ABSTRACT
Now that we have
attained democracy, many countries of the world will be expecting to invest in
this country therefore there must be a vast changes in the mature of business
organisations. Precisely, to cope up with the vast changes the need for
competent auditor can be over emphasized.
In these changing times, auditing as
a discipline born out of the need to discourage and stop fraud, ought to be
facing the greatest challenges of time. The growth of auditing can only be in
developing complex means of combating complex fraudulent acts in changing
times.
However, form the foregoing, there
still appears a large gap existing between the general publishes expectations
that financial misappropriation should be detected by audit roles have changed
tremendously, it is hoped that the changing roles of auditing should at last be
a deferent to fraud. If the rate of fraud and distress in banks continues to
escalate as it is doing now. It should be clear to the auditing profession that
they may be needed to play their traditional role. Based on the information
gathered from questionnaires and analysis made from the result from interviews
conducted, it can be observed that to achieve profitable business
organizations, audit functions are very important.
TABLE OF
CONTENT
Title page
Approval page
Dedication
Acknowledgement
Table of content
Abstract
CHAPTER ONE
INTRODUCTION
1.1
Background
of the study
1.2
Objective
of the study
1.3
Significance
of the study
1.4
Statement
of hypothesis
1.5
Scope
of the study
1.6
Limitation
of the study
1.7
Definition
of terms.
CHAPTER TWO
2.0 Review of relation literature
2.1 Definition and origin of auditing
2.2 Origin of auditing standard
2.3 How are auditors duties related to achievement of
profitable business organization.
2.4 Relationship between auditing and accounting
2.5 Internal control
CHAPTER THREE
3.1
Research
methodology
3.2
Research
design
3.3
Selection
of data
3.3.1 Source of data
3.3.2 Primary data
3.4
Secondary
data
3.4.1 Research instrument
3.4.2 Direct interview
3.4.3 Questionnaire design
3.4.4 Data analysis techniques
CHAPTER FOUR
4.1
Data
presentation and analysis of data
4.2
Hypothesis
testing
4.3
Data
interpretation
CHAPTER FIVE
5.1
Summary
of findings
5.2
Discussion
of finding
5.3
Conclusion
5.4
Recommendations
Bibliography
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
THE AUDITOR AS AN INDISPENSABLE
PART OF A PROFITABLE BUSINESS ORGANIZATION
Due to the problem that arrives from the shareholding
employees, investors and other body urgencies in the act of been doubting on
report presented to them, an auditor will be of good help because it serves as
an inappeasable a profitable business organization.
However,
the auditor is regarded as the eyes and ears records of the organization in
order to encore that the financial statement are a reflection of the affairs of
the organization as appeared in these records. Since this records are summary of generation for a specified
period. The auditor also goes behind these records to the source document in
other to confirm the accuracy, completeness and validity of the records transaction.
According
to A.W. Honliness (1959) p.21, he stated that “there is a requirement that all
registered limited liability companies must have their financial records
audited annually by a firm of auditors so appointed.” He further stated that
the law concept compel the auditor to
express his opinion to the authoritative, the auditor must be seen to be
independent.
The
duty of preparing the financial statement is placed on the directors, white
that of reporting is on the auditor who is responsible to the shareholders all
these are aimed towards achieving project in the business organization.
Finally, Rogers Adams rightly defined auditing as “the independent examination
of and expressing of opinion on the financial statement of an opinion on the
auditor practice committee (APC) 1989. This opinion is expressed in the form a
report. The person who carries out such examination is known as an auditor.
1.2 OBJECTIVE OFTHE STUDY
(a)
To
ascertain the impact of audit on business.
(b)
To
examine the performance of accounting system in business organization, if it to
up to standard.
(c)
To
examine if a good internal control is being practice in the business.
(d)
Identify
the problems organization face as a result of the introduction of audit.
(e)
To
examine the facts contained in the audit of business finance.
1.3 SIGNIFICACE OF THE STUDY
(a)
Business
organization will through this research work, improve on their performance
since the researcher will let the public know all that in required of the
guidelines.
(b)
Fraud
identification
Another significance is to identify frauds misappropriation or
embezzlement of business fund usually in the form of cash or of its other
assets.
1.4 STATEMENT
OF HYPOTHESIS
A hypothesis is a testable tentative
and probable explanation of the relationship between two or more variable that
creates a state of affairs or phenomena. For the purpose of this project, the
following pertinent hypotheses have been formed.
1. H0: The Auditor is not an
indispensable part of a profitable business organization
H1 : The
Auditor an indispensable part of a
profitable business organization
2. Ho Auditors opinion does
not assist management in decision making.
H1: Auditors
opinion assist management in decision making
3. HO: Auditing does not help in
minimizing fraud in an organization.
H1: Auditing help to
minimize fraud in an organization
4. Ho: Auditing is not a mirror of
shareholders investment and the turn over achieved in an organization.
H1: Auditing is a mirror
of share holders investment and the turn over achieved in a company.
1.5 SCOPE OF STUDY
This
research work covers the facts contained in the business finance auditing and
organization welcome the auditing processes, the impact the auditing have made
so far and problem facing the organization as a result of this business
organization finance.
1.6 LIMITATION OF STUDY
This research work on the problem and prospects of an auditors as an
indispensable profitable business organization has been a major literature to
write about for grassroots transparency. It could be useful if it is properly
evaluated, but some limiting circumstance might prevent not to have adequate
information.
The
shortest duration for submission of the research work could also be a great
problem for a proper cover. The organization could also be a problem.
1.7 DEFINITION
OF TERMS
FRAUD – It is used to refer to
irregularities obtain an unjust or illegal benefit.
AUDIT EVIDENCE – This audit evidence
on information obtained by the audit in arriving at the conclusion on which he
bases his opinion on the financial statement.
REVIEW OF FINANCIAL STATEMENTS- The
auditor should carry out such review of the financial statements as is
sufficient, in conjunction with the conclusion draw form the other auditor
evidence obtained, to give him a reasonable basis for his opinion on the
financial statements.
ACCOUNTING
EVIDENCE- The auditor
should ascertain the enterprises system of recording and processing transaction
and asses its adequacy as a basis for the preparation of financial statements.
LETTER OF
ENGAGEMENT- This provide
the auditor with an opportunity to place on record the understanding of the
responsibilities management in relation to internal control and fraud and at
the same time define the auditor objective and responsibilities
Login To Comment