THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR).

ABSTRACT

This research work was designed to study and investigate precisely the Role of Audit for the proper Accountability of Company’s Fund with special emphasis on Department of Petroleum Resources.

Prudent fund management requires that available resources be equitable allocated to all activities or proposals such that each ill not suffer under over allocation of funds. How efficient a manager is can be determined by how effective he can account for funds entrusted to his care.

It is expected that available management tools for the purpose of proper accountability be adopted or used by administrators in the discharge of their administrative responsibilities. Audit which is mostly used as the last resort of company’s managers need to be enforced by any organization to enable it evaluate performance and deviation.

Data for the study was collected form both the primary and secondary sources. The questionnaire method was used to collect data. Forty-three (43) respondents were selected using the stratified random sampling techniques.

The simple percentage was used in the presentation of data, while the chi-square was used to test the hypothesis.

The study revealed that:

(1) The internal control system is weak.

(2) The accounting system is weak.

(3) Payments are sometimes influenced by top management.

(4) The occasional audits are mainly concentrated on financial matters.

The study finally proffered solution by recommending ways through which organization could achieve their audit objectives.

TABLE OF CONTENTS

Title page i

Approval page ii

Dedication iii

Acknowledgement iv

Abstract vi

Table of contents viii

CHAPTER ONE

1.1 General background of the study 1

1.2 Statement of problem 7

1.3 Objective of the study 10

1.4 Significance of the study 11

1.5 Scope and limitation of the study 12

1.6 Brief history of the Department of Petroleum Resources 12

1.7 The functions of Department of Petroleum Resources 15

1.8 Statement of hypotheses 17

CHAPTER TWO

LITERATURE REVIEW 18

2.1 Internal Audit 20

2.2 System auditing 23

2.3 Accountability 30

2.4 The auditing interest in client accounting system 31

2.5 A documentary evidence of an audited account management 32

2.6 Management 35

2.7 System management 40

2.8 Financial management 41

2.9 Aids to proper accountability of fund 43

2.10 Planning 45

2.11 Control 48

2.12 Organizing 48

CHAPTER THREE

Research Design and Methodology 50

3.1 Sources of data 50

3.2 Research Instruments used 51

3.3 Determination of sampling size 52

3.4 Method of data analysis 52

CHAPTER FOUR

Presentation and analysis of data 55

4.1 Testing the hypotheses 66

CHAPTER FIVE

Summary, conclusion, findings and recommendation 72

5.1 Summary 72

5.2 Conclusion 74

5.3 Recommendation 76

Bibliography 78

Appendix. 81

Report Access / View File

Overall Rating

0

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

APA

T0gOSTL5c0005cdc49c47.77861884, Q. (2018). THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR).. Afribary. Retrieved from https://beta.afribary.com/works/the-role-of-audit-for-the-proper-accountability-of-company-rsquo-s-funds-a-case-study-of-department-of-petroleum-resources-dpr-9073

MLA 8th

T0gOSTL5c0005cdc49c47.77861884, QQXlA1z5c0005cdbe9d75.44641593 "THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR)." Afribary. Afribary, 29 Jan. 2018, https://beta.afribary.com/works/the-role-of-audit-for-the-proper-accountability-of-company-rsquo-s-funds-a-case-study-of-department-of-petroleum-resources-dpr-9073. Accessed 14 Jun. 2025.

MLA7

T0gOSTL5c0005cdc49c47.77861884, QQXlA1z5c0005cdbe9d75.44641593 . "THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR).". Afribary, Afribary, 29 Jan. 2018. Web. 14 Jun. 2025. < https://beta.afribary.com/works/the-role-of-audit-for-the-proper-accountability-of-company-rsquo-s-funds-a-case-study-of-department-of-petroleum-resources-dpr-9073 >.

Chicago

T0gOSTL5c0005cdc49c47.77861884, QQXlA1z5c0005cdbe9d75.44641593 . "THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR)." Afribary (2018). Accessed June 14, 2025. https://beta.afribary.com/works/the-role-of-audit-for-the-proper-accountability-of-company-rsquo-s-funds-a-case-study-of-department-of-petroleum-resources-dpr-9073

THE ROLE OF AUDIT FOR THE PROPER ACCOUNTABILITY OF COMPANY’S FUNDS (A CASE STUDY OF DEPARTMENT OF PETROLEUM RESOURCES (DPR).

0

Document Details

Related Works