THE ROLE OF INTERNAL AUDIT TOWARDS EFFECTIVE INTERNAL CONTROL SYSTEM IN PRIVATE ORGANISATION.

Abstract

The researcher has always wondered why most private companies not have internal audit as part of their internal control systems governing organization's operations. This could be attributed to the fact that, directors have not realized the need for internal audit unit since private companies are registered with external auditors who will prepare the financial statements at the year end.Also, audit work has lots of problems and due to an individual ignorance about the role and functions of audit, it even becomes difficult to establish an audit department in most private entities.Most accountants or accounts staffs always see auditors as police whose duty is to detect and report their observations. This suspicion on the part of accounts staff do not help auditors when forming opinions.The study begins with an introduction, followed by literature review, methodology, results and discussions and ended with summary, conclusion and recommendations.The strengths were recommended and reinforced. With respect to the weaknesses however, the author attempted addressing them by making valuable recommendations.