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SIGNIFICANCE
OF EXTERNAL AUDITOR’S ON THE EXAMINATION OF FINANCIAL STATEMENT
ABSTRACT
This study was to
assess the significance external auditors 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.
TABLE OF CONTENTS
Approval Page i
Dedication ii
Acknowledgments iii
Abstract iv
CHAPTER ONE:
1.0 INTRODUCTION 1
1.1 Background of the
Study 1
1.2 Statement of the
Problem 3
1.3 Objectives of the
Study 4
1.4 Research
Questions 4
1.5 Research
Hypotheses 5
1.6 Significance of
the Study 6
1.7 Scope/
Limitations of the Study 6
1.8 Definition of
Terms 7
Reference 10
CHAPTER TWO
2.0 REVIEW OF RELATED
LITERATURE 11
2.1 The Concept of
Auditing 11
2.2 Extent of an
Auditors investigation Responsibilities
of Audit organizations
17
2.3 Responsibilities
of Audit Organizations 18
2.4 Evaluating the
Significance of an External Auditors 19
2.5 External auditors
Role in Detecting Fraud 20
2.5.1 Types of Fraud
22
2.5.2 Weakness in the
Internal Control System and
Lack of Co-operation
by Client Staff 32
2.5.3 Lack of
Monitoring System in the Organization 35
2.5.4 Unexplained
Discrepancies in Accounts 35
2.5.5 Tolerance of
Accounting Errors and Differences 36
2.5.6 Document of
Unique Reliance on the Staff 37
2.2.7 Chaotic
Accounting System 37
2.6 External Auditors
Role in Ensuring the
Keeping of Proper
Accounts 38
2.7 The Significance
of External Auditors in Reporting to
the Shareholders
(Public Limited Companies) 39
Reference 41
CHAPTER THREE
3.0 RESEARCH DESIGN
AND METHODOLOGY 42
3.1 Research Design
42
3.2 Sources of Data
42
3.3 Research
Instrument 44
3.4
Reliability/Validity of Research Instrument 45
3.5 Population 46
3.6 Sample Size and
Sample Techniques 46
3.7 Administration of
Research Instrument 50
3.8 Method of Data
Analysis 50
3.8 Decision
criterion for Validation of Hypothesis 51
CHAPTER FOUR
4.1 Data Presentation
and Analysis 52
4.2 Testing of
Hypothesis 65
11
CHAPTER FIVE
5.0 SUMMARY OF
FINDINGS, CONCLUSIONS
AND RECOMMENDATIONS
72
5.1 Summary of
Findings 72
5.2 Conclusion 73
5.3 Recommendations
74
Bibliography 76
Appendix 78
12
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.
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