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PROJECT TOPIC: THE IMPACT OF COMPUTERIZED ACCOUNTING SYSTEMS ON RISK BASED INTERNAL AUDITING IN NIGERIA MANUFACTURING INDUSTRY

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CHAPTER ONE INTRODUCTION

Background of the Study

IT evolution in auditing and accounting is believed to have started several decades slightly over 50 years in the past with the first functioning commercial computer (Fadzil et al., 2005). Accounting techniques of several public and private entities whether large or small have been computerized. Additionally, it is claimed that there ought to be thorough considerations of the controls in a high-tech situation, and their influence on the auditor’s valuation of risk, and the consequent internal audit techniques. The above- mentioned measures are thought to frequently comprise using computer-assisted audit techniques (CAATs) as stipulated by ACCA (2011). Jones and Young (2006), argued that electronic data process (EDP) auditors later formed the independent audit body known as the Electronic Data Processing Auditors Association (EDPAA). Key objective of the association formed was to formulate policy guidelines, control procedures, and internal audit principles for electronic data processing auditors.

   

Heidenhof, 2002 in his study asserted that, “In early 1990s, African countries began to focus on the improvement of public finance specifically, on budget and expenditure management reforms”. The foregoing is said to have been occasioned by donors’ concerns. African countries commenced a critical review of hitherto existing systems and processes in their governments. Due to the realization that the existing systems and processes were outdated, integrated financial management systems (IFMIS) was recommended for piloting. IFMISs is an oracle application software tool tailored to suit financial management tools that incorporate the use of computerized systems.


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