Internal Audit and Management of Fund in Government Owned Universities in Osun State
Keywords:
Fund, Integrity, Internal Audit, Management, Segregation
Abstract
The study examines the effect of internal audit on fund management in government owned universities in Osun State. This study used survey research design. Primary data was obtained through the administration of structured questionnaire to entire 110 respondents participated in the study comprising staff of internal audit and bursary departments of two selected tertiary institutions in Osun State. The data was analysed using correlation and regression methods. Findings showed that segregation of duties and integrity of auditor have a strong influence on fund management as confirmed (t-stat. = 2.162, P< 0.05), and (t-stat. = 6.980, P-val.-val.< 0.05) respectively. Based on the findings, this study concluded that there was a significant effect of segregation of duties and internal auditor integrity on fund management, because they are veritable tool to enhance resources management among selected public tertiary institutions in Osun state. This study therefore, recommended among others that segregation of duties should be given more attention and mechanism through which the internal audit can be employed and sustained for better internal audit service delivery to enhance resources management of selected public tertiary institutions.
References
Achua, J. K., & Ogunjoboun, F. I. (2014). Imperative of value-for-money internal Auditing in Nigerian universities. The Nigerian Accountant, 47(1)
Akosile, A.I. & Akinselure, O.P. (2016). Effect of internal control on financial management of universities in Nigeria a study of some selected universities in south west, Nigeria. International Journal of Economics, Commerce and Management, 4 (7).
Bello, S.M., Ahmad, A.C. & Yusof, Z, M. (2018). Internal audit quality dimensions and organisational performance in Nigeria federal universities: the role of top management support. Journal of Business and Retail Management Research, 13 (1)
Berle, A., & Means, G. (1932) The Modern Corporation and Private Property. Commerce Clearing House, New York.
Chadwick, S. (2021). What is the meaning of integrity? https://accountable2you.com/blog/meaning-of-integrity/.
Cooper, D.R., & Schindler. S, (2006). Business Research Methods. 9th (ed). New York: McGraw- Hill Companies.
Cornell, B. & Shapiro, A. (1987) Corporate Stakeholders and Corporate Finance. Financial Management,16.
Creswell, J. W. (2003). Research design.2nd edition, London, Thousand Oaks, CA
Cyasi (2001), The Challenges of Internal audit function in the Nigeria public sector. Retrieved From: http://pubs.caritasuni.edu.ng/http://pubs.caritasuni.edu.ng/dowload.
Enofe, A.O.; Mgbame, C.J.; Osa-Erhabor, V.E., & Ehiorobo, A.J. (2013). The role of Internal Audit in Effective Management in Public Sector. Research Journal of Finance and Accounting, 4(6),
Ezekiel, O. I., (2019). Effect of internal audit quality on corruption in Nigeria public sector. Journal of Corporate Governance, 4 (1),
Freeman, R. E. (1984), Strategic management: A stakeholder approach, Prentice-Hall, Englewood Cliffs, NJ.
Garcia, T. (2020). What is segregation of duties in auditing. https://reciprocitylabs.com/resources/what-is-segregation-of-duties-in-auditing/
Habbash, M. (2010). The effectiveness of corporate governance and external audit on constraining earnings management practices in the UK. Doctoral thesis, Durham University. http://etheses.dur.ac.uk/448/
Idowu, K.A & Ibrahim. J (2019). Internal Audit Quality and Performance of Public Tertiary Institutions in Osun State, Nigeria.. Malate Journal of Accounting & Finance (MAJAF), 1(1) 62-74
Institute of Internal Auditor (IIA), (2010). Measuring internal audit effectiveness and efficiency.
IPPF – Practice guide. The Institute of Internal Auditors.
Institute of Internal Auditor (IIA), (2008). Measuring internal audit effectiveness and efficiency.
IPPF – Practice guide. The Institute of Internal Auditors.
Isaac, B. T., (2019). An Assessment of the Determinants of Internal Audit Efficiency in the Nigerian Public Sector. Journal of Danubian studies and research, 9 (1).
Jachi, M. & Yona, L. (2019). The Impact of Professional Competence & Staffing of Internal Audit Function on Transparency and Accountability Case of Zimbabwe Local Authorities. Research Journal of Finance and Accounting. 10 (8).
Judge, A. (2006), “Why and How UK Firms Hedge”, European Journal of Finance, 12, (3)
Klimczak, K. M. (2005), “Corporate Risk Management from Stakeholders' Perspective”, TRANS’05, SGH, Warszawa, Poland
Mbewu, B. W & Barac, K. (2017). Effective internal audit activities in local government: Fact or fiction? Southern African Journal of Accountability and Auditing Research, 19
Okechukwu, A. U. and Kida, I. M. (2011). Effectiveness of internal audit as instrument of improving public sector management. Journal of Emerging Trends in Economics and Management Sciences, 2 (4).
Olowookere. J. K. & Ibrahim J (2021): Financial Reporting and Accountability in the Public Sector of Nigeria (Book ofReadings) Public Sector Governance: Perspectives on Accountability, Edited by K. A Idowu & S.A. Bolarinwa, Published by Lagos State University
,Ojo, Nigeria. 94-110
Okereson (2013). The Challenges of Internal audit function in the Nigeria public sector. Retrieved From: http://pubs.caritasuni.edu.ng/http://pubs.caritasuni.edu.ng/dowload
Oyewumi, H.A, Ayoib, C.A., & Oluwatoyin, M.J.P (2016). Determinants of internal audit task performance in Nigerian tertiary institutions: A Conceptual Approach. International Conference on Accounting Studies ICAS at Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia
Suleiman, M.B, Ayoib, C.A., & Nor Zaila, M.F ( 2018) Internal audit quality dimensions and organizational performance in Nigerian federal universities: the role of top management support. Journal of Business and Retail Management Research 13(1), 156-171
Smith, C. W., Stulz, R. M. (1985), “The Determinants of Firm's Hedging Policies”, Journal of Finance and Quantitative Analysis, 20 (4)
Unegbu, A. O., & Kida, M. I. (2011). Effectiveness of internal audit as instrument of improving public Sector management. Journal of emerging trends in economics and management sciences, 2(4),
Vaidya, D. (2021). Fund management. https://www.wallstreetmojo.com/fund-management/ Wigmore, I. (2020). segregation of duties. https://whatis.techtarget.com/definition/segregation-of-duties-SoD
Akosile, A.I. & Akinselure, O.P. (2016). Effect of internal control on financial management of universities in Nigeria a study of some selected universities in south west, Nigeria. International Journal of Economics, Commerce and Management, 4 (7).
Bello, S.M., Ahmad, A.C. & Yusof, Z, M. (2018). Internal audit quality dimensions and organisational performance in Nigeria federal universities: the role of top management support. Journal of Business and Retail Management Research, 13 (1)
Berle, A., & Means, G. (1932) The Modern Corporation and Private Property. Commerce Clearing House, New York.
Chadwick, S. (2021). What is the meaning of integrity? https://accountable2you.com/blog/meaning-of-integrity/.
Cooper, D.R., & Schindler. S, (2006). Business Research Methods. 9th (ed). New York: McGraw- Hill Companies.
Cornell, B. & Shapiro, A. (1987) Corporate Stakeholders and Corporate Finance. Financial Management,16.
Creswell, J. W. (2003). Research design.2nd edition, London, Thousand Oaks, CA
Cyasi (2001), The Challenges of Internal audit function in the Nigeria public sector. Retrieved From: http://pubs.caritasuni.edu.ng/http://pubs.caritasuni.edu.ng/dowload.
Enofe, A.O.; Mgbame, C.J.; Osa-Erhabor, V.E., & Ehiorobo, A.J. (2013). The role of Internal Audit in Effective Management in Public Sector. Research Journal of Finance and Accounting, 4(6),
Ezekiel, O. I., (2019). Effect of internal audit quality on corruption in Nigeria public sector. Journal of Corporate Governance, 4 (1),
Freeman, R. E. (1984), Strategic management: A stakeholder approach, Prentice-Hall, Englewood Cliffs, NJ.
Garcia, T. (2020). What is segregation of duties in auditing. https://reciprocitylabs.com/resources/what-is-segregation-of-duties-in-auditing/
Habbash, M. (2010). The effectiveness of corporate governance and external audit on constraining earnings management practices in the UK. Doctoral thesis, Durham University. http://etheses.dur.ac.uk/448/
Idowu, K.A & Ibrahim. J (2019). Internal Audit Quality and Performance of Public Tertiary Institutions in Osun State, Nigeria.. Malate Journal of Accounting & Finance (MAJAF), 1(1) 62-74
Institute of Internal Auditor (IIA), (2010). Measuring internal audit effectiveness and efficiency.
IPPF – Practice guide. The Institute of Internal Auditors.
Institute of Internal Auditor (IIA), (2008). Measuring internal audit effectiveness and efficiency.
IPPF – Practice guide. The Institute of Internal Auditors.
Isaac, B. T., (2019). An Assessment of the Determinants of Internal Audit Efficiency in the Nigerian Public Sector. Journal of Danubian studies and research, 9 (1).
Jachi, M. & Yona, L. (2019). The Impact of Professional Competence & Staffing of Internal Audit Function on Transparency and Accountability Case of Zimbabwe Local Authorities. Research Journal of Finance and Accounting. 10 (8).
Judge, A. (2006), “Why and How UK Firms Hedge”, European Journal of Finance, 12, (3)
Klimczak, K. M. (2005), “Corporate Risk Management from Stakeholders' Perspective”, TRANS’05, SGH, Warszawa, Poland
Mbewu, B. W & Barac, K. (2017). Effective internal audit activities in local government: Fact or fiction? Southern African Journal of Accountability and Auditing Research, 19
Okechukwu, A. U. and Kida, I. M. (2011). Effectiveness of internal audit as instrument of improving public sector management. Journal of Emerging Trends in Economics and Management Sciences, 2 (4).
Olowookere. J. K. & Ibrahim J (2021): Financial Reporting and Accountability in the Public Sector of Nigeria (Book ofReadings) Public Sector Governance: Perspectives on Accountability, Edited by K. A Idowu & S.A. Bolarinwa, Published by Lagos State University
,Ojo, Nigeria. 94-110
Okereson (2013). The Challenges of Internal audit function in the Nigeria public sector. Retrieved From: http://pubs.caritasuni.edu.ng/http://pubs.caritasuni.edu.ng/dowload
Oyewumi, H.A, Ayoib, C.A., & Oluwatoyin, M.J.P (2016). Determinants of internal audit task performance in Nigerian tertiary institutions: A Conceptual Approach. International Conference on Accounting Studies ICAS at Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia
Suleiman, M.B, Ayoib, C.A., & Nor Zaila, M.F ( 2018) Internal audit quality dimensions and organizational performance in Nigerian federal universities: the role of top management support. Journal of Business and Retail Management Research 13(1), 156-171
Smith, C. W., Stulz, R. M. (1985), “The Determinants of Firm's Hedging Policies”, Journal of Finance and Quantitative Analysis, 20 (4)
Unegbu, A. O., & Kida, M. I. (2011). Effectiveness of internal audit as instrument of improving public Sector management. Journal of emerging trends in economics and management sciences, 2(4),
Vaidya, D. (2021). Fund management. https://www.wallstreetmojo.com/fund-management/ Wigmore, I. (2020). segregation of duties. https://whatis.techtarget.com/definition/segregation-of-duties-SoD
Published
2023-08-15
How to Cite
OLAGUNJU , A., SHITTU, R. M., OBADEMI, O., NWIKPASI, N. N., & OBIOSA, R. T. (2023). Internal Audit and Management of Fund in Government Owned Universities in Osun State. Global Journal of Accounting, 9(1), 11-18. Retrieved from http://gja.unilag.edu.ng/article/view/1830
Section
Articles
