Full Project-THE ROLE OF AN AUDITOR IN THE ACHIEVEMENT OF ORGANISATIONAL OBJECTIVES

Click here to Get this Complete Project Chapter 1-5

CHAPTER ONE
INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Internal audit is an independent appraisal function established by the management of an organisation for the review of the internal control system as a service to the organisation. It objectively examines, evaluates and reports on the adequacy of internal control as a contribution to the proper, economic and effective use of resources The essentials for effective internal auditing are: independence; The internal auditor should have the independence in terms of organisational status and personal objectivity which permits the proper performance of his duties staffing and trainingThe internal audit unit should be appropriately staffed in terms of numbers, grades, qualifications and experience, having regard to its responsibilities and objectives.The internal auditor should be properly trained to fulfil all his responsibilities relationships;The internal auditor should seek to foster constructive working relationship and mutual understanding with management, with external auditors, with any other review agencies and, where one exist, the audit committee ;due care;The internal auditor should exercise due care in fulfilling his responsibilities .planning, controlling and recordingThe internal auditor should adequately plan, control and rec;ord his work .evaluation of the internal control system;The internal auditor should identify and evaluate the organisation’s internal control system as a basis for reporting upon its adequacy and effectiveness .evidence;The internal auditor should obtain sufficient, relevant and reliable evidence on which to base reasonable conclusions and recommendations.reporting and follow-up;The internal auditor should ensure that findings, conclusions and recommendations arising from each internal audit assignment are communicated promptly to the appropriate level of management and he should actively seek a response. He should ensure that arrangements are made to follow up audit recommendations to monitor what action has been taken on them .

The terms of reference for the internal audit function should be formally confirmed by the organisation and should have proper regard to the contents of this guideline; demonstrable independence of the function is crucial to its effectiveness. For certain public sector organisations the need for an internal auditing function is prescribed by statute and this provides a basis for defining specific standards and guidance for the practice of internal auditing in these organisations.To achieve full effectiveness the scope of the internal audit function should provide an unrestricted range of coverage of the organisation’s operations, and the internal auditor should have sufficient authority to allow him access to such records, assets and personnel as are necessary for proper fulfillment of his responsibilities. It is a management responsibility to determine the extent of internal control in the organisation’s systems which should not depend on internal audit as a substitute for effective controls. Internal audit, as a service to the organisation, contributes to internal control by examining, evaluating and reporting to management on its adequacy and effectiveness. Internal audit activity may lead to the strengthening of internal control as a result of management response.One of the objectives of internal auditing is to assist management in the pursuit of value for money. This is achieved through economic, efficient and effective use of resources. It is a management responsibility to maintain the internal control system and to ensure that the organisation’s resources are properly applied in the manner and on the activities intended. This includes responsibility for the prevention and detection of fraud and other illegal acts.

The internal auditor should have regard to the possibility of such malpractice and should seek to identify serious defects in internal control which might permit the occurrence of such an event. An internal auditor who discovers evidence of, or suspects malpractice should report firm evidence, or reasonable suspicions to the appropriate level of management. It is a management responsibility to determine what further action to take. Independence; Independence is achieved through the organisational status of internal audit and the objectivity of internal auditors.Organisational status The status of internal audit should enable it to function effectively.
The support of management is essential. Internal audit should be involved in the determination of its own priorities, in consultation with management. Accordingly the head of internal audit should have direct access to, and freedom to report to all senior management including the chief executive, board of directors and, where one exists, the audit committee.Objectivity of the internal auditor Each internal auditor should have an objective attitude of mind and be in a sufficiently independent position to be able to exercise judgement, express opinions and present recommendations with impartiality. The internal auditor, notwithstanding his employment by the organisation, should be free from any conflict of interest arising either from professional or personal relationships or from pecuniary or other interests in an organisation or activity which is subject to audit.

The internal auditor should be free from undue influences which either restrict or modify the scope or conduct of his work or over-rule or significantly affect judgement as to the content of the internal audit report. The internal auditor should not allow his objectivity to be impaired when auditing an activity for which he has had authority or responsibility. An internal auditor should be consulted about significant proposed changes in the internal control system and the implementation of new systems and make recommendations on the standards of control to be applied. This need not prejudice the auditor’s objectivity in reviewing those systems subsequently. An internal auditor should not normally undertake non-audit duties but where he does so, exceptionally, he should ensure that management understands that he is not then functioning as an internal auditor.Dela the (2012) stated that auditing in the past, have been   considered as a simple administrative procedure comprised mainly of checking accuracy of transactions pre-payment verification and control, counting assets and reporting in past event, a combination of forces, has, in recent time, let to a quiet revolution in the accounting profession, Government, private and public companies are moving towards a higher level of transparency and as such demonstrate accountability and stewardship in the use of resources entrusted  to them.
Reason for Auditing includes, Evaluation and risk management ,Control and Government processes, Investigative and Advisory services .

Clement (2012) note that audit system is important for a company because its enables it to pursue and attain its various corporate objectives. Business processes need various forms of interval control to facilitate supervision and monitoring, prevent and detect irregular transaction, measure ongoing performance, maintaining adequate business records and to promote operations productivity, interval Auditors, review the design of the interval control and informally propose improvement and document any materials irregularities to enable further investigation by management if it is warranted under the circumstances.Manguis (2011) observed that auditing helps top management manage corporate affairs, providing guidance on various issues ranging from financial accuracy to interval control to regulatory compliance. They also help department heads indentify tools and methodologies to improve operational activities, putting companies on a more sustainable path. The need for Auditing stems from.Internal control ,Financial Review,Regulatory monitoring

1.2 STATEMENT OF THE PROBLEM

The auditing function is often regarded to be an independent process of ensuring an accurate and fair reporting of the financial records of the organization and of the effective use of resources,this however does not exclude it from the corperate objective of the organization.it  is therefore pertinent that the objectivity function of auditing be aligned with the corperate objective  of the organization.The problem confronting this research is to determine the role of the auditor in the achievement of organizational objectives with a case appraisal of Nestle Nig plc.

1.3  RESEARCH QUESTION

1  What is the nature of the auditing function
2  What constitute the nature of  organizational objective
3  What is the role of auditor in the achievement of organizational objective
4  What constitute the role of the auditor in the achievement of organizational objective in  nestle plc.

1.4   OBJECTIVE OF THE STUDY

1  To determine the nature of the auditing function
2  To appraise the nature of organizational objective
3  To determine the role of the auditor in the achievement of organizational objective
4  To determine the role of the auditor in the achievement of organizational objective in nestles plc

1.5 SIGNIFICANCE OF THE STUDY

The study intends to provide project the importance of the role of auditors in the achievement of organizational objective. It shall also serve as a veritable source of information on the fundamental issues of auditing

1.6  STATEMENT OF THE HYPOTHESIS

1 Ho  Audit is not given significant attention in nestle plc
Hi  Audit is given significant attention in nestle plc
2  Ho Organisational objectives in nestle plc is low
Hi Organisational Objectives in nestlc plc is high
3  Ho  The role of auditor in the achievement of organisational objective in nestle plc is low
Hi  The role of auditor in the achievement of organisational objective in nestle plc is high.

1.7  SCOPE OF THE STUDY

The study shall appraise the nature of the role of auditing in the achievement of organisational objective with a case study of nestle plc

1.8  DEFINITION OF TERMS

INTERNAL AUDIT:Internal audit is an independent appraisal function established by the management of an organisation for the review of the internal control system as a service to the organisation. It objectively examines, evaluates and reports on the adequacy of internal control as a contribution to the proper, economic and effective use of resources

ORGANISATIONAL OBJECTIVE: Organisational objective are  the ends which the organisation intends to achieve usually defined quarterly, half yearly, or annually  and expressed quantitatively or qualitatively interms of profit,quotas,budgets etc.

REFERENCES

Asika, Nnamdi (2001) Research Methodology in the Behaviour Sciences. 2nd Ed. Ikeja; Longman press plc. Bamidele, A.J (2009) Effective Audit and Investigation for Improved tax compliance.
Companies and Allied Matters Act (2004). Cap c 20, laws of the federation  Harper, David (2012) financial statement.
Institute of chartered Accountants of Nigeria / (2009) financial Accounting. PE 1 study pack. Lagos; VI publishers.
Kleinschmidt, Angie (2007) Importance of Auditing; trust is not enough.
Margaret Rouse (2011) Corporate Performance Management.
Massey B. (2011) Key Performance Indicator.
Okezie Bartho .N. (2008) Audit and Assurances Services, Aba; concept publishers

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.

Click here to Get this Complete Project Chapter 1-5

You can also check other Research Project here:

1, Accounting Research Project

2. Adult Education
3. Agricultural Science
4. Banking & Finance
5. Biblical Theology & CRS
6. Biblical Theology and CRS
7. Biology Education
8. Business Administration
9. Computer Engineering Project
10. Computer Science 2
11. Criminology Research Project
12. Early Childhood Education
13. Economic Education
14. Education Research Project
15. Educational Administration and Planning Research Project
16. English
17. English Education
18. Entrepreneurship
19. Environmental Sciences Research Project
20. Guidance and Counselling Research Project
21. History Education
22. Human Kinetics and Health Education
23. Management
24. Maritime and Transportation
25. Marketing
26. Marketing Research Project 2
27. Mass Communication
28. Mathematics Education
29. Medical Biochemistry Project
30. Organizational Behaviour
31. Other Projects
32. Political Science
33. Psychology
34. Public Administration
35. Public Health Research Project
36. More Research Project
37. Transportation Management
38. Nursing

Need a Project Writer for a Different Topic

• MSC PROJECT WRITING SERVICES
• MBA RESEARCH PROJECT WRITING SERVICES
• Research Project Writing Services in Lagos Nigeria (Professional Writers) -Law, MSc, MBA,PhD, Dissertations, Thesis, Assignment, Speech
• Masters Research Project Writer in Lagos Nigeria
• MBA Research Project Writer in Lagos Nigeria
• LOOKING FOR A WRITING SERVICES FOR AN URGENT ASSIGNMENTS OR PROJECT WORK
• PROFESSIONAL WRITING SERVICES IN LAGOS NIGERIA (TERM PAPER, SPEECH WRITING, ASSIGNMENT, THESES, DISSERTATIONS, RESEARCH PROPOSAL, PROJECT WRITING SERVICES etc)
• BUSINESS ADMINISTRATION RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• CONSULT A RESEARCH PROJECT WRITER IN LAGOS NIGERIA (PH.D, MBA, MSC, M.ED, BSC)
• MANAGEMENT RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Education Research Project Writer in Lagos Nigeria
• Environmental Sciences Research Project Writer in Lagos Nigeria
• Guidance and Counselling Research Project Writer in Lagos Nigeria
• Human Kinetics and Health Education Project Writer in Lagos Nigeria
• Early Childhood Education Research Project Writer in Lagos Nigeria
• Christian Religious Studies(CRS) Research Project Writer in Lagos Nigeria
• Educational Administration and Planning Research Project Writer in Lagos Nigeria
• Political Science Research Project Writer in Lagos Nigeria
• Accounting Research Project Writer in Lagos Nigeria
• Economics Research Project Writer in Lagos Nigeria
• Management Research Project Writer in Lagos Nigeria
• Marketing Research Project Writer in Lagos Nigeria
• Public Administration Research Project Writer in Lagos Nigeria
• MBA Research Project Analysts
• In Need of MBA Research Project Writer in Nigeria
• MBA Dissertation Research Project Writer
• MBA Project writer
• EDUCATION DEPARTMENT PROJECT WRITING SERVICES
• BACHELOR OF SCIENCE (BSC) DEGREE PROJECT WRITING SERVICES(B.ED,B.A,B.SC)
• MASTER OF BUSINESS ADMINISTRATION (MBA) RESEARCH PROJECT WRITING SERVICES
• MASTER OF SCIENCE (MSC) RESEARCH PROJECT WRITING SERVICES
• POST GRADUATE RESEARCH PROJECT WRITER
• POST GRADUATE DIPLOMA (PGD) RESEARCH PROJECT WRITER
• MASTER RESEARCH PROJECT WRITER
• MASTER DEGREE RESEARCH PROJECT WRITING SERVICES
• POSTGRADUATE RESEARCH PROJECT WRITING SERVICES
• MASTERS RESEARCH PROJECT WRITING SERVICES
• RESEARCH PROJECT WRITER
• EXPERT IN RESEARCH PROJECT/THESIS/DISSERTATION WRITING SERVICES IN LAGOS NIGERIA
• HIRE A PROFESSIONAL BSC/HND RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL MBA/MSC RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL THESIS WRITER IN LAGOS NIGERIA
• SC/M.SC/MBA/PGD RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Master Degree Research Project Specialist/Writer in Lagos, Nigeria
• Hire A Research Project Writer in Lagos Nigeria
• Research Project Specialist in Lagos, Nigeria

• Education