ABSTRACT
This study is conducted in respect of
relevance of internal auditing as a management tool for effective control in
government parastatals - the study of Nigerian Port Plc, Calabar, where the
population of the study was draw with a sample size of 133 respondents.
Statement of problems are as follows; noncompliance with auditing standards and
procedures, undue management interference in audit process and reports, low
qualification and inexperienced of audit staffs, weak internal control system.
The general objective of this study is to study the relevance of internal
control in an organization such as the Nigerian Port Plc Calabar, with specific
as following; to investigated the compliance level with regards to established
control measures by the researcher, to assess the level of performance
vis-à-vis the internal audit standards of the port, to examine the factors
responsible for any inaccuracy, to assess the relevance of internal control in
an organization such a the Nigerian Port Plc, to he recommend appropriate
internal audit measures in the areas of lapses. Survey and a case study
research is used in carrying out this project. In drawing data for this rcs'a
nh, t 1i' primary and secondary sources of data method were used. Simple
l'rce1111;e and chi-square are analysis technique used. in research questions
and hypothesis respectively. The hypothesis developed for the study have tested
after thorough analysis of the data. The analysed data indicates that; weak
internal control system increase the level of fraud in the organization, that
appointment of unqualified accounting personnel as auditors have negative
elfect on the audit report of financial statement, that non-compliance with
auditor's standards and procedure by an auditor affect the financial procedures
of the organization, that government parastatals cannot survive without
internal audit, the researcher also discovered that many staff in government
parastatals are not going on special training after being employed, that
non-compliance with auditor's report (opinion) standard by the management
affect the realization of the organizational goals. Talking cognizance of the
findings of this study, the following recommendations are considered necessary;
the staff of internal a u d it department should attend seminars, workshops and
special training regularly, the management of the port should improve upon its
weak internal control system and put more effot on the areas that are
considered to he good at the moment, the organization should make effort to
employ qualified and experience sfff; management should guide its operations
with auditor's opinion an a major tool of decision making and control. Finally,
management should make special provision for the independence of the internal
audit department so as to ascertain a true, fair and unbiased financial
statement for the port, and other users.
UDOINYANG, S (2021). Relevance Of Internal Auditing As A Management Tool For Effective Control In Government Parastatals (A Study Of Nigerian Port Plc, Calabar) . Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/relevance-of-internal-auditing-as-a-management-tool-for-effective-control-in-government-parastatals-a-study-of-nigerian-port-plc-calabar-7-2
SUNDAY, UDOINYANG. "Relevance Of Internal Auditing As A Management Tool For Effective Control In Government Parastatals (A Study Of Nigerian Port Plc, Calabar) " Mouau.afribary.org. Mouau.afribary.org, 08 Jul. 2021, https://repository.mouau.edu.ng/work/view/relevance-of-internal-auditing-as-a-management-tool-for-effective-control-in-government-parastatals-a-study-of-nigerian-port-plc-calabar-7-2. Accessed 01 Nov. 2024.
SUNDAY, UDOINYANG. "Relevance Of Internal Auditing As A Management Tool For Effective Control In Government Parastatals (A Study Of Nigerian Port Plc, Calabar) ". Mouau.afribary.org, Mouau.afribary.org, 08 Jul. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/relevance-of-internal-auditing-as-a-management-tool-for-effective-control-in-government-parastatals-a-study-of-nigerian-port-plc-calabar-7-2 >.
SUNDAY, UDOINYANG. "Relevance Of Internal Auditing As A Management Tool For Effective Control In Government Parastatals (A Study Of Nigerian Port Plc, Calabar) " Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/relevance-of-internal-auditing-as-a-management-tool-for-effective-control-in-government-parastatals-a-study-of-nigerian-port-plc-calabar-7-2