THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR).

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ABSTRACT

This research work was designed to study and investigate precisely the Role of Audit for the proper Accountability of Company’s Fund with special emphasis on Department of Petroleum Resources.

Prudent fund management requires that available resources be equitable allocated to all activities or proposals such that each ill not suffer under over allocation of funds. How efficient a manager is can be determined by how effective he can account for funds entrusted to his care.

It is expected that available management tools for the purpose of proper accountability be adopted or used by administrators in the discharge of their administrative responsibilities. Audit which is mostly used as the last resort of company’s managers need to be enforced by any organization to enable it evaluate performance and deviation.

Data for the study was collected form both the primary and secondary sources. The questionnaire method was used to collect data. Forty-three (43) respondents were selected using the stratified random sampling techniques.

The simple percentage was used in the presentation of data, while the chi-square was used to test the hypothesis.

The study revealed that:

(1)The internal control system is weak.

(2)The accounting system is weak.

(3)Payments are sometimes influenced by top management.

(4)The occasional audits are mainly concentrated on financial matters.

The study finally proffered solution by recommending ways through which organization could achieve their audit objectives.

TABLE OF CONTENTS

Title pagei

Approval pageii

Dedicationiii

Acknowledgementiv

Abstractvi

Table of contentsviii

CHAPTER ONE

1.1General background of the study1

1.2Statement of problem7

1.3Objective of the study10

1.4Significance of the study11

1.5Scope and limitation of the study12

1.6Brief history of the Department of Petroleum Resources12

1.7The functions of Department of Petroleum Resources15

1.8Statement of hypotheses17

CHAPTER TWO

LITERATURE REVIEW18

2.1Internal Audit20

2.2System auditing23

2.3Accountability30

2.4The auditing interest in client accounting system31

2.5A documentary evidence of an audited account management32

2.6Management35

2.7System management40

2.8Financial management 41

2.9Aids to proper accountability of fund43

2.10Planning45

2.11Control48

2.12Organizing48

CHAPTER THREE

Research Design and Methodology50

3.1Sources of data50

3.2Research Instruments used51

3.3Determination of sampling size52

3.4Method of data analysis52

CHAPTER FOUR

Presentation and analysis of data55

4.1Testing the hypotheses66

CHAPTER FIVE

Summary, conclusion, findings and recommendation72

5.1Summary72

5.2Conclusion74

5.3Recommendation76

Bibliography78

Appendix.81

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THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR).

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