1.1 Background of the Study
Given today’s complex and rapidly changing management climate, most large companies, major institution and governmental agencies are implementing continuous improvements to achieve efficiency and assure all concerned parties of solid corporate governance. The nature of internal audit system simply means explaining some of the key terms in the project topic, the internal system. According to the Institute of Internal Auditors (IIA) definition of internal audit system should provide independent, thoroughly timely and objective result of quantitative and qualitative testing to senior management and in essence, help evaluate organizational risk management.
Auditing is an independent checking and investigation of the books of accounts and vouchers of a business with a view to enabling the audit to report whether the balance sheet and profit and loss account are properly drawn up so as to show a true and fair view of the state of the affairs and the best of the information and explanations obtained by the Auditors and that they comply with the rules laid down by SSAP (Statements of Standard Accounting Practice) and other statutory regulations. Audit is of two types, namely. Internal audit is a review of the operation procedures and records of the business internal auditing is itself an internal control which operates by appraising and reporting on the effectiveness of the other controls. Thus, the main objective is to assist management in discharging its responsibilities and to evaluate compliance with corporate procedures. The role of internal auditors therefore, is to provide an overall assurance to management that all key risk within an organization is managed effectively so that the organization can achieve its strategic objective. External Audit: The external auditors are officers from supervisor agency or independent firm to examine accounts, document independently. However, this project topic is restricted to internal audit system, taken the National Board for technical education as a case study.
1.2 Statement of the Problem
The process of financial accounting and auditing is been undermined by our present day high-profile corrupt practices in major institutions and organizations. Thus as a result is the seeming failure of internal audit system not giving value for the finances of the educational institutions and the effects is responsible for the poor quality delivery of education. So also is the mechanism put in place to curb this corruption has not been effective. In response, it has become necessary to undertake, examine and evaluate the problematic nature of internal audit system in educational institution and regulatory organization and to see whether the process could be effective or not.
1.3 Objectives of the Study
The objectives of this research project are as follows:
i. To evaluate the nature of internal audit system in an educational institutions regulatory authority.
ii. To determine the effectiveness or other wise of such internal audit system.
1.4 Research Questions
The research study shall proffer answer to the following questions
i. What is the nature of the internal audit system in a regulatory authority?
ii. Does the internal audit system in a regulatory authority effective or not?
1.5 Research Hypotheses
Ho: Internal audit system has no significant effect in a regulatory authority.
Hi: Internal audit system has significant effect in a regulatory authority.
1.6 Significance of Study
Significance of every research project are set of standard that outlines, the perceived or real contributions of the research. This research study would be of immense benefit to the accounting profession, policy makers and leaders at the helm of affairs in various institutions because, the ideal solution will of course be the achievement of a proper internal audit system that will assist public and private organization to meet overall corporate objectives by establishing a systematic and discipline approach to assessing, evaluating and improving the quality and effectiveness of the process. Also, this study will provide a rationale for introducing programmes designed to aid student and researchers who intend to make research on internal audit system.
1.7 Scope of the Study
The scope of the study shall be limited to evaluating the nature of internal audit system and find out whether this system is effective or not in the educational institution, regulatory authority. Furthermore, the research study shall cover on the National Board for Technical Education (NBTE) Kaduna as a case study.
1.8 Definition of Terms
Audit: Accounting to Webster business dictionary is an examination of accounting document and of supporting evidence for the purpose of reaching propriety fairness, consistency and conformity with accepted principles.
Internal audit: This refers to the institutionalized examination of accounting procedures with an organization.
Internal audit control: These are measures that adopt for effective auditing in an organization
NBTE/the board: National Board for technical Education.
Financial regulation: these are rules, regulations and guideline governing financial transition.
Stock verification: It refers to confirmation of goods and merchandized supplied in terms of value for money and quantity of goods.
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