ABSTRACT

This research study on the evaluation of internal audit as a tool for efficient management and control is necessitated by the need to explore the extent and desirability of an organization to achieve efficient management and control. It also brings to limelight the extent of independence of the internal auditors in attesting for truth and fairness of financial statements prepared by the management of these organization. The purpose of this study is to find out whether internal audit is a tool for efficient management and control in private sectors. In carrying out this work the researcher studied selected private sector business organizations like A.G. Levëntis, UAC NIG PLC and Nigerian Breweries PLC. The objectives of this study were to:- determine whether internal audit function help in efficient management and control for organizational growth, to ascertain the effect of the dual usage of internal auditor as both accountant and auditor on managements efficient performance, to deterh'iine whether inadequate financial information contribute to management's efficiency and control as well as its recommendation as a profound solution to it. Data were collected both from primary and secondary sources. The primary sources were through questionnaires administered and personal interview. The secondary sources were text books forn libraries and journals, simple percentage and chisquare technique were used in data analysis and testing of the three hypothesis. 5% level of significance was provided for against error and 95% of work done is assumed to be correct. At the end of this work, the findings reveal that internal audit function and internal control system are not always necessary for efficient management and control. That the duality usage of internal auditor affect the management's efficient performance. That inadequate financial information hinders the efficiency of management and control. The' researcher recommends as follows: Qualified accountants should be employed as well 'as internal auditors, auditing rules should be emphasized and adhered to, there should be increased enlightenment on the accepted methods of keeping internal accounting systems by 'firms, there should be increased enlightenment on the staff who are in charge of disclosing financial information especially during an internal audit for efficient performance.