ABSTRACT
In an attempt to analysis the importance attached to auditing as a tool for certifying the financial statement of business enterprise, the researcher had to be very briefly re-cap the origin of auditing and above all those factors that in the first instance necessitated it. Auditing, it was noted became very prominent in the business cycle the world over precisely in the 17th century following the inception of company form of business. The birth of this form of business arrangement allowed for the severance of this severances the need for accountability arose, and auditing has to be employed to give credibility to such stewardship reports.
Furthermore, the concept of auditing was defined and subsequently classified under two board groups namely according to the nature of work. Also, audit objectives were identified and analysed into primary and secondary objectives respectively. More so, light was shed on elements and content of every audit report, type of audit reports and opinion as well as the meaning significance and those factors.
CHAPTER ONE INTRODUCTION
1:1 BACKGROUND OF STUDY
The concept of auditing data back to antgenty, the earliest traces of its existence was found in Italy and Egypt amongst great landowners of the middle ages.
However, according to afounka (1993), statutory audit which incidentally forms the main thrust of the research “arose sequel to the inception of company form of business in the 17th century for trading and other purpose”.
This development made it possible for investor to commit their resources in a business without necessarily getting involved in the administration and management of such business. With the passage of time, this practice was further modified such that there was a total split between the ownership and management thus, while share holders retained ownership, the board of director took change of management . under this arrangement it is required that the management should report back to predetermined intervals to the owners of the business they hold in trust. But there are chances that such stewardship report might contain errors, misleading by deliberately or failure to disclose relevant. Information, it then follows that these possibilities will naturally give management periodic report insufficient credibility.
Therefore, it is such probability that under scores the essence of auditing and exercise carried out in accordance with the law to give
’´a stamp approval on the stewardship report” the need for auditing is heavily on the fact that by giving justification to he accounts of stewardship, users off accounting information namely:. Shareholder, investors, employee, government agencies such as accountants, economists e.t.c. can conveniently rely on such reports for sound economic decision making. It is this understanding that necessitated the making of auditing very imperative to all corporate bodies on annual basis by such government legislations as company and allied matter degree 1990. to ensure that auditor discharge this responsibility efficiently and satisfactorily, they are given unimagination powers and rights.
1:2 HISTORICAL BACKGROUND OF NIGER GAS LIMITED
niger gas ltd. Commenced operation in 1962 following it official commissioning by government of the then fastern Nigeria.
However due to change in the political structure of Nigeria occasioned via states creation, Enugu state government at present holds controlling shareholding interest with others S.O ALINTA, E.M MICHILLETLE, AND CENTRAL INVESTMENT COMPANY LIMITED (C.I.C) ENUGU CONSTITUTING THE MINORITY SHAREHOLDERS.
The company was established to manufacture and at the same time market industrial and medical oxygen. Thus staff strength of the company, presently is put at one hundred and eight (180) employees. Twelve (12) of them belonged to senior management staff with the rest forming the junior and medium level manpower.
1:3 OBJECTIVE OF THE STUDY
the objective of this research are not for fetched especially when the provisions of section359 (2) of the companies and allied matter
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS
AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)
CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »
A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »
AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)
HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »
APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA
2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA
ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »
ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)
THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »
What are looking for today?
Format: | Ms Word | ||
Chapters: | 1 - 5 | ||
Pages: | 67 | ||
Attributes: | Questionnaire, Data Analysis, Abstract | ||
Price: | ₦3000 | ||
Get the complete project » |
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
83,735 people found this useful
IMPACT OF E-LEARNING ON THE ACADEMIC PERFORMANCE OF UNDERGRADUATE STUDENTS (A CASE STUDY OF NATIONAL...
64,570 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
57,574 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
55,642 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
53,626 people found this useful
THE EFFECT OF ADVERTISEMENT ON CONSUMER BRAND PREFERENCE
52,525 people found this useful