ENHANCING CORPORATE ACCOUNTABILITY THROUGH EFFECTIVE AUDIT SYSTEM (A CASE STUDY OF SHEFFEILD RISK MANAGEMENT LIMITED OWERRI IMO STATE)
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ENHANCING CORPORATE ACCOUNTABILITY
THROUGH EFFECTIVE AUDIT SYSTEM (A CASE STUDY OF SHEFFEILD RISK MANAGEMENT
LIMITED OWERRI IMO STATE)
ABSTRACT
Ability
to report back the conclusion of an assignment of the progress made so far to
the person(s) who delegated the authority to the performer of an assignment,
duty or function, has for decades eluded this nation both in the private and
public responsibilities to be performed and performed and reported back has
been carried out as accomplished. The lack of accountability leads to many
vices in our social and economic system. The objectives of this study therefore
are: (a) To ascertain the determine the role of independent audit towards
accountability in an organization (b) To determine if independent audit can
control fraud and embezzlement. The primary data sources (the questionnaire)
collected response from thirty two (32) respondents out of forty (40) that was
sampled. Data collected through primary sources were analyzed on tables using
percentages, three hypotheses were stated in null form and ere tested using the
X2 statistics, simple percentages and the test revealed that audit enhances
accountability in an organization and also help in controlling fraud,
embezzlement and defalcation in an organization.
TABLE
OF CONTENTS
TITLE
PAGE- i
CERTIFICATION-
ii
DEDICATION-
ii
ACKNOWLEDGEMENT-
iii
Abstract-
iv
1.0Introduction- -
- - - - - - -1
1.1Background of the study - -
- - - - -1
1.2Statement of problem- - - - - - -5
1.3Objectives of the study - - - -
- - -6
1.4Research
Hypothesis- - - - - - - -7
1.5Significant
of the study - - - - - - -7
1.6The
Scope Of The Research - - - - - -7
1.7Limitations
Of The Study - - - - - - -8
1.8Organzation
Of Study - - - - - - -9
1.9Definition
of terms- - - - - - - -10
CHAPTER
TWO
2.0Review of related literature- - - - - - -13
2.1What is an Audit? - - - - - - - -13
2.2Who is an Auditor? - - -
- - - - -15
2.3Qualification
of an Auditor- - - - - - -16
2.4Appointment
of an Auditor - - - - - - -16
2.5Objectives
Of Auditing - - - - - -
-17
2.6Audit Test - - - - - - - - -17
2.7Audit test- - - - - - - - -21
2.8Justification
For Auditing - - - - - - -24
2.9Standard
of reporting - - - - - - -26
2.10Internal
Control Concept - -
- - - -27
2.11Characteristics of satisfactory
system of internal control- -28
2.12Relationship
between internal Auditing and internal control- -29
2.13Importance
of internal control in Auditing -
- - -30
2.14Internal
Auditing defined - - - - - - -31
2.15Qualities
of internal Auditors - - - - - -33
2.16Independence
of internal Auditors - - - - -35
2.17Measuring
the performance of an internal Auditor-
- -36
2.18Relationship
between internal and external Auditors- - -37
2.19Co-operation
of internal and external Auditors- -
- -38
2.20Fraud
defined- - -
- - - - - -39
2.21Types
of fraud- - - - - -
- - -39
CHAPTER
THREE RESEARCH METHODOLOGY
3.0Introduction- -
- - - - - - -44
3.1The Research design - - - - -
- - -44
3.2Sources of Data- - -
- - - - -45
3.3Population and sample size- - - - - - -45
3.4Data collection/instruments- - - - -
-45
3.5Validity
of resources- - - - - -
- -47
3.6Method
of data Analysis- - - - - - -47
3.7Library Research- - - - - - - -48
CHAPTER
FOUR 4.0 DATA PRESENTATION, ANALYSIS AND
INTERPRETATION
4.1
Introduction- - - - -
- - - -50
4.2 Data Analysis- - - - - - - - -52
4.3
Test of Hypothesis- - - - -
- - -63
4.3.1 Test of Hypothesis number
I- - - - - -63
4.3.2 Test of Hypothesis number
ii- - - - - -68
4.3.3
Test of Hypothesis number iii-
- - - - -70
CHAPTER
FIVE
5.0
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDDATIONS
5.1
Summary of findings - -
- - - - - -74
5.2
Conclusion - - - - - - - -76
5.3
Recommendations- - - - - - -
-76
5.4
Bibliography- - - - - - - - -79
CHAPTER
ONE
1.0
INTRODUCTION
Accountability in both public and private
section has being an issue that is worth discussing due to its paramount and
colossal impact to the overall performance of an organization.
It (Accountability) has to do with reporting
back action, task carried out by an individual to the authority who apportioned
such function.
1.1
BACKGROUND OF THE STUDY
Accountability
is the process or act of reporting back to a higher authority, body or
individual the actions taken by a steward. It enables the person or persons
reported to determine if the steward has acted or performed the assigned duties
properly and satisfactory. It plays a major role in the success or failure of
any business, particularly when the business is not managed by its owner.
Initially
most business set-ups were managed by their owners. The owners’ manager was the
sole financial contribution to the enterprise. But with the development in the
scale and scope of business, a huge capital beyond that affordable by the sole
individual or a family was needed. Consequently contributors (hereafter called
shareholders) were required to raise the funds for the business. The emergence
of these shareholders led to the divorce of the owner managers from the
management of the business as all of them cannot be directors at the same time.
This the management of business was entrusted to the hands of people who have
no financial claims to the business and the shareholders were sceptical about this particularly as the
law does not permit them individually to go through the books of the company in
their desire to keep abreast of the performance of the directors.
This
skepticism aroused the need for surveillance over the activities of the
non-owner managing directors. This bid to fulfil the later led to the
engagement of third-party (an Auditor) to perform an audit of the company’s
accounts.
Audit
has since them received a lot of definitions and/or then received a lot of
definitions and/or interpretations both from accounting bodies and auditors and
their non-the-like. Justifiable is to say that audit has suffered a lot of
misinterpretations. Most of the misgiving interpretations see it as being armed
at fraud and error detection. But audit essentially involves much more than
that. One of the most involved and of course the most acceptable definitions so
far is that issued by the consultative council of accountability bodies (CCAB)
which sees audit as “the independent examination and expression of opinion on
the financial statement of an enterprise by an appointed auditor in pursuance
of statutory obligation (Howard 1982:1).
Deductively,
an audit is the objective scrutiny of someone’s work or presentation by a third
party (an auditor) who is different from the users and the preparing of the
presentation. The general essence of audit is to ascertain compliance of the
firm’s records and operational policies with usefulness of acceptability of and
the dependability on the firm’s financial statements.
Accountability
as explained above has suffered some misconceptions, surprisingly in the hands
of those who should have understood it better. Most of the lay men conceptual
understanding of accountability relates it to „communicating about monetary
matters (Odon, 1999:7) but accountability goes beyond that. According to the
Webster encyclopaedia dictionary of English language (1995:110), accountability
is defined as “the state of being accountable, answerable, liable or
responsible” the same dictionary goes further to define accountable as “liable
to pay or make good in case of loss; responsible to a trust, liable to be
called to account, put in another way an much more related to the context in
the articles Aba times of fourth September 1999 captioned “accountability in
the third republic” it says
Accountability
connotes answerability and stewardship, by answerability is meant answering for
one’s actions and decisions (odon1999:7)
Stewardship
according to the article means service; it means that every leader should be
responsible to the people who reposed trust in him.
For
accountability to be accorded its rightful place in an organization the writer
believes that there is a high need for proper internal control measure and in
addition, efforts should be made to ensure that company accounts are subjected
to external and independent audits after each financial period.
The bible also records in chapter 25 verse
14-30 of saint Matthew gospel, the story of a rich man who went on a far
journey entrusting the affairs to his servants and who when he returned,
required the servants to answer individually, for their stewardship to the
business while he was away. It in the same manner that it is required of the
chief executives and directors of a company who are quite different from the
real owners of the business to answer for their stewardship of the funds and
property entrusted to them by the shareholders. It is desire for accountability
that gave rise to what we know today as audit- a mechanism through which the
shareholders are made abreast of the true and fair picture of the activities of
the directors and chief executive of the company
THE
HISTORICAL BACKGROUND OF SHEFFIELD RISK MANAGEMENT LIMITED, OWERRI
Sheffield risk management limited is
located within the industrial layout area of Owerri, it is established as a
private limited liability company, it is an incorporated company.
The company is an insurance brokerage
firm that serves as an intermediary between the insurer and the insured; they
also serve as underwriter of insurance policies. The insurance policies in
which Sheffield risks management limited act as intermediary between the
insurer (insurance company) and the insured (client) or consultant to each or
both include Life insurance, Car insurance, Burglary insurance, Motor vehicle
insurance etc.
OWNERSHIP
STRUCTURE
According to the memorandum of
understanding signed by the stake holders of Sheffield Risk Management, the
company has its ownership structure as shown below out of the start-up capital
of twenty two million naira
(₦22,000,000).
Shareholders
%
Of shareholding
Nominal
value (₦)
Mr.
David Okolie
Barr
Obumneme
Okonkwo
Mrs.
Mary Nwosu
Barr
O. Oluchukwu
Mr
Okey Elendu
50
22
18
6
4
11,000,000
4,840,000
3,960,000
1,320,000
880,000
BOARD
OF DIRECTORS
Going by the memorandum and article of
association of the company, it has provision for six member board which
comprises of the chairman, general manager, company’s secretary, marketing
manager, company’s accountant, company’s P.R
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