This research examine the INTERNAL AUDITING AS A TOOL FOR IMPROVING COMPANIES PERFROMANCE, with reference to Emenite limited, Lagos.

This research adopts descriptive research design. A well-structured questionnaire was used in collected data with simple random sampling technique. Forty (40) staff of the study were sampled and questionnaires administered to them. Twenty Eight (28) questionnaires were returned and Twelve (12) were not returned.

The data collected were analyzed with basic descriptive statistics such as frequency and simple percentages. The core findings from the results obtained show that the internal auditing efficiency in achieving the company’s performance are effective. It also shows that the internal auditing tool in determining the ills and weak points of the company’s performance is efficient. It was recommended that there should be relative independence of the internal auditor.


Content                                            Page

Title page    -    -    -    -    -    -    -    -    -    -    i

Approval    -    -    -    -    -    -    -    -    -    -    ii

Dedication    -    -    -    -    -    -    -    -    -    -    iii

Acknowledgement    -    -    -    -    -    -    -    -    -    iv

Abstract    -    -    -    -    -    -    -    -    -    -    v


1.1     Background of the Study                            

1.2     Statement of Problem                        

1.3     Objectives of the Study                     

1.4     Significance of the Study         

1.5     Scope of the Study         

1.6     Research Questions                 

1.7     Research Hypothesis

1.8     Definitions of Terms


2.0     Reviews of Related Literature  

2.1     Accounting and Business Organization

2.2     Accounting Principles and Theories

2.3     Accounting Methods and Bases

2.4     Accounting Concepts and Convention

2.5     Historical Background of Auditing    

2.6     Historical Background of Emenite Nig. Ltd Lagos

2.7     Principles of Auditing

2.8     Auditing Functions and Interval Control System

2.9     Internal Auditors Roles and Scope of Work

2.10   Relationship between Internal and External Auditor

2.11   Evaluation of  Internal Control in an Organization

2.12   Collection and Evaluation of Evidence  

2.13    Appropriate Accounting Entries for the Period Inventory System

2.14   The Companies Performance             

2.15   The Level of Accounting Control

2.16   Auditing In Nigeria                  

2.17    Professional Regulation and Regulatory Framework of an Audit


3.0     Area of Study               

3.1     Research Design            

3.2     Sampling Size and Sampling Techniques

3.3     Data Collection             

3.4     Research Instrument      

3.5     Validation of Research Instrument

3.6     Measurement of  Variable Population

3.7     Data Analysis Techniques


4.1     Data Analysis and Interpretation                           

4.2     Data Presentation and Analysis


5.1     Summary of the Findings

5.2     Recommendation

5.3     Conclusion






Company performance is very important if such a company wants to achieve the purpose of its establishment without positive impact of any organization, it means that the way of achieving the objectives when the business has commenced will be a difficult situation for the organization.

It is obvious that the performance of companies is not up to expectations which leads the researcher to know the impacts of the internal auditing efficiency as a tool for improving company’s performances.

Since companies have been encountering some problems like fraud, misappropriation of funds and properties, lack of effective management and others that made people to be asking whether auditing plays any significant roles towards ensuring efficiency and judicious use of funds set aside for various purpose.

Therefore, for the proper efficient accountability, it is obvious that the auditor and accountant will manifest their principles to be able to arrive at what is expected of them in order to be convinced that the financial position of the organization as presented, show a clear and fair view of the organization.

Consequently, because of biased nature of the organization as a result of poor investigation of the organization position, past rulers have pledged to introduce a more responsible system of government with accountability but their subsequent conduct has shown that they have little or no understanding definition and application of efficiency in the improvement of company’s performances.             

Auditing which is regarded as one of the recently established professions turn out of the complexity of modern business world.  It became relevant so as to discourage people from erring and to expose those that gave wrong account of how they managed the funds and properties under their custody.  The account or report is usually done by means of financial statement.  In order to verify the time and fair view of this report, an independent person is needed to audit the account such as the internal auditor and the service of a qualified accountant for proper accountability and efficiency in the organization financial position and performances.

In a related development it has been believed that efficiency in discovering the management inefficiency has been the root cause of many companies poor performance both companies in private and public limited sector in Nigeria. Improvement can only follow when what is honestly followed in been recognized and how such wrong could be remedied. In view of this point effort will be made to painstakingly highlight the improvement however taking auditing efficiency and the service of a qualified accountant in respect of private companies and public enterprises to improve the company’s performance.  The question that is normally asked is that in spite of all those provision and safeguard, why is it that one still experience the alarming rate of fraud and misappropriation of funds, companies crisis, excess expenditure that are usually not compatible with the real budget by those entrusted to safeguard.  This is why a great emphasis has to be laid on proper internal auditing efficiency as a tool for proving companies performance using Emene Flour Mill Limited Lagos as a case study.


A company may be classified under small medium or large depending on the size, feature of number share authorized calls issue and fully paid etc. many companies face the problem of internal auditing efficiency such as non-compliance with the accounting standard and non- disclosure of some fact which will guide the auditor either the external or internal to form an opinion on the true and fair free of the organization record. Other cooperate crime may pose a problem in the auditing efficiency and this cooperate crime may be a serious issue. There is many more looting in all the state in government offices, companies etc. the research work will attempt to highlight on these problem areas that basically undermine auditing efficiency in a   company and give possible solution                                                                                                                       


The main objectives of this research work are under-listed;

i.        To examine the extent to which the management has appraised the internal auditing efficiency to improve company’s performance.                                                            

ii.       To evaluate the internal auditing efficiency that has been the tools in determining the ills and weak points in the company’s performance.

iii.      To investigate the accounting and auditing tools in improving the efficiency of the company’s performance.

iv.      To highlight the possible solution to companies inefficiency or performances.

v.       To analyze the impact of internal auditing efficiency towards the accomplishment of the company’s performance.


I am highly optimistic that the completion of this research work will benefit most people or group of people, among them are:

1.       Students and staff in the tertiary institution:   This research work will assist both the student in the future and even the staff in the tertiary institution will find this research work more rewarding and educative.

2.       The Public:  The general publics who can cross check this research work, after proper checking will find this research work more valuable.

3.       Professional Accountant:  The technology gamed from this research work will assist the professional accountant whose works are so valuable.

4.       Companies:  Efficiency in auditing serves as a life wire in any company.  Therefore, most company that are having problem pertaining to their poor performance will find this research work more efficient and valuable.


The scope of this study “Internal auditing efficiency as a tool for improving the company’s performance” is using the Emenite Limited Lagos as the case study.  The research encountered some difficulties ranging from time constraints poor response, financial constraint etc.

i.                   Financial constraint: the researcher having financial involvement and other problems faced a lot of financial predicament with the merger of financial resources. ii.                 Poor response: most of the research work was characterized with poor response from various respondent and having taking into consideration  some of the misguided beliefs and expression by many respondent, they are usually faced with problems ;     Fear of been exposed and retrenched or dismissed for revealing official information. iii.              Time constraint: the time factor imitate against the progress of the project. The time for the work done, compilation, completion and submission for assessment irrespective of the fact and other academic engagement were too small.


Q1;    what is the extent to which the management has appraised internal auditing efficiency to improve company’s performance?

Q2;    How does the internal auditing efficiency tools been use to determine the ills and weak points of the company’s performance?

Q3;    what is the accounting tools used to improve the efficiency of the company’s performance?

Q4;    what is the auditing control tools used to improve the efficiency of the organization performance?

Q5;    what are the possible solutions to the company inefficiency or performance?

Q6:  What are the impacts of internal auditing efficiency towards the achievement of the company’s performance?


Ho:    The internal auditing tool in determining the ills and weak point of the company performance is not efficient?

Hi:    The internal auditing tools in examine the ills and weak point of the company performance is efficient.

Ho:    The impact of internal auditing efficiency in achieving the company’s performance is not effective.

Hi:    The impacts of the internal auditing efficiency in achieving the company’s performance are effective.


Audit: this is an examination conducted by an auditor in order to examine the company(s) performance.

Internal audited: an element of the internal control system set up by the management of an enterprise in order to review accounting, financial, and operating and determine whether the prescribe policies are being adhered to.                                                                           

External auditors take account of the work done by an internal auditor such as letters of independence, staff resource, test mode, and influence by the management action.

Efficiency: this is referred to the ability to perform a duty well and produce a statistical result.

Tool: it is an instrument used in doing a certain work or producing a certain result especially such that require accountancy or precision.

Company; an association of persons for a business purpose in particular which incorporated in the united kingdom under the companies Act or by the Act of parliament or by royal charter. In Nigeria, company is registered by a Corporate Affairs Commission Abuja and regulated by the companies and allied matter decree 1990.(project topics   final year project topics )

Improvement: this means to make or become better or addition or alteration, form of repaired to better the face of an asset or to enhance the value of anything.

Diagnosis: ascertaining, analyzing, or determine the cause of nature of problem, situation from observation.

Performance evaluation: the easement by a superior or a subordinate and an important part of any management control system. To evaluate performance is necessary to decide which measure are to represent organizational goal, how qualify, what standard is to be used, what step back is to be taking.



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