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ABSTRACT
This study was to assess the significance external auditor‟s in the examination of financial statement of first Bank of Nigeria Plc., Enugu. The banking sector in Nigeria and elsewhere in recent times have become so diversified, challenging, highly competitive and has been characterized by persistent, fraud, errors and misappropriation of funds in the bank, the impact of which has undoubtedly shaken the whole economy of the nation. For this work to be effectively and efficiently carried out the use of primary and secondary methods was adopted for the collection of data, where in primary data, the researcher designed and advanced questionnaires to first Bank Enugu for collection of primary data while secondary data was gotten from textbooks, journals, manuals lecture notes, etc. the data collected from the questionnaire was analyzed in tables with simple percentage and interpreted for the understanding of the study the formulated hypothesis were tested using Z – test formula. The result of the study shows that, external auditors examination of first banks financial statement or records aids in checking and monitoring as well as stopping frauds errors, misappropriation of funds in the Banks. Recommendations were made to the management of First Bank of Nigeria Plc, Abuja.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
It is obvious that enormous resources of money and material are being
utilized by corporate organizations. In recent years the numbers and
monetary values of public sector activities have increased
substantially. This increase in activities have brought within an added
demand for accountability.
Auditing is one of the elements of accountability. Shareholders and
government are responsible for ensuring that appropriate audit are made
and reports therefore acted upon. Financial auditing contributes to
public account ability since it provide independent report or whether
the financial information represent a true and fair view of the
organization‟s financial stand, the internal controls and the
compliances with laws and regulation.
As an external auditor, his auditing exercise embrace the examination of
the financial report of the organization in order to see whether the
account have been prepared in accordance or in compliance with general
accepted accounting principle (GAAP) and applicable laws, ethics and
regulations and in the process errors or fraud maybe detected
(mill-champ 1990). Since huge monetary resources are utilized by the
financial institutions of public organization, errors which tend to lead
fraud may exist and is not disclose in the report may contain errors or
mistakes that cause it to be deliberately misleading or the report may
fail to disclose relevant information. All these maybe revealed through
an audit work done by the external auditor since he is independent of
management.
The responsibly of external auditors for ensuring high ethical standard
with an organization as a lesser one than internal auditors, for the
year only occasional visitors to the company and can only look at a
fraction of numbers of transactions that internal auditor will not
normally be directly involved in the establishment of the policies
within an organization which would include policies of an ethnic nature.
Therefore, their ability to shape the ethnical nature of an organization
is critically affected by the attitude of the management. If the
management are prepared to establish procedures demanding the highest
ethnical standard from employees, and demonstrates that themselves to
these standard, then the ability of external audit to help enforce
ethnical standards is greatly enhanced. Based on these factors, it
interest the researcher to know the place of external auditors on the
examination of the financial statement.
1.2 STATEMENT OF THE PROBLEM
The goal of every business is to make profit and profit is to be made
when total revenue exceeds total operating cost and losses when the
reverse is the case.
In view of the above, it is therefore necessary for firms to strive to
manage their affairs effectively and efficiently in order to make profit
achieve their objective; they do by setting various auditing systems to
check mate these.
To reduce cost and at the same time impose quality service (product) and
as well received in acceptance of the costumer, effective and
efficiency control of asset inventory cash human resources as well as
reduce the liabilities, financial abnormalities, misappropriation and
embezzlement of money, and adequate external audit measures has been
established in the bank to aid the management in curbing the above
mentioned variables. Despite the existence of internal audit system the
bank still experience some financial anomalies which prompt this
research work to study the significance of external auditors on
examination of financial statement in the bank.
1.3 OBJECTIVE OF THE STUDY
The main objective of the study is to determine the significance of
external auditor on the examination of financial statement. To find out
the significance of external auditors in examining the financial
statement of the first bank Nigeria plc. To find out the modern
techniques employed by the auditor management in reducing fraud, errors
and misappropriation. To identify the problem associated with
examination of financial statement.
1.4 RESEARCH QUESTIONS
The following research questions guided the study; What are the
significance of external auditors in examining the financial statement o
first bank Nigeria plc.
What are the modern techniques employed by the auditors/management in
reducing errors and misappropriation. How do we identify the problems
associated with examination of financial statement.
1.5 RESEARCH HYPOTHESES
Based on the stated problem as well as the need for the study, there is
need for a set of hypothesis that will act as a guide for the work. Such
hypothesis might be true but such a conclusion can only be made at the
end of the study.
The hypotheses are,
Hypothesis one
H0: There is no relationship between the financial statement of the bank and audit examination.
H1: There is a relationship between the financial statement of the bank and audit examination.
Hypothesis two
H0: The auditor‟s report does not represent a true and fair view of the performance of the organization.
H1: The auditor‟s report represents a true and fair view of the performance of the organization.
1.6 SIGNIFICANCE OF THE STUDY
This research would be of interest to the management and employees of first bank of Nigeria plc.
The study would serve as reference materials to other researchers who
may want to carry out more research on this or related topic.
The study would broaden the researcher knowledge on the subject.
The study would serve as a requirement for the award ot bachelor of science in accounting.
1.7 SCOPE/LIMITATION OF THE STUDY
The researcher‟s project focuses on the significance of external
auditors on the examination of financial statement in first bank Nigeria
plc, in order to carryout an extensive study on this topic and ensure
understanding. The researcher shall delimit this study by covering the
following subject and areas. The meaning of external auditors,
significance of external auditors, responsibilities of audit
organizations, external auditors role in detecting fraud, extent of an
auditors investigation and the relationship between external auditors on
the examination of financial statement.
The researcher‟s effort towards a sound research output was limited by a
number of factors. The researcher was limited by finance as the scholar
has to finance the project with her meager financial resources, which
prudently applied towards the successful completion of this project.
Another notable constraint is the uncooperative attitude of some staff
of first bank Nigeria plc. Most of them were very reluctant to accept
questionnaire addressed to them and where they did, some vital questions
kept unanswered.
1.8 DEFINATION OF TERMS
The section offers some brief definition of the terms used in the research work.
AUDITING:
According to oxford advanced learners dictionary, auditing is defined as
an official examination of business and financial records to see that
they are true fair or an official examination of the quality on standard
of something.
AUDITOR:
A person who officially examines the business and financial records of a company or organization.
EXTERNAL AUDITOR:
External auditor as a chartered accountant who is a public officer and
is professionally qualified. Section 357 of CAMD 1990 talk on our
auditor is appointed and he can also be appointed according to section
86 of the 1999 constitution of the federal republic of Nigeria.
PUBLIC SECTOR:
The part of the economy of a country or a statement that is owned or
controlled by the government. It includes all organizations which are
not privately owned but which are owned and operated by the general
public.
FRUAD:
Fraud is defined as the crime of deceiving somebody in order to get
money or goods illegally. Oxford Advanced Leaner‟s Dictionary.
FUNDS:
This is seen as an amount of money that has saved or has been available for a particular purpose.
FINANCIAL STATEMENT:
This is a record or books kept in an organization stating all the
financial or monetary transactions of the organization. It is usually
prepared within one year by the organizations accountant.
ACCOUNTANT:
A person whose job is to prepare records or check financial account and
also apply his professional competence or knowledge and still in
presenting accounting information tp assist management decision making.
PRIVATE SECTOR:
This is owned or managed by an individual person or an independent
company rather than the state. Oxford advanced learners dictionary.
REFERENCE
Adenyi, A.A (2010): Auditing and Assurance Services, Lagos: valve
Analysis Consult.
Akuezutio, E.O. (1993): Researcher Methodology and Statistic. Akwa Ibom: nuel center (nig) Publishers.
Oxford Advanced Learners Dictionary.
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