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Project topic for Financial Studies department.



The origin of Auditing is as a result of the separation of ownership from control. It is instituted to protect the interest of the owners by ensuring the financial statements are justifiable. Because of the separation of ownership from control, it becomes necessary for those managers   entrusted with the owners financial and economic resources to present their financial stewardship report to their employer. The report presented might contain errors, refuse to disclose fraud and mismanagement, be inadvertently or deliberately misleading or refused to disclose relevant information for these reasons, the owners may hold some reservations about the credibility of the mangers (stewardships) reports. It is at this point that the internal auditor is called in to lend credence to these report by reviewing the systems and management performances by people for the owners to be satisfied and even for the managers to be justified,  to established and maintain their integrity, it becomes necessary to invite an independent party who is not involved with either party to examine the stewardship report for the purpose of expressing an  opening as to truth and fairness of the reports. The independent party’s duty is not just were examination of the accounts from which the financial statement are prepared, rather it include collection of all relevant information through necessary to satisfy section 360 (3) of companies and allied matters degree (CAMD) 1990.

            The important function of any internal Audit department is to objectively report its finding to management and recommended corrective action, where necessary. If an internal auditor cannot objectives report, communicate and follow up his responsibilities than he is not assisting management in promoting this efficient attainment of organizations objectives-many organizations realize the importance of having internal-Audit departments because of its contribution to managements.


The foundation at the company was laid on 3rd  October 1961 by Later Dr. Hon. M.I. Okpara, the premier of the then Easter Nigeira. The company incoproated on 6th October 1961 with registration No. RC. 2712 and with the name turners Asbestos cement (Nig) Ownership was turners and newall Ltd  ( a Manchester, U.K based company). 80% and the government of Easter Nigeria 20%, production started in 1963 with the company manufacturing asbestos fibrocement pipes, roofing and ceiling products and pipes.

In 1973, due to indigenization decree, the shareholding of the company changed to turner  and newall Ltd 60% and government of Eastern Nigerian 405. the company’s name was thereafter changed to turners building products (Emene) Ltd with headquarters at No. 7 old Abakaliki Road, Emene- Enuug.

By 24th March, 1988, turners and Newall Limited transferred 51% of its shareholding to Etoutrmer society Anoyme of Bilgium (Nowetex group S.A. Belgium, the ultimate holding company/technical partners, while Imo Anambra, Abia, and Enugu states share the remaining 49% and the company changed its name to present name Emenite Limited.


            In the manufacturing and marketing activities of the company, there have been a lot of changes. The company in year 2000 completely went green and stopped the use of asbestos fibre in the manufacturing of is products. All the company products today are asbestoses free. The company also evolved from being  the manufacturer and seller of roofing and ceiling products to offering wide range of building construction solutions to developers and specifics. At  the peak of these offerings is the company modular housing systems prefabricated building system complete with internal fittings and read for occupation. This building concept was first deployed in Indonesia by our sister company  Grasik in the  aftermath of the Tsunami of 2004 in response to urgent need for mass housing.

The company’s range of product include:

(a) Roofing products:

  • Super seven (grey and coloured)
  • Super light weight (SLW 1.8/22.4M)
  •  Duratile (concrete tiles)
  • Ultra span (roofing profile)

(b) ceiling products

  • Emceil flat sheet
  • Duraceil
  •  Emluc
  •  Qualities
  • Supertile

(c)   Moudlar Housing systems

Emenite products are sold through wide range of distribution network to ensure availability even in he nemotest areas.

            They are manufactured under strict quality control process and environmental friendly setting in accordance with international standards to ensure that customer derive full benefits from the product. The company also offers at no extra cost full technical advisory services before and after sales, through a team of well trained engineers and technicians. The services ensure customers enjoy high quality and problem free installation.


The company has received the following awards:

  1. ISO 9001:200 quality management system certificate 1998.
  2. ISO 4001:2004 Environmental management systems certificate-2007.
  3. IS0 1800 occupational Health and safety managers in progress.



            Ineffective Internal Auditing at West Africa Milk Company PLC. Has lead to fraudulent. Accounting proactive which result in the decline of the company growth. These practices include: manipulation and falsification of records or documentation misappropriation of assets.  Uppression or omission of the effect of transactions from records or documents.

            Recording of transactions without substances. Misapplication of accounting polices.

             Mathematically or clerical mistakes in the underlying records and accounting data.

            As a result of this problem this study seeks to ask the following question.

             What is the relationship between effective internal auditing and the company’s profitability?


            The purpose of the study is to investigate the relationship between effective internal auditing, fraudulent accounting practice and profitability.


             This study is on role of internal auditing as a tool for effective management policy implementations: case study of the West Africa Milk company Plc. It is an academic exercise which is designed to understand  and appreciate the important and function of internal auditing in management policy implementation; many research and writers have done one work or another in this areas and this study has its goal as trying to improved on what has already been done.

This study and research is necessary because

it is a contribution to academic excellent and intellectualism

 It tires to find a new ways of making the audit department relate its activities to the company’s profitability.

It makes the internal audit department direct the accounting system to produce reliable figures, operate efficiency and adhere to company policy there-by enhancing company growth.

Finally it ties to sensitize researcher, investigators, academic further studies field.


 Ho: There is no need for internal audit department in the organizations.

HI:  There is need for internal audit department in the organizations.

Ho: there is no signification relationship between effective internal auditing and the company’s profitability.

Hi: There is signification relationship between effective internal auditing and the company’s profitability.

Ho:  Effective Internal auditing decreased fraudulent all practice in company.

Hi:  Effective Internal auditing had decreased fraudulent all practice in company.

Ho: The application and practice of internal auditing has not in any way contributed to the company growth.

Ho: The application and practice of internal auditing has in any way contributed to the company growth.



This is defined as a procession which auditors called and evaluated evidence to ascertain if there is high degree of relationship between, the evidence collected by the auditor and other financial information presented by management.


            Means minimizing waste in transforming input into output and in delivering them to customers, it is concerned with doing this right.


 Means providing output that customers and other s in the external environment will desire and accept.

 Internal auditing

            Is an independence approach or activity within an organization review of a basis from service to management. It is a management control which functions by measuring and evaluating the effectiveness of other controls.


 Guideline to influence timing and requiring the use of judgement.


 A set of interchanging components, working together to sustain themselves and achieved various goals.

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