ABSTRACT
This research was undertaking to ascertain the role of Internal
Auditors in a depressed Economy with particular reference to Banks in Nigeria,
the main purpose of the study is to look at the Internal Auditing Department in
banking industry and to review to an extent to which it is used in the
protection of the Bank’s assets, misappropriation and embezzlements of funds.
The objectives of this study are: to examine the roles of Internal Auditors in
Financial Institutions, to access the impact of government financial policies
and guidelines on the execution of Internal Audit functions in financial
institution, to evaluate the usefullness of Internal Audit functions in
financial institution (Banks), to find out the importance of Internal Auditors
in protection of company’s assets, misappropriation of funds and embezzlement
of funds and to make appropriate recommendations that will proffer sound
solutions in the weakness of Internal Auditing functions in bank’s. In
pursuance of the objective of the study, three hypotheses were formulated ad
tested. In order to get information for the study, both description and historical
method of research have been used in the course of study. Also primary and
secondary data was used.
Primary data was gotten through the application of questionnaire,
personal interviews and observation. Secondary data was gathered through the
review of related literature and the results of the questionnaires were
analyzed and assembled in tables.
The end result revealed that internal auditing is a powerful tool in
protection of banks assets, misappropriation and embezzlement of funds.
CHAPTER ONE
1.1 INTRODUCTION
The practice of auditing has been
existence even in the ancient time. The need for auditor arises when the
truthfulness and fairness of financial statement is required. An Auditor is a
person appointed by law to examine and investigate the accounting records
prepared and maintained by organization are of true and fair view.
Before the medieval times, auditing was
referred to as the process of public hearing in which financial statement of
financial records were read aloud, Ekwere (1991). In essence, auditing was made
to determine where persons in position of fiscal responsibilities in government
or organizations were acting and reporting in good faith or in honest manner.
But today, auditing has taken a new dimension in our society and it will
continue to be improved upon as a result of expansion and growth of business in
our contemporary society. According to the publication of American Accounting
Association (AAA 1991),”Auditing is a systematic process of objectively
obtaining and evaluating evidence regarding assertions about economic actions
and events to ascertain the degree of
However, the practice of auditing which
has been in existence for years has no positive impact on the economy, there
had been several corporate failures, which had been led to reduction in growth
(ie depressed economy) in view of the above problem this research focused on
the roles of auditors in a depressed economy.
1.2 STATEMENT OF PROBLEM
The establishment of internal audit in organization
and financial constitutions was to reduce or remove completely the problems of
fraud, to protect the company’s assets, and to check misappropriation and
embezzlement of funds. But there have been.....
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