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.
CHAPTER ONE
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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