THE SIGNIFICANCE OF INTERNAL AUDITING IN FEDERAL GOVERNMENT PARASTATALS

ABSTRACT

This study is centered on the internal auditing in Federal Government parastatals with particular reference to the Nigerian Prisons Service Enugu. The main purpose of the study is to look at the internal audit system in federal government parastatals and to review the extent to which it is used in safeguarding the council assets; preventing fraud and inefficiency of operations. This work also examine the essence of internal auditor to external auditors of the government parastatals and how government policies can influence the execution of internal audit functions.

Both descriptive and historical method of research have been employed in the course of study. Also primary and secondary data are used.

Primary data were through the application of questionnaire, personal interviews, and observation. Secondary data was gathered through the review of related literature and results of questionnaires were analyzed and assembled in tables.

The end result revealed that internal auditing is a powerful tool in safeguarding the resources of government parastatals. It also shows that the functions of internal audit department are essential to external audit of Government Parastatals.

In the findings, it was discovered that government policies affect the execution of internal audit functions. The study recommended that qualified accounting officers are employed as internal auditors in Government parastatals and particularly in Nigerian prisons service.

TABLE OF CONTENTS

TITLE PAGE

APPROVAL PAGE

DEDICATION

ACKNOWLEDGEMENT

ABSTRACT

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

BACKGROUND OF THE STUDY .

STATEMENT OF THE PROBLEM

OBJECTIVES OF THE STUDY .

SIGNIFICANT OF THE STUDY .

THE SCOPE AND THE LIMITATION OF STUDY.

RESEARCH QUESTIONS ..

DEFINITION OF TERMS

HISTORY OF NIGERIA PRISONS ..

CHAPTER TWO: REVIEW OF RELATED LITERATURE

OVERVIEW OF INTERNAL AUDITOR ..

QUALIFICATION OF AN INTERNAL AUDITOR ..

PROFESSIONAL STANDARD FOR INTERNAL AUDITING

STATUS OF INTERNAL AUDITOR..

SCOPE OF INTERNAL AUDITING ..

RELEVANCE OF INTERNAL AUDITING ..

THE RELATIONSHIP BETWEEN INTERNAL

AUDITING AND INTERNAL CONTROL

CHAPTER THREE: RESEARCH METHODOLOGY

RESEARCH METHOD USED ..

METHOD AND SOURCE OF DATA COLLECTION

VALIDATION AND RELIABILITY IN INSTRUMENT ..

DETERMINATION OF SAMPLE SIZE AND POPULATION

OF THE STUDY

METHOD OF SAMPLING USED IN COLELCTING.

METHOD OF STATISTICAL ANALYSIS..

CHAPTER FOUR; PRESENTATION, ANALYSIS AND

INTERPRETATION OF DATA.

PRESENTATION AND ANALYSIS OF DATA..

CASH

CHEQUE .

PROVISION

STORES/SUPPLIES

INTERIM FINDINGS

CHAPTER FIVE: SUMMARY OF FINDINGS,

CONCLUSIONS AND RECOMMENDATIONS

SUMMARY OF FINDINGS .

CONCLUSION ..

5.3 RECOMMENDATIONS ..

BIBLIOGRAPHY

APPENDIX I: REQUEST FOR SUPPLY OF

INFORMATION.

APPENDIX II: QUESTIONNAIRE