Role Of Internal Auditor In Stocktaking )
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Role Of Internal Auditor In Stocktaking )
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ABSTRACT: This research has been designed for the study of the role of internal auditors in stocktaking especially as a case study Total Nigeria Limited. Internal auditing and stocktaking in recent time has proved to be a hard nut which auditors have not fund easy to crack total Nigeria Limited is a company, which concentrated much on the marketing of petroleum products, through diverse fictions and now being made towards such areas like agriculture. Chapter one of this work gives a general introduction of the work by explaining both auditing and stocktaking. Problem statement, purpose of he study, significance of the study and scope and limitation of the study were also dealt with in chapter one most of the audit terms used in the project were defined in chapter one. Chapter two shows the review of related literature and studies. In the review, the role of the internal auditor under the law (statute) internal auditing and stocktaking were reviewed.  Chapter three formed the research methodology and procedure. It shows all the methods used by the research in getting all the information for the project. In chapter five problems of the internal audit, implications, recommendation and summary were made, based on the findings. Efforts were also made to make this work interesting and it is hoped that it will be of great help to anyone that comes across it.

 

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

  1. Background of the study                                         1    
  2. Statement of problem                               5    
  3. The purpose of the study                          6    
  4. Scope of the study                                          8    
  5. Limitation of the study                                    10  
  6. Significance of the study                           11  
  7. Definition of terms                                          12

 

CHAPTER TWO

2.0  REVIEW  OF LITERATURE

  1. The role of internal auditor under the law statute          16
  2. Internal auditing                                                17
  3. Stock taking                                                39-56

CHAPTER THREE

3.0  Research Methodology                                      56

  1. Research design                                              56
  2. Area of study                                                  56
  3. Population                                                      57
  4. Sample and sampling techniques                       57
  5. Instrument for data collection                                  58
  6. Validity of the research instrument                     59
  7. Reliability of research instrument                       60
  8. Method of collecting data                                  60
  9. Method of data analysis                                    61

 

CHAPTER FOUR

  1. Data analysis and presentation                          62

4.1  Summary of results                                                67

CHAPTER FIVE

  1. Summary of findings, conclusion, recommendation

and implications of the research findings             68

  1. Discussion of results/finding                              68
  2. Conclusion                                                      69
  3. Implication of the research findings                            70
  4. Recommendation                                             71
  5. Suggestions for further research                        72
  6. Limitation of the study                                      73
  7. Reference                                                       74

Appendix                                                               75

Questionnaire                                                  77

 

 

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Many people tend to seriously think that auditing is a subdivision of accounting, probably that is how it was introduced to us and because every auditor is an accountant but every accountant is not an auditor. Auditing has its root elsewhere. The relationship of auditing and accounting is close, but they are not the same. There are business associates.

Accounting is concerned with collecting, classification, correction, summarization and communication and financial information. It involves the measurement and communication of business events and conditions as they affect the peculiar enterprises or entity. The task of accounting is reduced a tremendous mass detailed information to manageable and understandable proportion. Auditing does more of these things.

Auditing is an independent examination and expression of opinion on the financial statement of an enterprise by an appointed or employed auditor in pursuance of that appointment and in compliance with the relevant statutory obligation, hence the role of the internal auditors in stocktaking.

Auditing is analytical not constructive. It is critical, investigative and concerned with the basis of accounting measurement and auditing emphasis is to proof of corrective ness

Auditing is also concerned with adequacy in design, effectiveness in operation and consistency in application of such proceedings.

It is also aimed at forming opinion on the truth and fairness of the transaction of an enterprise and also has its principles, rules not on accounting, which is learns for ideas and methods.

Auditing is therefore a discipline independent on logic with accounting as art of its utilities.

Historically, the auditor had the accounts read to him since the term audit originated from the Latin ‘audire’ meaning to hear.

After Luca Pacido published his book in the 15th century, the work of the auditor became more involved, but today, the increased complexity of business units, either by the scope of its own operation or by amalgamation, has now forced the auditor to adopt new methods of approach to his work – the role of auditor in stocktaking.

The auditors duty in respect to stock taking is often regarded as fully expressed in the case of re-Kingston Cotton Mill Co. Ltd, 1896 in which Lindly L. J. stated that it was “no part of the auditors duty to take stock”. But later in the united States, it is the recognized duty of the auditor to make physical stock checks – that is stocktaking – this duty having been imposed upon him after much defalcations as took place in the cause of MC Kesson V Robin (1940) whereby fictitious records affecting purchases, sales and stocks enabled various responsible officials working in collusion to overstate the assets on the balance sheet by some 21000,000 dollars.

On the other hand, stocktaking or physical verification of stock may by means of full count or measurement in case of bulk stock tally with the bin card records stocktaking could be done in three ways stated below: -

  1. Counting of stock at the end of the year or before the year ends or after the year ends.
  2. Counting of the part of the stock by means of interpolating the total statistics.
  3. By means of using continuous stock records.

It should be know that where stocks are material in the enterprise’s financial statement and the auditor is placing reliance upon management stock – take in order to prove evidence of existence, the auditor should attend the stocktaking. This is because attendance of stocktaking is normally the best way of providing evidence of the proper functioning of the management stocktaking procedure and the existence of stock and their conditions.      

 

  1. STATEMENT OF PROBLEM

The nature of the product of Total Nigeria Limited particularly liquids like kerosene, petrol, diesel and oil make it very difficult to effectively conduct stock – taking at any point in time and also to determine the extent to which internal auditors are involved. The statement of problem was discovered as a result of the researchers enquires.   

  1. Total Nigeria Limited has been going under services of financial problem due to the internal control were not effectively used.
  2. The staff do not know whether internal control with regulate its financial constraints of the company.
  3. Total Nigeria Limited does not know whether internal activity stocktaking will make good or loss.
  4. The staff of the Total Nigeria limited do not know now effective and efficient stocktaking method will be.             

 

1.3  THE PURPOSE OF THE STUDY<

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