THE IMPACT OF AUDIT RITUALS ON CORPORATE STAKEHOLDERS”. (A CASE STUDY OF FIRST BANK PLC OKPARA AVENUE)
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THE IMPACT OF AUDIT RITUALS ON
CORPORATE STAKEHOLDERS”.
(A CASE STUDY OF FIRST BANK PLC
OKPARA AVENUE)
ABSTRACT
The primary
goal of this research is to find out the impact auditing on corporate
stakeholders. This research work examined the importance ofauditors to the
stakeholders of an organization. The researcher carried out investigations on
the role of auditors in corporate performance. To make suggestion on how
auditing is inevitable in accomplishing a sound check on financial records of
business organizations. These are the areas that the researcher concentrated
while carrying out this research work. The first chapter is the introductory
part of the research work. This chapter also contains the background of the
study, statement of problems, research Question etc. Data for the study was
sourced from two main sources which include Primary and Secondary sources of
data collection. Primary data: Questionnaires and oral interviews were used to
collect information from the respondents. Secondary data : Journals, magazine
and other relevant materials relating to the area of my investigation will be
review. Extensive literature review was carried out on direct literature and
indirect literature on books, journals and past works. The research instrument used in this study includes oral interview
and questionnaire. The questionnaire is
structural as to contain both close and open ended question. Simple tables,
pie-charts and percentages was used in treatment of data while chi-square was
used in the research work. Based on the findings, conclusions were drawn and
recommendations were also made in the last chapter of this work which is the
fifth chapter.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The practice
of auditing commenced on the day that an individual assumed stewardship over
another one’s property. Stewardship is a
name given to the practice by which productive resources owned by one person or
group are managed by another person or group of persons. In reporting on his stewardship, accuracy,
efficiency and reliability of that information would have been subjected to
some sort of critical review. Evidence
has shown that many years ago, Egyptians, Greeks, Romans and others utilized
their opportunities of using check and counter check on the accounting of
public funds in order to maintain efficient and effective accounting of public
funds committed to them.
Historically, the Auditor had the
accounts read to him since the word audit originated from the Latin ‘audire’
meaning the hear.
The original
skill required by the Auditor is that which would enable him to carry out an
exhaustive examination of the documents and the books which is from the
financial transactions of the business especially with the intention of
ensuring that all are in order and that no fraud was committed by the
employees.
The main objective is to ensure that he
account reveal a true ad fair view of the business and its transactions so that
all the activities in the organization will be moving smoothly without any
obstacle.
Therefore, since the above mentioned
countries were successful on the method they used, this economy has to borrow a
leaf from them or even find a better way of accounting for public funds since
this is the only way the performance of the organizations will enhance.
The
researcher wants to know the impact of audit rituals on corporate stakeholders
and how its helps to improve the
performances of the companies. The
effectiveness of an independent is not however limited to statement of
credibility derived directly from audit itself.
There is a side effect of the prospective audit on employees who might
be tempted to defraud their employers and also on the side of management that
might find it expedient to endeavour to deceive third party by preparing a
misleading financial statement.
The problem is that the funds and properties
of the organizations are entrusted to certain individuals in the organization
and in most cases. those individuals are not brought under thorough
surveillance. The result is that much
funds and properties are diverted to personal.
Another problems is that there is still
increase in fraud, mismanagement and lack of trust despite the fact that the
financial statements of these organization are suited.
This means
that if adequate care is not taking, the rate will continue to be increasing
until the organizations fold up.
Also on the side of Auditor, some of the
difficulties he encounter during his work will make him not to carry his work
as and when due. Sometimes, it may be
lack of knowledge, time and other constraints that Linder him form effective
and efficient exercising of his duty.
Managers also contributes to the
problems of organization since their problem is for their own welfare and not
for the business.
Company
performance is very important if such a company
want to
achieve its purpose of starting its business without positive impact of any
organization, it means that the way of achieving the objectives when the
business has commenced will be a difficult situation for that organization. It is obvious that the performances of
companies are not unto expectation. That
is why the researcher wants to know the impact audit rituals on corporate
stakeholders.
Since companies have been encountering
some problems like fraud, misappropriation of funds and properties, lack of
effective management and others that made people to ask if audit rituals plays
any significant role towards ensuring efficiency and judicious use of funds set
aside by the stakeholders for various purposes.
Some
activities and programmes organized by people as re- assumed to be done on
behalf of the people. They are deserved
to be assured that the resources which they put at the disposal of these
programmes are effectively, efficiently and economically managed since it is
known that not all are judicious in public affairs entrusted to them.
Therefore, for proper and efficient
accountability, it is obvious that auditors will manifest their principles and
activities to be able to arrive at what is expected of them by the stakeholders
in order to be convinced that the financial position of the organization as
presented show a clear and fair view of the organization.
Consequently, because of biased nature
of the organization as a result of poor investigation of the organization
position, past rulers have pledged to introduce a more responsible system of
government with accountability but their subsequent conduct has shown that they
have little or no understanding definition and application of efficiency in the
improvement of companies performances.
Auditing which is regarded as one of the
recently established professions turn out of the complexity of modern business
world. It becomes relevant so as to
discourage people from erring and to expose those that gave wrong account of
how they managed the funds and properties under their custody. The account or report is usually done by
means of financial statement. In order
to verify the true and fair view of this report an independent person is needed
to audit the account.
The question that is normally asked is
in spite of all those provisions and safeguards why is it that one still
experience the alarming rate of fraud and misappropriation of public funds and
properties by those they are entrusted to safeguard. That is why a great emphasis has to be laid
on proper auditing to improve companies performances in public sectors.
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
Onuegbu H.D (1991). 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. Fred M.G
(1990) states that the extent to which reliance can be placed on the work of
the auditor and the auditors objective in respect of other information included
in the annual report.
1.3 OBJECTIVE OF THE STUDY
The primary
goal of this research is to find out the impact auditing on corporate
stakeholders.
i) To know the importance of auditors to the
stakeholders of an organization.
ii) To carry out investigations on the role of auditors in corporate
performance.
iii) To make
suggestion on how auditing is inevitable in accomplishing a sound check on
financial records of business organizations.
1.4 RESEARCH QUESTIONS
1. What are the impact of au
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