ROLE OF AUDIT FOR PROPER ACCOUNTABILITY OF COMPANY’S FUNDS
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: The internal control system is weak. The accounting system is weak. Payments are sometimes influenced by top management. 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.
Terms of Use: This is an academic paper. Students should NOT copy our materials word to word, as we DO NOT encourage Plagiarism. Only use as a guide in developing your original research work. Thanks.
Disclaimer: All undertaking works, records, and reports posted on this website, eprojectguide.com are the property/copyright of their individual proprietors. They are for research reference/direction purposes and the works are publicly supported. Do not present another person’s work as your own to maintain a strategic distance from counterfeiting its results. Use it as a guide and not duplicate the work in exactly the same words (verbatim). eprojectguide.com is a vault of exploration works simply like academia.edu, researchgate.net, scribd.com, docsity.com, course hero, and numerous different stages where clients transfer works. The paid membership on eprojectguide.com is a method by which the site is kept up to help Open Education. In the event that you see your work posted here, and you need it to be eliminated/credited, it would be ideal if you call us on +2348064699975 or send us a mail along with the web address linked to the work, to eprojectguide@gmail.com. We will answer to and honor each solicitation. Kindly note notification it might take up to 24 – 48 hours to handle your solicitation.