Full Project-CONTRIBUTIONS OF INTERNAL AUDIT TO THE ACCOUNTABILITY OF WATER CORPORATION (ENUGU ZONE AS A CASE STUDY)

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CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Auditing is defined as an official examination of business and financial records to see that they are true and correct. According to Aguolu (1998:2) Auditing is defined as an independent examination of an organization’s financial statements with a view to expressing in form of a report, an opinion as it whether these statements gives a true and fair view and comply with the relevant statutes. A person who carries out such an examination is know as an AUDITOR for an auditor to be able to carryout a meaningful examination as required for the purpose of his report, the auditor does not only review the financial statements, he also carriers out a skillful and careful examination of the records of the organization in order to ensure that the financial statements are in reflection of the airs of the organization as they appear in the records. Internal audit as defined by Guidance for Internal Audit (1990:14) is an appraisal function established by the management of an organization for review of the internal control system as service to the organization. It objectively examines, evaluates and reports on the adequacy on internal control as a contribution to the proper economic, efficient and effective use of resources. Auditing is different from Accounting in what of auditing it involves a critical examination of accounts through test, vouching, verification, etc while accounting involves recording, use and analysis and interpretation of financial transaction accounting aims at determination of result of operation while auditing aims at create statement confidence on the accounts by stating the true and fair view of the financial statements.

Auditing can be classified into internal, external private audit, etc while accounting can be classified into financial, costing, management and Tax accounting. Internal auditing precisely is meant to control and ensure accounting or proper stewardship on the part of oicers entrusted with the duty of managing public funds. It is also geared towards improving accounting system and techniques thereby facilitating prompt, accurate and reliable information to management. The civil service reforms of 1988 contain provision for audit department Goarcia (2003). In highlighting the functions for internal audit department contended that internal audit department or unit is one set up to supervise the book-keeping accounting and other functions of the organization. However, despite the above provisions safeguards one still hears and reads daily of the alarming rate of fraud and misappropriation of public fund and property by those who were entrusted with their safeguard. This study will look into the contributions of internal auditing to the accountability of water cooperation, Enugu zone to determine it potentials in preventing errors, encouraging improvements in operations accuracy, efficiency and effectiveness and operations.

1.2 Statement of the Problem

The unreliability in water corporation has given rise to the quest to know how its money is being used it is explained that the organization main objective is the welfare of its public but the extent to which they have achieved this through the services they provide is not applauded by the public. There are still complaints on the high rate of fraud and wrong use of public funds by those who were entrusted with their safeguard the establishment of internal audit department in the organization, water corporation Enugu zone. It was based on this ground that this research has been decided to be carried out to find out how internal audit can help to the accountability of water corporation.

1.3 Purpose of the Study

This purpose of this research work was to investigate for the following objectives.

i. To determine the extent to which effective accountability is dependent on internal auditing.

ii. To find out how internal auditing has helped water corporation to optimize its assets.

iii. Ascertain how internal auditing has aided the water corporation Enugu zone, in efficient management of it financial and material resources.

iv. Dig deep into knowing the extent to which available resource of water corporation has been marked by lack of internal auditing.

1.4 Significance of the Study

It is expected that with the outcome of this study, management will be assisted in upholding its strengths and remedy the weakness of the internal audit system. Poor administrative control will not facilitate the organization’s resources and assets. There is going to be a justification for this study as both the organization studied and other’s in general would appreciate the impacts the internal audit has contributed to develop efficiency and effectiveness of performance.

1.5 Research Questions

i. To what extent is effective accountability dependent on internal auditing in water corporation?

ii. To what extent has internal auditing helped water corporation to make best use of its assets?

iii. To what extent has internal auditing aided efficient management of financial resource of water corporation? iv. In what ways have the available resources of water corporation been marked by lack of internal auditing?

1.6 Delimitation of the Study

The study was being restricted to identifying the contribution of internal auditing to the accountability of water corporation in Enugu zone specially.

1.7 Definition of Terms

i. Contributions:- This means eorts made of help rendered to a person, group of persons, organization, etc to bring about a change.

ii. Internal: It means something happening in the inside or applying within an organization.

iii. Audit: This is an official examination of accounts.

iv. Accountability: According to Ola, (1995:8) this implies being honesty and probity (transparent) in accounting for public funds both reserved and expended. It means being able to explain or give account of how something is being done

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