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SIGNIFICANCE OF EXTERNAL AUDITOR’S ON THE
EXAMINATION OF FINANCIAL STATEMENT
ABSTRACT
This study
was to assess the significance external auditor‟s 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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