ENHANCING CORPORATE ACCOUNTABILITY THROUGH EFFECTIVE AUDIT SYSTEM (A Case Study of Sheffeild Risk Management Limited)

Abstract

Ability to report back the conclusion of an assignment of the progress made so far to the person(s) who delegated the authority to the performer of an assignment, duty or function, has for decades eluded this nation both in the private and public responsibilities to be performed and performed and reported back has been carried out as accomplished. The lack of accountability leads to many vices in our social and economic system. The objectives of this study therefore are: (a) To ascertain the determine the role of independent audit towards accountability in an organization (b) To determine if independent audit can control fraud and embezzlement. The primary data sources (the questionnaire) collected response from thirty two (32) respondents out of forty (40) that was sampled. Data collected through primary sources were analyzed on tables using percentages, three hypotheses were stated in null form and ere tested using the X2 statistics, simple percentages and the test revealed that audit enhances accountability in an organization and also help in controlling fraud, embezzlement and defalcation in an organization.

CHAPTER ONE

1.0            INTRODUCTION

Accountability in both public and private section has being an issue that is worth discussing due to its paramount and colossal impact to the overall performance of an organization.

It (Accountability) has to do with reporting back action, task carried out by an individual to the authority who apportioned such function.

1.1            BACKGROUND OF THE STUDY

Accountability is the process or act of reporting back to a higher authority, body or individual the actions taken by a steward. It enables the person or persons reported to determine if the steward has acted or performed the assigned duties properly and satisfactory. It plays a major role in the success or failure of any business, particularly when the business is not managed by its owner.

Initially most business set-ups were managed by their owners. The owners‟ manager was the sole financial contribution to the enterprise. But with the development in the scale and scope of business, a huge capital beyond that affordable by the sole individual...

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Item Type: Project Material  |  Size: 88 pages  |  Chapters: 1-5

Format: MS Word  |  Delivery: Within 30Mins.

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