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 pageii
Dedication iii
Acknowledgement iv
Abstract v
Table of contentsvi
CHAPTER ONE
1.0Introduction1
1.1Background of study1
1.2Statement of the problem2
1.3Objectives of the study3
1.4Research Questions4
1.5Research Hypothesis5
1.6Significance of the study 6
1.7Scope and Limitation of the study7
1.8Definition of Terms9
CHAPTER TWO
2.0Review of Related Literature 11
2.1Historical Background of Innoson Industries Nigeria 11
2.2Historical Background of Auditing 13
2.3Purpose of Auditing 17
2.4 Selection of Auditors 20 2.5Audit Of Management 21
2.6Collection and Evaluation Evidence 22
2.7Evaluation of Internal Control System 28
2.5Planning For an Auditor 47
2.6Internal Auditors Importance 49
2.7Procedure for Efficiency in Auditing 51
2.8Reliance on other auditors. 52
2.9Role Auditing In Companies 52
2.10Preparation of Audit Report 53
CHAPTER THREE:
3.0Research Design and Methodology57
3.1Research Design 58
3.2Sources of data59
3.2Primary sources of data59
3.4Secondary sources of Data62
3.5Population and sample size determination63
3.6Method of Investigation 66
CHAPTER FOUR:
Data Presentation, Analysis and Interpretation68
4.1Preliminary information68
4.2Test of Hypothesis81
CHAPTER FIVE
Summary of Findings, and Conclusions
5.1Summary of Findings88
5.2Conclusions89
Bibliography
Appendix
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