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INTERNAL AUDIT PRACTICE AND CORPORATE GOAL ATTAINMENT IN THE MANUFACTURING INDUSTRY (A SURVEY OF SELECTED MANUFACTURING FIRM IN RIVERS STATE)

INTRODUCTION

An essential condition for the survival of a manufacturing industry or more generally of an organization lies on the ability of its members to act reliably and efficiently to achieve the objectives of the industry. The substantial coordination of behavior can be achieved in numerous ways. Supervision of managers and staffs of manufacturing industry is becoming ineffective. However it may be wished to maintain these ways of controlling but it would only be applied to the part of the industry (Brown, 1999). Therefore it is necessary that management put in place mechanisms to fill the gap in supervision.

The financial and corporate goal attainment of a manufacturing industry is underpinned by effective internal systems in which the practices of the internal audit has an important role, raising the reliability of the internal control system which is always aimed at improving the process of risk management, and, above all, satisfying the needs of internal users (Fama, 2008). The effective practice of internal audit also supports and enhances the system of responsibility that the executive directors and employees of manufacturing industry have towards the owners and other stakeholders. The Internal Audit Department provides a reliable, objective, and impartial service to the management, board of directors, and audit committee, while stakeholders are interested in return on investments, sustainable growth, strong leadership, and reliable reporting on the financial performance and business practices of a manufacturing industry.

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