A REVIEW OF INTERNAL AUDITING AND ITS SIGNIFICANCE ON THE PERFORMANCE OF INSURANCE FIRMS IN NIGERIA
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Background of the Study
Globally, auditing is an independent evaluation of an economic entity created by its management to examine the internal control system and report on its ampleness in terms of validity, economics, effectiveness, and the necessary effectiveness in using resources, tests, assessments, and so on. It is critical to ensure that the use of public funds is appropriately and economically efficient, effective, and in the interests of society. According to Saidu (2017), internal auditing is regarded as an important component of effective management in all economic units, and it is required in accordance with auditing instructions. Given the widespread need for accountability in the use of resources, particularly public resources, it is difficult to provide a rational justification for the absence of internal auditing, even in small institutions. Internal auditing is one of the requirements for economic entities to operate efficiently.
Olajide (2015), on the other hand, believes that an internal control system must be built to detect and control the extent to which such legal criteria are met. Many managers attempt to enhance their performance and accomplish corporate goals by relying on the performance of internal auditors. In recent years, commercial failures and economic scandals have focused managers' attention on concerns of preserving, regulating, sustaining, and managing effective economic institutions. Because management is alone responsible for preserving assets, preventing mistakes and exploitation, and uncovering them, this obligation necessitates the implementation of adequate internal controls, including internal auditing. The quality that defines the auditing function is determined by two criteria related to the auditor's performance: the auditor's ability (including knowledge, experience, compliance, and technical performance), and professional performance (including independence, objectivity, professional careers , to measure conflict, interests and judgments). The audit quality structure is multidimensional yet ethereal, making it extremely difficult to assess (Millichamp and Taylor, 2016). Thus , it can be stated that a system or set of controls, whether financial or non-financial is intended to provide reasonable assurance of the proper functioning or fulfillment of the following.
1 The effectiveness or efficiency of the operations
2 . Reliability of the financial infor ; mation and reporting ;
3. Observance of laws and regulations (domestic and national). Therefore, the administrative department or organization that controls and evaluates the function of the above definition can be defined as internal auditing.
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