INTERNAL AUDITING: A TOOL FOR CONTROL IN GOVERNMENT AGENCIES (A CASE STUDY OF MINISTRY OF EDUCATION, AKWA IBOM STATE) (2005 – 2014)

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 TABLE OF CONTENTS

Title Page

Certification        –       –       –       –       –       –       –       –       ii

Dedication         –       –       –       –       –       –       –       –       iii

Acknowledgement      –       –       –       –       –       –       –       iv

Abstract     –       –       –       –       –       –       –       –       –       vi

List of Tables      –       –       –       –       –       –       –       –       vii

Table of Contents       –       –       –       –       –       –       –       viii

CHAPTER ONE

INTRODUCTION

  1. Background of the Study     –       –       –       –       –       1-4   
    1. Statement of the Problem    –       –       –       –       –       4-5
    1. Objectives of the Study       –       –       –       –       –       5-6
    1. Statement of the Hypothesis        –       –       –       –       6
    1. Research Questions    –       –       –       –       –       –       7
    1. Significance of the Study     –       –       –       –       –       7-8
    1. Scope/Limitation of the Study       –       –       –       –       8-9
    1. Organization of the Study    –       –       –       –       –       9-10
    1. Definition of Terms     –       –       –       –       –       –       10-11

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1    Introduction       –       –       –       –       –       –       –       12

2.2    Conceptual Framework of Auditing        –       –       –       12-13

2.3    The Need for Auditing         –       –       –       –       –       13-15

2.4    Distinction between Internal Check and Internal Audit     15-16

2.5    Audits in Ministry of Education and Relationship with

State Audit Department       –       –       –       –       –       16-19

2.6    Internal Audit Requirements in Financial Regulations      19-20

2.7    Types of Audit –         –       –       –       –       –       –       20-22

2.8    Classification of Auditing      –       –       –       –       –       22-26

2.8.1 Value for Money (VFM) Audit        –       –       –       –       26-29

2.9    Auditing Principles and Requirements in the Public Sector 29-30

2.10  Internal Auditing –      –       –       –       –       –       –       30-33

2.11  The Concept of Control        –       –       –       –       –       33-35

2.11.1 Roles and Responsibilities in Internal Control –       –       35-36

2.11.2 Limitation of Controls   –       –       –       –       –       –       36-37

        END NOTES

CHAPTER THREE

RESEARCH METHODOLOGY

3.1    Introduction       –       –       –       –       –       –       –       39

3.1.1 Statement of Hypothesis      –       –       –       –       –       39-40

3.1.2 Research Questions    –       –       –       –       –       –       40

3.2    Design of the Study    –       –       –       –       –       –       40

3.3    Area of the Study       –       –       –       –       –       –       41

3.4    Population of the Study       –       –       –       –       –       41

3.5    Sample and Sampling Technique  –       –       –       –       41

3.6    Instrument/Methods of Data Collection –       –       –       42

3.7    Data Analysis Technique      –       –       –       –       –       42-43

CHAPTER FOUR

DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1    Introduction       –       –       –       –       –       –       –       44

4.2    Data Presentation       –       –       –       –       –       –       44-45

4.3    Analysis and Interpretation –       –       –       –       –       45-46

4.4    Test of Hypothesis      –       –       –       –       –       –       47-49

4.5    Data Presentation and Interpretation of Questionnaire    49-50

4.6    Data Analysis and Interpretation   –       –       –       –       50-61

CHAPTER FIVE

FINDINGS, CONCLUSION AND RECOMMENDATIONS

5.1    Introduction       –       –       –       –       –       –       –       62

5.2    Findings    –       –       –       –       –       –       –       –       62-63

5.3    Conclusion         –       –       –       –       –       –       –       63-64

5.4    Recommendations      –       –       –       –       –       –       64-66

        REFERENCES APPENDIX 

ABSTRACT

The purpose of this study is concerned with the evaluation of the internal auditing as a tool for control in government agencies, A Case Study of Ministry of Education, Akwa Ibom State for the period 2005 – 2014. It is believed that effective internal auditing in an organization ensures proper management and efficiency at all time. The main objectives of this study is to examine the effectiveness of internal auditing as a tool for control in government agencies in terms of budgeted expenditure and actual expenditure for the period under review. Primary and secondary methods of data collection were used in gathering relevant data for this research work. The primary source adopted was questionnaire while the secondary was the financial statements from the ministry of education in the period 2005 – 2014. The secondary data were in respect of the independent and dependent variables and a quota control sampling drawn from a non-probability sampling technique was used in carrying out this research work. The researcher adopted survey research design which was descriptive and exploratory in nature. The statistical data used was Pearson Product moment correlation co-efficient. H1 was accepted which states that internal auditing ensures control in government agencies in terms of budgeted expenditure and actual expenditure in the ministry of Education, Akwa Ibom State, Uyo for the period 2005 – 2014. A total of 20 questionnaires were administered, and were fully completed and returned. Findings reveal that effective internal auditing leads to effective fund management, fraud reduction, control and increase productivity. Conclusion was drawn on the findings that internal auditing ensures control in government agencies and recommends that proper and effective internal auditing should be one of the front-line policies in government agencies to achieve their set goals and objectives.