OF LSDPC)

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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
All over the world, auditing has been a major catalyst which aids an effective and efficient accountability as well as transparency of the public enterprise. Due to the large volume or task of the disposal of the public servant in the public enterprise, there is need for a well-defined auditing system. Auditing can be defined as an independent examination of an expression of opinion on the financial statement of an enterprise by an appointed auditor in accordance with the term of engagement and in compliance with statutory obligations and other professional requirements.
Again auditing according to Badmus Olusesan and Elegbede David (2003) can be defined as the process carried out by suitably qualified auditors whereby the accounting records of the business entity including charities, trust, professional firm etc. are subjected to examination in such a detail as to enable the auditor form an opinion and to their truth fairness and accuracy. Control system is very essential in any organization be it a private or a public establishment in order to check how effective and efficient they are maximizing the use of resources. One of the measures commonly used to minimize wastage and guide plans to their eventual accomplishment is the internal auditing. Embarrassment, misappropriation, fraud and also wastage of resources have highly been characteristics of government ministries and public enterprises. Despite the fact that there are installed control and check of resources, embezzlement and fraud of resources misappropriation of funds, errors, irregularities and mistake still find their way into the enterprise. This seem a common phenomenon in Nigeria with regard to public funds that the perpetrators of such act often attempt to cover themselves by burning documents that are likely to expose them, destroying bills collected that is not recorded. Other fraudulent acts such as lack of a well-established accounting system and internal control in the public enterprise lead to inefficient management and the wider effect will be perpetual under development of the nation. Internal audit department was established to reduce those excesses however, in Nigeria public enterprises this is not so, as there are series of problem which has been hindered in the internal audit efficiency.
1.2 STATEMENT OF THE PROBLEM
Ogunjimi (2001) while writing on accountability m the Nigerian public enterprise observed that the involvement of the government in economic and social expect of the national development, public enterprises now play a vital role is the developmental processed since those public enterprise handle a high preparation of government funds proper account of stewardship are needed, it is also important to note that established controls to ensure proper accounts of operation have been grossly abused by lack of accountability on the performance of such enterprise of public fund, fraud and gross wastage resources are still the order of the day in the public enterprise. Therefore the internal audit department exists so as to reduce the exercise-financial mismanagement and also the lack of proper accountability to the barest minimum. Internal audit which is supposed to serve as a control tool sometimes becomes inefficient due to some inbuilt factor that impair it independence and that thus hinder its efficiently.
1.3 PURPOSED OF THE STUDY
Internal audit which is meant to serve as a control tool has failed due to some factors impair on its independent and thus hinders its effectiveness and efficiency. Therefore, the purpose of the study is as follow: Identify the factors that hinder internal audit efficiency in Lagos State Development and Property corporation (LSDPC) as a public enterprises Reduce excesses of the internal auditing department of LSDPC Identify problems and accountability in LSDPC Examine the factors that hinder internal audit efficiency and how these factors are impinged. It shapes up performance of management.
1.4 SIGNIFICANCE THE STUDY
This research work on internal audit as a control for efficient management in Nigeria public enterprise will be a great importance because it will aim at ensuring that it will help at contributing towards academy knowledge by adding to or increasing the frontier of knowledge as well as helping to solve the problem related to the kind aimed at improving internal audit in the public sector. It also helps government institution so as to know the best form of internal auditing system to practice. More so, this research work will be very useful for solving the problem arising from the auditing need of the society most especially in the public enterprise. Also this, study will make insight into the deficiencies in the current internal audit practices and will therefore be useful to those who are at the helm of affairs in the country. This study will also discredit the belief of some people that internal audit is not necessary in the public enterprise. Finally it is hope that this study will serve as a launching pad for researchers who may like to carryout research on similar area of study.
1.5 RESEARCH QUESTIONS
This is a major determination to the success of this research work. These are specific question addressing the dimension of the statement of problem as stated earlier. These research questions are: What factors hinder internal audit efficiency in Nigeria public enterprise? Does good internal audit practice improve managerial performance in Nigerian public enterprise? Why have the established controls failed to enhance the managerial performance in the Nigeria public enterprise? To what impact is internal auditing to organizations performance? What is the effect of the past internal auditing system in the public sector? Does internal audit help management to keep proper control of its activities and responsibilities?
1.6 RESEARCH HYPOTHESES
By hypothesis, it simply means a statement that has not been subjected to test. Hypothesis is always of two types namely:
i) Ho: Null Hypothesis (Negative)
ii) H1 : Alternative hypothesis (positive) It should be noted that it is the Ho that is subjected to test since it is the negative hypothesis. Whenever the Ho is rejected the Hi must be accepted and vice-versa. In accordance with the research question raised m 1.6, the following hypothesis were postulated and tested.
HYPOTHESIS ONE
Ho: There is no significant relationship between internal audit practice and the managerial performance of public enterprise. Hi: There is significant relationship between internal audit practice and the managerial performance of public enterprise.
HYPOTHESIS TWO
Ho: Efficient internal control does not give internal management / confidence on its activities.
Hi: Efficient internal control gives internal management confidence on its activities.
1.7 SCOPE OF THE STUDY
By scope of the study, it simply means the area of coverage of which I aimed at working upon in this research work. This scope of this study on internal audit as a control for efficient management in Nigeria public enterprise on Lagos State Development and Property Corporation (LSDPC), but will also cover some related policies that are formulated to internal audit in Nigeria particularly Lagos state in focus. It will be viewing the entire internal audit making process in Nigeria as wen as the problem associated with it in relation to its efficient management in Nigerian public enterprises.
1.8 LIMITATIONS OF THE STUDY
This research work on internal audit as a control for efficient management in Nigerian public enterprises as the following limitation to this study may include;
1. Respondent Attitude: Some of the respondent officials of LSDPC may be skeptical and afraid. of releasing vital information about the company due to the fact that they know the true intention of the research.
ii. Time Constraint: The period under which the study is to be carried out is relatively short. To source for data and interviewing the staffs.
iii. Finance: The study will be limited by inadequate funds. Funds are needed for transportation, photocopying of materials and typing the funds are not forth coming.
iv. Epileptic Power Supply: Insufficient power supply in the country also imposed some limitation to the study by causing inadequate access to internet facilities.
1.9 DEFINITION OF TERMS
For proper understanding of this research works the following concepts of terms will be briefly defined.
1. Management: The process of planning, organizing, leading and controlling the efforts of organization member and of using all other organizational resources to achieve stated organization goals.
2. Internal Check: This is the allocation of authority and ‘work in such a manner as to afford check on the routine day-to-day work by means of the work of one person being proved independently by another in the work of one person being complementary to that of another.
1. Internal Control: This- is defined as not only internal check and internal audit but the whole system of control, financial and otherwise established by the management in order to carry on the business of the company in an orderly manner and efficient manner, safeguarding its assets and secure as far as possible the completeness and accuracy of records.
2. Control: This is the power to exert influence on others in order to achieve a specific purpose.
3. Internal Audit: According to Adeniyi A. Adeniji internal audit is an independent appraisal unit established by the management of an organization for the review of internal control system as a service to the organization, in which its objective examines, evaluates and report on the adequacy of the internal control as a contribution to the proper economic, efficient and effective use of resources.
4. Internal Audit: According to America Accountant (AAA), Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users.
5. Public Enterprise: The United Nations defined public enterprise as an incorporated enterprise in which public authorities hold a majority of the share and/ or can exercise control over management decision controlled. Also according to NN Malaya “public enterprises are autonomous or semi-autonomous corporation and companies establish owned and controlled by the state and engaged in industrial undertakings.
1. External Audit: This is an audit carried out by independent person who are not in the environment of the enterprise. The principal purpose of such an audit is to report on the truth and fairness of the view shown by the financial statements of the enterprise.
2. Interim Audit: It is a practice where by an audit is conducted to an agreed date within the accounting period. The period covered may be a few month half year etc. however certain audit work are remove deferred until the year-end some forms substantive test.
10. Final Audit: This is an audit carried out after the year-end date when the financial statements of the business have been prepared by management

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