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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.


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.
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.
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.
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.
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.
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.
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.
The section offers some brief definition of the terms used in the research work.
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.
A person who officially examines the business and financial records of a company or organization.
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.
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.
Fraud is defined as the crime of deceiving somebody in order to get money or goods illegally. Oxford Advanced Leaner‟s Dictionary.
This is seen as an amount of money that has saved or has been available for a particular purpose.
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.
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.
This is owned or managed by an individual person or an independent company rather than the state. Oxford advanced learners dictionary.


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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