THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANIZATION (A CASE STUDY OF AUDITING PRACTICE COMMITTEE)


THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANIZATION (A CASE STUDY OF AUDITING PRACTICE COMMITTEE)

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 

Acknowledgment 

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

BACKGROUND OF THE STUDY

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 OF THE 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 SIGNIFICANCE 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.

.

THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANIZATION (A CASE STUDY OF AUDITING PRACTICE COMMITTEE)



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.ORG

Researchwap.org is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.org guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.org is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.org" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.