AUDITING AS AN INDISPENSABLE TOOL FOR ECONOMIC DEVELOPMENT (A CASE STUDY OF TEXCO NIGERIA PLC LAGOS STATE)
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AUDITING AS AN INDISPENSABLE TOOL FOR
ECONOMIC DEVELOPMENT (A CASE STUDY OF TEXCO NIGERIA PLC LAGOS STATE)
PROPOSAL
This
research study intends to took into the importance of auditing as a tool in
economic development. Often times it is reported at various companies,
corporation and others enterprises that productivity is low efficiency
narrowed, misappropriation of funds have occurred. The study will there fore
find solution to these problems. Further more the research study will try to
disclose problems like misappropriation of funds, fraud and irregularities and
possibly find solutions to these problems. The research study will also find
solution to the imperfection in the ability of those managing resources
entrusted with them. The sources of data for the researcher will be as follows.
1. Primary data: The researcher intends to use
questionnaire, interviews and personal observation.
2. Secondary data: The major secondary data
which the researcher intends to use are text books Journals, accountancy.
However, there are so many constraints that I will face in this research work
and which include:
1. Lack of finance
2. Limited time as a result of combing the
research work and my academic work. However, there are so many constraints that
I will face in this research work and which include. Lack of finance. Limited
time as a result of combing the research work and my academic work. Lack of
material for the research work. Finally what I hope to achieve at the end of
this research work is to find solution to the imperfection on the resource of
the organization and the importance of auditing in the economic development of
the country.
TABLE OF
CONTENTS
Title page
Approval
page
Dedication
Acknowledgement
Proposal of
study
Table of
contents
CHAPTER ONE
1.1 Background of study
1.2 Statement of the problem
1.3 Objective of the study
1.4 Statement of hypothesis
1.5 Significance of the study
1.6 Scope and limitation of study
1.7 Definition of terms.
CHAPTER TWO
2.1 Review of related literature
2.2 Historical background of quitting
2.3 Meaning and important of auditing
including its, saims
2.4 Internal check internal control and
internal audit.
2.5 Various types of audit
2.6 The objective of auditing
2.7 The need for auditing what justification
2.8 Auditing as an indispensable tool for
economic development
2.9 Problem of an audit and how to over come
audit problems.
2.8.2How to
over come or prevent audit problems
2.9 How auditing has helped the growth and
prosperity as well as efficient management of Texaco Nig Plc Lagos sate
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 inter view
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 Conclusion
5.3 Recommendations
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The
management of the economy in the past has been characterized by corruption and
financial mismanagement which made the country to have persistent balance of
payment problems. This financial mismanagement was more pronounced during the
civilian administration of 1979- 1983 and the dictatorial government of general
Sani Abacha of 1993 to 1998.
The performance
of the economy in the past therefore suggest that our economic problem today are the bye product of
unpatriotic, uncommitted, selfish and corrupt leadership.
In the face
of glaring corruption financial impropriety over invoicing and other facets
role the auditors of repute have been playing in a bid to build a virile
nation. The purpose of accountability in any society is to showing how well
organization and people in position of trust of public and private funds and
property have performed. The accounting profession requires of its members
integrity transparent honesty independence and objectivity to accepted
professional conduct.
During the
decade 1970 and beyond the Nigerian economy completely lost its direction. The
glory which the economy attained during its pre- and post independence era soon
began to dwindle due to the monocultural dependence on oil which the country
developed as a result of the unexpected rise in oil prices. The need for
integrity oneness of purpose, effective and efficient financial control which
enhance profitability at this stage can not be over emphasized in a bid to
channel the surplus funds to prioritized areas.
Even the
surplus funds could not be used for the development of man power in the area of
science and technology for the country consequently there is a total dependence
on the foreign sector for technical support. The company under review is a case
in point since the production of its marketable product can not be carried out
without the assistance of technical partners.
However, the
company provides goods and services to the public generate employment
opportunities as well as contributing substantially to government revenue.
There is a
requirement that all registered limited liability companies must have their
financial records audited annually by a firm of auditors so appointed.
The law
complies as above for the auditor to express an opinion on such financial
statement and for the opinion to be authoritative the auditor must seen to be
independent
In an
attempt to ensure improve profitability various devices and method such as
internal control are used.
Since
companies differ both in degree and circumstances depending on the nature of
business and commercial environment it operates reliance on certain factors.
Paragraph (5)_ of the auditors operational standards and guideline state that
if the auditor wishes to place reliance on any internal control he should
ascertain and evaluate those controls and perform compliance test on their
operation this is to ensure completeness and accuracy of all financial record
and transaction.
As we go
further in this study the relevant ingredients will be dealt with in order to
arrive at the conclusions based on empirical test.
1.2 STATEMENT OF THE PROBLEM
The
financial statement of government and other non- business and public sector
entities may report on the audit of public sector entities or other public
corporation the auditor has to take into consideration the specific
requirements and other relevant regulation ordinances and decrees which affect
the audit mandate and any special auditing requirement including the need to
have regard to issued of natural security.
According to
H.D Onuegbu (!991`) in his book auditing for beginners. Such requirement may
affect the scope objective and planning of the audit and the extent of the
auditors discretion in establishing materiality and in reporting fraud and the
form of the audit report. M.G Fred (1990) states that the extent to which
reliance can be placed on the work of other auditor and the auditors objective
is respect of other information included in the annual report.
1.3
OBJECTIVE OF THE STUDY
This research project is intended to achieve
the following objectives.
1. To evaluate the indispensable nature
of auditing in economic development.
2. To make suggestion on how auditing is
inevitable in accomplishing a sound check on financial records of business
organizations.
3. Recommendation on how to prevent
mismanagement and misappropriation
of business enterprise through efficient
record keeping and sound financial management.
4. To identify the problem faced by the
auditors in public practices.
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 affaires or phenomena. For the
purpose of this project, the following pertinent hypotheses have been formed.
1. H0: Auditing is an indispensable tool in
economic development
H1: Auditing
is an indispensable tool in economic development.
2. Ho: Auditors opinion does not assist
management in decision making.
H1: Auditors
opinions assist management in decision making
3. H0: Auditing does not help in minimizing
fraud in an organization.
H1: Auditing
help to minimize fraud in an organization
4. H0: Auditing is not a mirror of shareholders
investment
and the turn ovens achieved in a
company.
H1: Auditing
is a mirror of share holders investment and the turn over achieved in a
company.
1.5 SIGNINFICIANCE OF THE STUDY
A critical
analysis of this research work will be of immense importance to the company.
Even through Texaco Nig Plc has gotten a reputable and competent external
auditors who audits accounts of the company, the recommendation and suggestions
in this work will enable the company to see some lapses in the internal control
system. When these are remedied, the efficiency and effectiveness of its
management and administration could be further enhanced.
The
shareholders and intending investors of the company will see this research work
very useful
1.6 SCOPE
AND LIMITATION OF THE STUDY
This work
covers the area of auditing in Texaco Nig Plc. The blending of financial
accounting. Taxation costing and auditing attuned to a very large extent the
effectiveness of administrative and financial co- ordination of this company
Texaco Nig Plc.
LIMITATIONS
It was not
easy getting valuable and relevant data needed for this research work. The
company has its own world operational headquarter in Texas U.SA. However being
the third largest oil marketing company in Nigeria, it has its Nigeria head office
in Lagos and branch offices in almost every petroleum / crude oil producing
states in Nigeria.
Meanwhile
the researcher used the accounting department of the company as q basis for his
innings. About 30 percent of the staff in the department were given
questionnaires and only 23 percent of them filled and returned them. Oral
interviews were held with some of its internal auditors and the responses were
encouraging. Not with standing the limitation, a second batch of questionnaire
s were distributed to ensure accurate research work.
The
information given to the researcher work. The information given to the
researcher by the auditors was too brief and inadequate. The Chief
accountant and the director of finance
in their Lagos head office could not be approached due to administrative
bureaucracy through the researcher was able to get a general knowledge of the
company performance by the head of
the internal audit department.
Other
limitation of the study were infect, being an examination materials the study
was restricted to a certain number of chapters and as such the study could
not cover all grounds that one could
possibly cover under a chosen topic if one was to write freely. Financial
constraints was also a limited factor in carrying out the study. The reason
being that the distance between the institution and the company head office
involves spending a substantial lager suns of money for transportation. And
since the researcher is a student his financial disposition was low thus the
data used in this research work was gotten from one journey to the head office.
Time factor
was another limitation to the research work because of the combination of light
academic time table with the research project.
1.7
DEFINITION OF TERMS
The
following terms found in this research work are here by defined in the sense in
which they are used so as to facilitate study.
Auditing:
This is an examination or verification of the records of transactions of a
business organization in such a way that will enable the auditor to satisfy him
self that:
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