CHAPTER ONE

1.1       INTRODUCTION 

             The system of controls adopted in any economy greatly determines the development and growth of that economy. To ensure optimization in money, materials machine, time, resource and management of men, controls are essentials.             These controls are installed by many organizations including banks to check how effective and efficient they maximize their resource. One of such controls commonly used to minimize wastage and guide plans to their eventual accomplishment is internal auditing. Auditing has been in existence for many years, it was in ancient Egypt and the great mercantile establishment of the middle ages. This shows that internal auditing can neither be neglected nor under rated in our modern economy for it was borne out of the complexities of modern business climate and transaction involved. In that other management of various large business organizations and government concern recognized internal auditing as a valuable machinery in achieving and objective deemed accurate at a given point in time.

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