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THE USE OF MANAGEMENT
AUDIT AS AN AID FOR EFFECTIVE MANAGEMENT
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY:
This study seeks to enhance the understanding of the concept
of management audit as an aid for effective management. The management
auditor’s role in the evaluation of management performance cannot be over
emphasized.
Just as
change has compulsory challenge to management, so also the problem of change
gives new and unparalleled opportunities to management auditors.
Today’s
management auditors represent almost top most valuable medium by which the
management can extend decision making and responsibility throughout the entity.
This extension is feasible because responsive management auditing is a tested
mechanism for checking upon and appraising the exercise of management authority
and responsibility in every level. Management audit is a total management
unfortunately, however, many top managers and business executives are not
interested in any sound system of management audit therefore does not place
importance on its review on appraisal.
The truth is
that most successful business enterprises in the world have dedicated managers
who have appreciated the importance of management audit and any business firm
who wants to be successful should place much importance and attention to
management audit.
Management audit helps management to achieve
the following:
1 Maintaining
the continuity of business entity
2 Achievement of
corporate objective of profit maximization and efficient management of
resources.
3. Effective
information management and communication throughout the organization.
4 Evaluation of
pressure corporation policies in the area of planning and controlling
5 Formulation of
new management polices when existing ones tends to be absolute or not workable.
The above
results might have been hindered because of the following constrains.
1. Top
managements are not interested in the resources and the use of management
audit.
2 The concept,
aim and purpose of management audit are not fully known.
3 Incompliance
and lack of integrity of management audit staff.
1.2 STATEMENT OF
PROBLEM
This concept of management audit has been widely
misunderstood, perhaps to poor organizations and management orientation. Some
directors, accountants, corporate planners and top management executives
occasionally undertakes corporate planning without clearly setting the idea of
management audit appreciated by managers. It is therefore not surprising that
management audit has not been properly understood in many of our business
enterprise even when it is a reliable and dependable aid for effective
management, other problems for which solutions are sought for include:
1. The effect of
lack of management interest and management resistance application of management
audit staff.
2
Misunderstanding the concept of management audit by the management audit
staff.
3 Incompetence
and lack of integrity of management audit staff.
4 Pressure
within and outside the company which hinders the effective use of management
audit work.
1.3 PURPOSE OF THE
STUDY
1. The objective
of this project is to study the importance of the use of management audit as an
aid for effective management.
2 It hopes to
find solution to the problems of understanding the concept and purpose of
management audit.
3 management
audit would be appreciated as an aid for effective management once its aim,
purpose and concept are understood by the top management and other functional
heads, staff, managers and management auditors themselves.
4 If properly
understood, management audit is one of the most reliable aid management could
use in achieving overall organizational corporate objectives and goals.
1.4 SIGNIFICNACE OF
THE STUDY
It is the duty of the management to ensure at all items that
the interests of owners of the business are safe guarded. Management of all
resources: man, machines, materials and
money of the organization. A proper application of management audit will help
to achieve these goals especially the management audit and operating resources.
It is responsible for preventing and detecting misuse of basic economic
resources, land, labor, capital and entrepreneur in the light of foregoing.
There is need for proper understanding of the concept of management audit.
1.5 RESEARCH
QUESTION
1. Is there any
effect of lack of concept of management audit in the business firms?
2 Is there any
effect of lack of management interest and management resistance in the
application of management audit?
1.6 SCOPE OF THE
STUDY
The research work is limited to the study of the role of
management auditor in any business organization. The management auditor, his
primary objectives and the function of management will be reviewed and
evaluated. The role played by some selected firms in Nnewi will not be
underestimated.
The study will be directed at the management and senior staff
of these firms and questionnaires will be given to them.
1.7 DEFINITION OF
TERMS
Auditing
Auditing standard defines it as the independent examination
of an expression of opinion on the financial statement of an enterprise by an
appointed auditor in accordance to the term of his engagement and in compliance
with any relevant statutory obligation and professional requirement. In order
words, it is independent examination of books of account and other records by
an independent expert called auditor.
Auditor
According to Odion O.A (2002) an auditor is someone who is
responsible for evaluating the validity and reliability of a company’s
financial statement.
In order
words, is a person who is in charge of the responsibilities of examining books
of accounts.
Conceptualize
To form a concept or a general idea, thought or
understanding.
Investment
This is the commitment of money or capital to purchase
financial instrument or other assets in order to gain profitable return in the
form of interest, income or appreciation of the value of the instrument. It is
to use money ot make more money out of something that will increase in value.
Management
This is the utilization of human and natural resources to
achieve a stated objective or goals in other words, it is the direction of an
enterprise through planning, organizing, controlling and co-ordinating of its
human and materials resources towards the achievement of predetermined goal /
objectives.
Additionally, it is the act of getting things done through
others (Freed Mund Malik).
Liquidity
Is a measure of the extent to which a person or organization has cash to met immediate and
short term obligations or assets that can be quickly converted into cash.
Production
It is calculated rate of making goods. In other words, it is
the creation of goods and services for the
satisfaction of human want.
Profitability
This is the ability of a business to earn profit. A profit is
what is left of the revenue a business generates after it pays all expenses
directly related to the generation of the revenue such as producing a product
and other expenses related to the conduct of such business activities
Profit Margin
The difference between the cost of production and selling
price.
Capital Budgeting
Is the planning process used to determine whether an
organization’s long term investment such as new machinery new plant, replacement
machinery, new product and research development project are worth the finding
of cash through the firm capitalization structure (debt, equity or retained
earnings). It is thee process of allocating resources for capital or investment
expenditure.
One of the primary goals of capital budgeting investment is
to increase the value of the firm to shareholders. Capital budgeting is the
planning of long-term corporate financial project relating to investment funded
through and affecting the firm’s capital structure. Management must allocate
the firm’s limited resources between competing opportunities (project) which is
one main forces of capital budgeting (Joel Dean 1951)
The owners of a company or business organization. In order
words a shareholder is any person, company or other institution that own at least one share of a
company stock.
Shareholders are a company’s owners. They have he potential
to profit if the company does well, but that comes with the potential to lose
if the company does poorly.
Unlike the owners of sole-proprietorship or partnerships,
corporate share holders are not personally liable for the company’s debts and
other obligations. Also shareholders do not play major role in running the
company. The board of directors and executive management performs that function
(J.C. AROH, 2013).
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