Select Currency
Translate this page


Format: MS WORD  |  Chapter: 1-5  |  Pages: 75  |  744 Users found this project useful  |  Price NGN3,000







This is a research project. The subject of study is “Internal Audit as a Management Tool”. The choice of the subject matter reflects the researcher desire to shed light on the efficiency and effectiveness of internal audit of corporate organization such as Banks, Manufacturing Company, Government parastatals, etc, through findings, contribute towards evolving an established policies and procedures, thereby ensuring a sound and reliable internal control system. Oladipupo (2005: 96), pointed out that internal audit is a managerial tool which functions by examining, evaluating and reporting on the adequacy of internal control as a contribution to the proper economic, efficient and effective use of resources within an organization.

Internal audit is a control which measure evaluates and reports upon the effectiveness of internal control, financial and otherwise, as a contribution to the efficient use of resources within an organization, which was stated by Nwabueze, (2000: 278). It is the requirement of the Companies and All Matter Act (CAMA) 1990, that management should keep and maintain accounts, which presents a true and fair view of the organization financial position which must be attested to by an external auditors report. To achieve this management do establish its own policies which all the operational and service units of the organization must comply with to assure itself that its policies and programme are properly implemented, management does establish various internal control system among which the internal audit.

Internal audit is an independent arm of the organization which help in appraising both financial and other operations with the specific purpose of rendering protective and constructive services to management. The proper administration of any organization is solely dependent on the management which sees to the effective and efficient utilization of the limited resources available to it through proper planning controls to ensure the realization of corporate objectives. With the growth in size and complexity of many organizations, the need for internal audit has correspondingly increased, so that it is today a major factor in establishing the quality of an organizations internal control system and its development.

The establishment of the internal audit is not required by law but is the brain-child of management with the specific objective of fulfilling its stewardship function. This is why the internal audit unit has been identified not only as an arm of management but also as an important tool the management uses in the discharge of its duties. This study will therefore go a long way to ensuring the efficiency and effectiveness of the internal audit. Thereby ensuring a sound and reliable control system.


The rationale for choice of the subject matter is the inability of management in ensuring a proper internal audit system coupled with the absence of a sound and reliable internal control system. Ojaide (200: 6) pointed out that the role of an internal audit department is to assist management in ensuring that the system of accounting, internal control and internal check are operating effectively and efficiency.


The objectives of the study are:

1. To ascertain if accounting records are accurate and reliable.

2. Serving as a training unit on internal control matter.

3. Review of operational performance and reporting on variance.

4. To ascertain whether the internal check and the accounting system.

5. To ascertain the independence of the internal audit department.

6. To find out whether periodic report on operation of the organization are made to management.

7. To look at the performance of the different departments, branches and assess the impact on the over all performance of the academic institution or organization.

8. To find out whether the internal control system is sound in principle and effective in operation.

9. To find out whether periodic reports on operation of the organization are made to management.


1. Are all established policies and plans followed by the different department?

2. Are periodic reports carried out?

3. Is the accounting records accurate and reliable?

4. Is the internal audit department independence?

5. Do periodic report on operation of the organization made to management?

6. Is the internal check and accounting system effective?

7. Do performance of the different departments make any impact on the overall performance of the organization?


The nature, scope and responsibility of the internal audit may vary from parastatal to parastatal this study will hence, cover the internal audit department or unit of corporate organization such as Banks, oil & gas companies, manufacturing company, government parastatals, etc. in Nigeria.


There are significant differences in the method of establishing policies and plans.

2. The performance of the different departments differs.

3. The periodic report made every year are not the same.

4. The accounting records of the organization made every year differ.


This study will be of immense benefit to the management, as good quality of work rendered by the internal auditor to management will improve the quality of services rendered by the units, thus ensuring the realization of corporate objectives. It would highlight defects and problems in the system and suggest ways of rectifying them, thereby ensuring improvement in the quality of work of the internal audit department and hence increase the confidence imposed on them by the management. Furthermore, the study will throw more light on the importance of efficiency and effectiveness of internal audit in the organization. An insight into the extent of efficiency and effectiveness of internal audit of the organization will help not only in sensitizing management of the organization on the needs for an established policies and procedures but also contribute towards evolving a sound and reliable control system.


The researchers were confronted by some certain constraints,  which almost undermined the objectives and aims of the research. The researchers were confronted by the inability to participate and observe some of the activities carried out by the staff of the internal audit such as stock taking and the internal auditor’s visitation to other department and unit of the organization. Thus, vital information that would have been gathered were denied the researchers. Also, as a result of the limited time available to the researchers, it was not possible to reach the organization external auditors who would have given information on how reliable the report of the internal auditor is.


1. Internal Audit: This is an independent appraisal activity within an organization for the review of operation as a service to management; it is a management control which functions by measuring and evaluating the effectiveness of other controls.

2. Management: These are the group of people who engage in performing routine and strategic duties so as to ensure the realization of corporate objectives.

3. Investigation: An investigation is the examination of records and accounts of an organization for a special purpose.

4. Audit Report: It is the statutory final product of audit process.

5. Auditing: This is an independent examination of, and expression of opinion on the financial statement of an enterprise, organization by an appointed auditor in pursuance of that appointment and in compliance with any relevant law and regulation.

6. Internal Control: This is not only about internal audit or internal check but the whole system of control established by management to ensure that the organization is run in an orderly and efficient manner. This can be achieved by ensuring adherence to management policies, safe guarding of asset and securing as far as possible the accuracy and completeness of records.

7. Internal Check: This is the segregation of duty such that no one person is responsible for the processing and recording of a particular transaction.

8. True and Fair: This is a term common in auditing which can be likened to mean a fact which conform to standard that is, it is free from bias and meats users expectation.

9. Appraisal: This is assessing the value of quality of work done by management.

10. Statutory: This means having a legal backing. Auditing is under the requirement of the companies and Allied Matter Act (CAMA) 1990.

11. Effectiveness: The internal audit is effective when its existence which causes a striking impression produce the intended result.

12. Vouching: This has to do with examining books and records to ascertaining their truth and fairness as regards the financial statement.

13. Financial Statement: It can be defined as a written account of facts of an individual, institution or organizations financial records.

14. Examination: This is a popular term used in auditing which refers to verification and vouching.

15. Research: This is a careful study or investigation into discovering new facts or information such as the research carried out in the topic “Internal audit as a management tool” helped to discover benefits, problems and corrective measures.

16. Limitation: This is nothing but constraints faced by the researcher while carrying out the research work which could result from time factor, inadequacy of research materials, lack of cooperation from respondents etc.

17. Respondents: Respondents aid research work as they help to provide answers to certain question/questionnaires.

18. Questionnaires: This is a list of questions covering all aspect of the research work; to be answered by respondents in order to discover facts and information.

19. Staff Strength: This is simply the number of staff employed in a particular department. It can either be a number just perfect, less or above the required number needed to attain the objectives of the department.

20. Audit Programme: Audit programme is a schedule of how the auditing work is carried out. It is a guide to staffs of the audit department so as to reach a desired goal.

21. Misappropriation: This is an irregularity carried out by staffs or management but being checked by an auditor through vouching and verification.

22. Independence: Independence is the freedom from any influence which may militate against the discharge of a responsibility and can be seen in a biased opinion the auditor is expected to be independent of other controls.

23. Management Tool: Managerial tool refers to an instrument like internal audit which management uses to ensure the adherences of its policies, safe guarding of assets and securing as far as possible the accuracy and completeness of records.

24. Accounting System: Is a staff appointed by management to appraise the activities of management by reviewing its operation as a service to them. It also functions by measuring and evaluating the effectiveness of other controls.


Not What You Are Looking For?

For Quick Help Chat with Us Now!

+234 814 010 7220

+233 541 351 187

Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Gbadamosi Solomon Oluwabunmi
Swift delivery within 9 minutes of payment. Thank you project master
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.


  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on +234 814 010 7220 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.


How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 814 010 7220

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!