ABSTRACT
This project titled Audit Efficiency as a tool for improving company’s performance with special emphasis on Innoson Industry Nigeria Limited Enugu is sadled with such problem as complexity of responsibility misappropriation of fund gross mismanagement and embezzlement, excess expenditure incompatible with budget and inability of audit department to indicate errors and lack of necessary cooperation. Auditors necessitated the formation of the objective of this study which intends to findout same of the reasons for deficiencies and inefficiencies in the company to establish ways to eradicating the abnormities against the application of efficient audit, as well as point to how competent the auditor have been in determining appreciation weakness in the organization. To tackled this problems, the research questions and hypothesis while formulated. The procedures and processes adopted was the descriptive research method. This method was questionnaire, oral interview, telephone conversations and observation as sources of guarding primary data. Out of a population of 648 a sample of size of 155 was drawn using Taro Yamani. This sample size was allocated to the care departments of this organization using Kumar-Sam’s of a population of 648 a sample of size of 155 was drawn using Taro Yamani. This sample size was allocated to the care departments of this organization using Kumar-Sam’s formula. The hypotheses of these researches were tested using the Z Test. The following were the research finding. This shows that record keeping and documentation is good and that staff are efficiently executing their jobs. It was also discovered that Innoson Industry Nigeria Limited based her employment on merit and due process. Auditing in Innoson is a yearly affair because it is mandated by law to audit her accounts once every year. However, internal audit is an every year affair. In conclusion, a good company, should have auditing process to improve the performance of the company.
TABLE OF CONTENTS
Title page ii
Dedication iii
Acknowledgement iv
Abstract v
Table of contents vi
CHAPTER ONE
1.0 Introduction 1
1.1 Background of study 1
1.2 Statement of the problem 2
1.3 Objectives of the study 3
1.4 Research Questions 4
1.5 Research Hypothesis 5
1.6 Significance of the study 6
1.7 Scope and Limitation of the study 7
1.8 Definition of Terms 9
CHAPTER TWO
2.0 Review of Related Literature 11
2.1 Historical Background of Innoson Industries Nigeria 11
2.2 Historical Background of Auditing 13
2.3 Purpose of Auditing 17
2.4 Selection of Auditors 20 2.5 Audit Of Management 21
2.6 Collection and Evaluation Evidence 22
2.7 Evaluation of Internal Control System 28
2.5 Planning For an Auditor 47
2.6 Internal Auditors Importance 49
2.7 Procedure for Efficiency in Auditing 51
2.8 Reliance on other auditors. 52
2.9 Role Auditing In Companies 52
2.10 Preparation of Audit Report 53
CHAPTER THREE:
3.0 Research Design and Methodology 57
3.1 Research Design 58
3.2 Sources of data 59
3.2 Primary sources of data 59
3.4 Secondary sources of Data 62
3.5 Population and sample size determination 63
3.6 Method of Investigation 66
CHAPTER FOUR:
Data Presentation, Analysis and Interpretation 68
4.1 Preliminary information 68
4.2 Test of Hypothesis 81
CHAPTER FIVE
Summary of Findings, and Conclusions
5.1 Summary of Findings 88
5.2 Conclusions 89
Bibliography
Appendix
