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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
As a result of the good performance of the African Banking Corporation in 1894, the bank of British West African (now known as first Bank of Nigeria Plc) opened its branch office in Lagos. The bank was registered in London in 1892 with an authorized share capital of 100,000 pounds. The Bank enjoyed monopoly over banking business in Nigeria
until 1916 the bank (BBWA) was the sole agent for the custody and
distribution of British silver currency in West African as issued by the
West African currency Board which was established in 1912.
During the era of indigenization in Nigeria 1970 to 1977, the
indigenization of Nigeria Banking and 1973 the federal government took
40% ownership in the three biggest foreign bans, which are union Bank
Plc, UBA and First bank
Plc. The second indigenization excuse which took place in 1976 federal
government increases is shows to 60% and also took 60% share in other
foreign banks to achieve 60% indigenous ownership to these banks.
The first Bank of Nigeria Plc which was then are among the three biggest
foreign banks in Nigeria, which is able to withstand all the
predicaments imposed on it by the federal government during the time of
1952 ordinance and 1973-1976 indigenization exercise and the name first
bank of Nigeria was originated.
From the industrial revolution up to the turn of the 19th century, the
intricacies and exigencies of human business interaction have given rise
to the need for accountability. This process has assigned a formable
dimension and is today profession and description of notable impact.
Accountability can be defined as presenting information in a clear form
which would give the users a ready understanding of the organization
financial position and performance and enable them to see at a glance
how the performance is composed with that comparable organization.
Accountability is the process of identifying and analyzing, classifying,
interpreting and communicating of financial information to permit or
enable informal judgement of the users of the information.
Auditing therefore, is one of recent professions established as a result
of complexity of modern business people have entered into contractual
relationship with one another the desire to ensure and accuracy and
reliability of the financial statement has always existed the divagation
of public treasure and the collapse of business being to create doubt
as to the effective nears of audit report and its contribution to
economic development. Being a feedback information, the averting now is
whether an audit report does actually, have some effects on the users of
financial statement of the first bank of Nigeria Plc.
1.2 STATEMENT OF PROBLEM
It is not surprising that in many cases of performance evaluated there
is always a general expression of dissatisfaction after examination and
investigation of an organizational record the auditor expresses opinion
as to the credibility of the financial statement but my aim will be on
the following:
1. How reliable is an audit report to the users of the financial statement?
2. Who does audit report satisfy the desire of its users?
3. Who effective is audit report on the growth of the economy?
4. Does audit report show a true and fair view of the organization?
5. Does audit report have any effect on the users of the financial statement?
1.3 PURPOSE OF THE STUDY
As regard to our economy, there is need for us to evaluate the impact or
effect of audit report on the uses. If there are no effects whatsoever
why is the situation like this in the country in general and first Bank
Plc in particular the success of the auditor lies in how effectively he
discharges his public trust. The researcher is desirous to find out of
the quest for materialism affect the integrity of the auditors and in
turn economic development.
1.4 SIGNIFICANCE OF THE STUDY
Knowledge and facts form this study will help the research to perform as
a good auditor and to recommend to other in the profession, the need
for the credibility and reliability of an audit report such as to
satisfy the needs of the users and thus create positive impact on the
users decisions.
A good audit report contributed to prudent management of available resources, greater accountability and control auditor report
should create greater confidence in the auditing profession of the
members of the public (users) since the report is a made of
recommendation between the entity and the external parties.
Both management and external users of financial statement attach values
to unqualified audit report because it assures them of the future
prospects of the organizations.
1.5 STATEMENT OF HYPOTHESIS
HI: Audit report will help in the economic development of an organization especially in banking industry.
H0: Audit report will not help in the economic development of an organization especially in banking industry.
H1: Audit report will influence banking system in Nigeria.
H0: Audit report will not influence banking system in Nigeria.
H1: Audit report prevent fraud and error in the organization
H0: Audit report cannot prevent fraud and error in the organization
1.6 RESEARCH QUESTION
a How can audit report influence banking system in Nigeria?
b To what extent will audit report improve the standard of our economy?
c Will audit report help in the economic development of an organization especially in banking industry?
d Do you think that users make use of audit report ?
e Do you think external audit do not influence fraud prevention and control which may also result improve accounting records?
f Does shareholders used audit report to know the standard of the organization?
1.7 SCOPE OF THE STUDY
Since a nation economy is not more than the aggregation of the
individual entities within it the overall financial condition of the
bank should determine the health of its economic affairs it is the
researcher intension to reach as many users of financial statement as
possible both in the public and private sector since the growth of the
banking economy is a joint contribution of the individual and banks.
It is my view that, it a leviable audit report are produced uses will
take better economic decisions that will help in review the present
economic situation of the banks.
Thus, our economic growth and stability is heavily dependence upon
reliable economic information on which decision should based upon.
1.8 LIMITATION
It is impossible to interview all the users of financial statement due
to time and financial conditions. Despite the above mentioned problems,
it is hoped that the study will cover a representative of users of the
report in managerial and customers held interview with the management
and employees of first bank of Nigeria Plc some customers were also
interviewed.
This study involved gathering data within specifies time limit. This
situation tended to make the researchers work obstructive since he could
not accept long appointment or delayed meetings with officials.
1.9 DEFINITIONS OF TERMS
Accounting standard: This is a rule or set of rules which prescribes the
method(s) by which accounts should be prepared and presented. They may
be referred o as “working regulation” and are issued by a national or
international body of accounting profession.
Auditing: Is an independent examination of financial statement or
books of account to ascertain that they present the truth and fairness
of the transaction of an organization within the audit period.
Audit Report: Is an account of an independent examination of and
expression of an opinion on the financial statement of an enterprise by
an appointed auditor in pursuance of that appointment and in compliance
with any legal or statutory obligation.
Financial statement: Are part of a company annual report the purpose of
which is to communicating information about the company to those who
have a right to receive it. They provide an indication of the
organization performance and of aspect of its financial position at a
particular date example profit and loss account, balance sheet cash flow
statement and others.
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