of content vi
Background of the study 1
Statement of the problem 4
Objective of the study 6
Significance of the study 7
Research Methodology 8
Organization plan of the study 9
Definition of terms 10
2.1 Audit Concept 13
2.2 Audit Objective 14
2.3 Type of Auditing 18
2.4 Merit of Audit and Audit right 25
2.5 Auditors Qualities and Responsibility 29
2.6 Audit procedure 32
3.1 Research Methodology 41
3.2 Brief history of University of Ilorin 42
3.3 Research Design 42
3.4 Questionnaire Design 43
3.5 Limitation of the study 47
3.6 Method of Data Analysis 48
DATA PRESENTATION AND ANALYSIS
4.1 Data presentation 51
4.2 Data Analysis 55
4.3 Discussion of Finding 62
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary 63
5.2 Conclusion 65
5.3 Recommendation 66
OF THE STUDY
ancient Greek and Romans are reported to have developed a system accounting
records. It was the Greek who first used the word Audit which means to hear.
This is the origin of Audit meaning some examination of account kept by others.
join stock companies act 1884 was the legislation in Britain to require all
incorporated business to have their annual financial statement examined by an
auditor. The auditors were required to state whether the account showed a true
and correct view of the state of affairs of the company. The expectation of the
shareholder at this time was that auditors should detect fraud and error
earlier cases of low reinforced this view. The heavy emphasis on detection of
fraud and error continued into the mid 20th century until it becomes
regarded as management responsibility to prevent and detect fraud and error.
early auditor were in many cases non-accountant but it was the companies act
1990 that required the auditors to be independent and it was not until the 1984
companies act that their require be professionally qualified.
modern auditing is a complex operation calling in wide variety of skill ranging
from auditing and financial accounting knowledge to statistics computing and
the colonization of the country, British colonialist brought auditing as a
profession to Nigeria. In an attempt to manage the government resources
efficiently and effectively the British through it was necessary to set up
regional audit office in the four regions created by them namely, Western,
Northern and Midwestern region with headquarter in each region capital.
the light of the above introduction, it is pertinent to give the definition of
“Auditing” According to A.O. Aiyedogun study manual is an independent
examination of an expression of opinion of the financial statement of any
entity, whether profit oriented or not, and irrespective of its size by an
appointed auditor in pursuance relevant statutory obligation.
R. Glessen defined auditing as a system or process of obtaining and evaluating
evidence regarding assertion about economic actions and event to confirm the
degree of correspondence between those assertion and established criteria and
communication of the result interest users.
OF THE PROBLEM
is pertinent to first of all take a look at the sword auditing before
evaluating the effective aspect of it. Precisely, an auditing is a n
independent examination of an expression of opinion of the financial statement
of the entity, whether profit oriented or not and irrespective of size by an
appointed auditors in pursuance of that appointment and incompliance with any
relevant statutory obligation.
an audit to be effective in an establishment there is the need for an internal
audit as a tool for ensuring effective working of the internal control system.
Internal audit is a management controls which function by measuring and
evaluating the effective of other controls. Ironically, most government
organization though have an existing internal control but its lacks credibility.
project therefore intends to take a look at the auditing objectives of
University of Ilorin with a view to taking a look at it credibility, by
ensuring that the voucher being audited is in line with the set policies or
regulations of the university and that the basic input requirement are fully
attached to the voucher.
only that the studies tries to find out whether or not certain audit
objectively existed in the establishment this includes completeness, which
ensure all account balance are included, accuracy which ensures that
transaction are mathematically accurate and based on the correct period etc.
OF THE STUDY
objective of the research work will be to:
Verify the roles being played by an
auditor in carrying out effective auditing in higher area of jurisdictions.
critically hoe effective is the system adopted.
Evaluate the adequate of the system.
the auditor’s auditing procedures as to the way duties are carried out to the
laid down rules and regulation.
Examine the problems limiting against
the effective performance of the auditor’s role and to give recommendation
OF THE STUDY
significance of the study is as follows:
It helps the government establishment in
the presentation of financial statement for a period of time to give a true and
It helps the people more about the
importance effective auditing in the government establishment.
It educate the government workers on how
to avoid any irregularities e.g. fraud, manipulation of figures and foreign.
To offer a suggest ways in which
effective auditing need to be done in any government establishment.
And finally to identify the factors that
hinder effective auditing in government establishment.
cannot emphasis the important of data collection in conducting and meaningful
methodology is therefore defined as the process of driving at dependable
solutions to problem, analysis and interpretation of data.
In summary, research is the process of
arriving at dependable solution through the systematic investigation into a
subject or problem of event or phenomenon. This involves systematic collection
of analysis and interpretation of data. It is often designed to seek knowledge
or more information on specific problems or issue for the purpose of predicting
future occurrences for advancing knowledge and for enabling man to relate more
effectively to his environment.
This research work is therefore,
conducted through and questionnaire, while information collected from secondary
source include already processed and analyzed data obtained from related books
and publication in the office of auditor, such as civil services rules, store
regulation, government circular and financial instruction.
PLAN OF THE STUDY
project work is divided into five chapters the first chapter with the
background of the study, objective of the study and research methodology, also
definition of terms.
second chapter deals with the relevant literature review of various author
whose text books on auditing were consulted for this writing and these include
type of fraud, qualities and responsibilities of an auditor procedure.
three embodies the research. While the chapter four embodies presentation and
analysis of data collected and finding. It gives the meaning and approach of
effective auditing and problems associated with auditor role.
chapter five includes the summary, conclusion and recommendation.
are some terms used in auditing process for the purpose of clarity and
understanding of some these terms was related to this research work are defined
Accounting Control: This is the plan of an
organization and procedure that relate to safeguarding of asset and the
reliability of the accounting records.
Auditing Standard: Describe the quality of
the performance of auditing procedure and objective to attained by the used of
Auditing Independence: The state of being
impartial without a bias mind or fair to all users of financial statement.
Cash Survey: This is of checking physical cash, bank
teller and cheque against cash book to financial statement.
Instant Audit: This is a system of
checking government account immediately after spending any amount of money.
This usually occurs in sub treasury when payment is made on salary and other
Teeming and Lading: This is a system of
misappropriating receipt from customers and covering up by crediting the
customer with another receipt from customer e.g. Revenue of school fees is
being converted to another fees.
Physical Inspection: This is the checking of
physical assets such as stores, project, vehicle and other physical assets that
might be required to be seen by an inspecting officer (auditor) to physical
confirms its existence.