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ENHANCING PUBLIC
CONFIDENCE IN FINANCIAL REPORTING, THE ROLE OF CORPORATE GOVERNANCE
ABSTRACT
This study examined the role of corporate governance in
organizations, and how the public confidence can be restored in organization
through financial reporting. The study aimed at ascertaining the extent to
which financial helps organizations in achieving their corporate objective. In
the course of achieving these objectives, certain research questions were
raised, which led to the adoption of three research hypotheses. The study
particularly looked at the corporate governance in Consolidated Breweries
Nigeria Plc in Edo State. A total of 100 sample was randomly selected from the
organization and were administered questionnaire. Based on the descriptive statistics that was carried out. The chi square test
showed that audit report significantly improved the process of corporate
governance in Nigeria. It was also confirmed that effectiveness of financial
reporting significantly improves corporate objectives. Lastly, the result
showed that corporate governance help enhance public confidence of financial
reports. In the light of these findings, conclusions were drawn and
recommendations given. The study strongly recommend that: the auditor being
able to detect malicious act and scandals in organizations finance, is equally
able to give recommendations for board of the directors, the neglect of this
responsibility is a matter that needed to be reversed in order to effect the
firmness of corporate governance in organizations.
CHAPTER ONE
INTRODUCTION
1.1 Background of the
Study
Effectiveness of financial reporting is one area in
accounting that is recognized as the power house of financial dealings and
management (Howard, 2002:2). Financial report constitutes the climax of all the
planning and operation in the corporate governance. The audit reputation may
then depend upon the contents of its report. In essence this implies that
effectiveness of financial report is justified only if it is able to repose
confidence in the curiosity of its teeming shareholders.
According to section 259 of company and Allied matters Act
(CAMA) 2004, the financial report prepared by an auditor may include “A report
to it’s members the accounts examined by them and in every become sheet and
profit and loss account, and on all group financial statements, copies of which
are to laid before the company in a general meeting during the auditors tenure
of office”.
Recognizing the importance attached to the final report, the
auditing practice committee sponsored by the six major accounting standards and
guidelines have made suggestions and provided a member of example of audit
report to apply in various circumstances (Alvin, 2007).
The importance of a corporate financial report cannot be
overemphasized as the auditor may be held responsible to a great extent of what
he states or does not state as his opinion to the trueness and fairness of
company’s financial statement. And his responsibility may extend not only to
his immediate client (Milky, 2008:2).
This study seeks to ascertain how public confidence in
financial reporting can be enhanced and the implications it has on corporate
governance. It also aimed at ascertaining how it influences the decision of
external users of company’s financial statement. The external users include
shareholder’s government and potential investors.
Statement of Research Problem
Financial reporting cannot be considered effective unless the
report is timely provided. This may form the culmination of a great deal of
deterred work and effort over a long period and yet may be summarized in a few
lines. This study seeks to find answers to the following research questions:
Is financial reporting relevant in corporate governance?
Do financial reporting help organizations in achieving their
corporate objective?
iii. Does the incorporation
of corporate governance help in building public’s confidence in financial
report?
Objective of the Study
The objective of this study is to evaluate the role of
corporate governance in enhancing public confidence in financial report.
The research study also has the following interrelated
objectives:
To ascertain the relevance of financial reporting in
corporate governance
To determine the extent which financial reporting helps
organizations in achieving their corporate objective.
iii. To find out
whether the corporate governance help in building public’s confidence in
financial report
For reports to have an impact in any organization, it
requires the truth of these assumptions. The impact of this report would be
examined for the purpose of conveying information, reporting, finding, putting
forward ideas and making recommendations.
1.4 Scope of the
Study
This study is restricted to financial reporting in corporate
governance with particular reference to Consolidated Breweries Nigeria Plc.
The research work is designed to look into audit report in
corporate governance to have an accurate investigation of information in
different categories of workers in various department of Consolidated Breweries
Plc.
The period of coverage is between (2006- 2011) five years.
1.5 Statement of
Hypotheses
Hypothesis is a tentative statement about relationship that
exists between two or among many variable to prove their validity. Therefore, the hypotheses formulated for
consideration are as follows:
Ho: financial reports have not significantly improved the
process of corporate governance in Nigeria.
Hi: financial reports have significantly improved the process
of corporate governance in Nigeria.
2, Ho:
effectiveness of financial reporting does not significantly improve corporate
objectives
Hi: effectiveness of financial reporting significantly
improves corporate objectives
H0: Corporate governance does not enhance public confidence
of financial reports.
H1: Corporate governance help enhance public confidence of
financial reports.
1.6 Significance of
the Study
It is expected that the findings of the, research study in
conjunction with findings of similar research studies on the subject enhancing
public confidence in financial reporting and
the implications for corporate governance would be useful to the public and private
sector.
A significance result of this study would be to find out of
the objectives of the financial reporting one being achieved and if these
objectives have furthered the growth of the corporate governance in Nigeria.
1.7 Limitation of the
Study
In carrying out this study, the researcher strictly limit
himself with the case study. This is because of time constraint in conducting
the research work.
Lack of adequate finances of transportation of fathering data
collection and they expanded in the case of the research work.
The computation of information used for the preparation of
their research work has not been easy. Another noticing problem is the
unwillingness of some executive officers to give information and have a direct
interview with them.
Finally, the researcher also limits himself on the role of
financial reporting and corporate governance in Nigeria as it affects public
confidence of corporate reporting.
1.8 Definition of
Terms
In carrying this research the following important terms were
used and their definitions are seen below:
Financial report: These consist of the balance sheet, profit
and loss account, sources and application of fund, value added statement five
years financial summary etc. it is the statement which communicates information
about the company to those who have a right to receive it, e.g. the
shareholders, loan creditors etc. It provides an indication of the company’s
trading or operational performance and give a fixed point, snap-short of its
financial position at a particular date (section 331 CAMA).
Audit: audit is a Latin word meaning to “hear” it is a
process carried out by qualified parsons called auditor on the account prepared
by management of organizations, parastatals and establishment to ensure
adherence to laid down rules or policy. The auditing standard Board defined
audit as “the independent examination of opinion on the financial statement of
an enterprise by an appointed auditor in accordance to the term of his
engagement and compliance with any relevant statutory obligation and
professional requirements.
Audit report: this is a statement made by an independent
auditor expressing his opinion as to the true and fairness of the financial
statement examined by him and whether or not it is in compliance with the
relevant act.
Internal control: this is defined by the Auditing Standard
Board as the system of control, financial or otherwise established by
management in order to carry on the business of the enterprise or company in an
orderly and efficient manner and ensuring adherence to management policies,
safeguard the asset and secure as far as possible the completeness and accuracy
of records.
Financial institutions: in this study shall be taken for the
banks that are into commercial activities, that is commercial banks, having
branches across the federation.
Auditing guideline: Auditing guidelines are intended to give
guideline on: (a) Procedure by which the auditing standards may be applied. (b)
The application of auditing standard to specified items appearing in the
financial statement of enterprises. (c) The application of auditing standards
to particular sector, industries or service organizations. (d) Other matters relating to the proper
performance of audit work.
Corporate Governance: is an all- encompassing concept that
seeks to guarantee and institute credible bedrock governance standards, in the
creation of wealth, in the light of the primacy that corporations have come to
assume in privately- led economies.
REFERENCES
Ayin, H.C.C. (2007). Standard auditing, government and small
business corporate, Nigeria agro press.
Howard, L.R., (2002), Auditing, Macdonald and Evans LTD,
Great Britain.
Milky, G. W (2008) Auditing today, practice hall
international inc. London’s 4th edition.
STATUTORY BOOK
Company and Allied Matter Act, 2004. Federal Republic of
Nigeria Law of the federal act, 2004.
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