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PROJECT TOPIC: ROLE OF INTERNAL AUDIT IN BUSINESS GROWTH (A CASE STUDY OF DIAMOND BANK PLC)

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CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The substance of every economic entity depends on its ability to achieve its goal and objectives management for the achievement of corporate goals. Wither or not management will achieve this goal depends on how strong and reliable the growth of any corporate body largely depends on the effectiveness and efficient of the internal control system.

Therefore management has a duty of or ensuring that a strong and reliable control system exists within the organization for accountability and country.

For accountability within the organization the conduct at audit is mentionable. This is because account prepared by management may not disclose fraud deliberately misleading or failed to confirm to regulations. Therefore the necessary of auditing to cooperative organization cannot be overemphasized as thus will help the safeguard of the assets of the organization by detection and prevention of all kind of misappropriation and fraud within the organization. Over the years business and corporate organizations run into problems of liquidation. Bankruptcy and insolvency as a result of not only economic fact in the business environment but as a result of management in adequate and inefficient to mange. The internal activities of the organization therefore creating room for financial malpractice within the organization. Thus many corporate bodies run into liquidation as a result of fraud and misappropriation of funds (working capital) within the organization. These are funds that are supposed to be used for expansion of business activities.

Thus, auditing as a professional activity is to birch the gaps and lapses of management activities and to repent to the owner of business on the financial position of the business.

According to the American Accounting Association (AAA) committee on basic Auditing concept (1971), auditing and evaluating process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events o ascertain the degree of corresponding between those assertion and establishment to interested users. The Nigeria auditing guidance sees auditing as an independent tax the appointed and or in pursuance of his appointment and in compliance within any relevant statutory obligations.


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