Project Topic:

AUDITING AS AN AID TO ACCOUNTABILITY ON THE PUBLIC SECTOR (A CASE STUDY OF UNION BANK PLC IN ENUGU STATE)

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 71 ::   Attributes: Questionnaire, Data Analysis,Abstract  ::   1,132 people found this useful

Project Department:

ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

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CHAPTER ONE

 

INTRODUCTION

1.1     BACK GROUND OF THE STUDY

          This seems to be a national issue. The increasing incidence of fraud, embezzlement and misappropriation of funds and property by accounting officers and chief executives in the public sectors of the Nigeria economy pose pertinent questions as to whether auditing plays any significant role towards ensuring proper accountability and judicious use of funds.

          Investors and other people concerned, therefore, deserved to be assured that the resources which they put at the disposal of those accounting officers are efficiently, effectively and economically managed, since it is known that not all of us are judicious in the management of our own private affairs and much less so, the public affairs assigned on to us.

Accountability has dearly manifested itself as a principle to be pursued if the status quo is meant to be perpetrated.

Various users can define accountability in many ways, thus, accountability as contained in Longman dictionary contemporary English is the condition or quality of being able to give an explanation for one’s actions.

Accountability is also defined as the tendering off return on stewardship relating to the management of funds and other assets of which individuals or institutions had been custodians.         

Auditing is regarded as one of the more or recently established professions born out of the complexity of modern business world. It becomes relevant so as to discourage men from erring and to expose those who erred when they give account of how they managed the funds and property entrusted to them.

This account is usually done by means of financial statement. In order to verify the true and fairness of this reports independence person – an auditor – will audit the account. 

WHAT THEN IS AN AUDIT?

          An audit is an investigation by an auditor into the evidence from which the final revenue accounts and balance sheets or other statements of an organisation have been prepared in order to ascertain that they present a true and fair view of the summarized transactions for the period under review and of the financial state of the organisation at the end date, so enabling the auditor to report thereon.  

 

1.2            STATEMENT OF THE PROBLEM

Business organizations are economic agents, which have certain objectives to achieve. Primary among them is profit, but however, thus primary objectives might not materialize as a result of increasing the nature of fraud in the financial organization, which is as a result of perceived neglect either real or imaginary by the companies or by any of financial organisation concerned.      

The nature of fraud in the financial organization have forced the companies to combine both their primary objective of profit making with audit responsibilities is faced with such problems:

1)                Performance procedure of audit responsibility service

2)                Determining the extent auditing work

3)                Reporting of auditing activities

4)                Should auditor or accountant be responsible for solving all manner of fraud problem? 

1.3     OBJECTIVE OF THE STUDY

          The role of auditing as an aid to accountability on the public sector cannot be over –emphasized. It is very clear from the problem that banking institution require an articulated corporate auditing work in the course of their operation for survival in the light of the above, our objective for this research shall include:

1)                To critical examine auditing as an aid to accountability on the public sector performance by Union Bank Plc in the area of operation (Enugu State)

2)                To evaluate the usefulness and adequacy of existing methods/techniques of auditing performance of Union Bank Plc.

3)                To identify major shortcoming and assess the impact of non-performance of auditing in Union Bank area of operation.   

4)                To suggest measures aimed at achieving optimal auditing performance for Union Bank so as to ensure true and fair view in their operation.

 

 

1.4     SCOPE OF THE STUDY

          The purpose of this study is to examine the auditing as an aid to account ability on the public sector of Union Bank as it relates to the banking institution. Therefore this study will be specially limited to Union Bank Plc and other banking organisation. However, the general operations of Union Bank will be covered.

 

1.5     RESEARCH QUESTIONS 

In other to properly articulate the study and the address the problems earlier stated the study would be guided by the following research questions.

1)                Is auditing necessary in banking organizations performance?

2)                Does the performance of auditing by banking organisation reduce external conflicts?

3)                Is Union Bank auditing to its area of operation?

4)                What are the auditing techniques put in place by the Union Bank Plc to stem of external conflicts?

5)                How worthwhile is auditing as an aid to accountability on the public sector in relation to profitability of the company?

 

1.6     DEFINITIONS OF TERMS   

1)      Analysis:

          To analyze means to resolve into elements or parts to separate the parts in relations to the consequently, that is analysis of account involves separating the entries into a systematic classifications in order to obtain accuracy.  

2)      Audit Evidence:

          This is all the relevant and reliable data, facts, information or records collected by the auditor in the course of his duty that are necessary and sufficient enough to enable him draw independent conclusion and express opinion on financial statement.

3)      Black Box Approach (BBA)

          A term used to describe audit approach, which ignores computer operating internal control and concentrates on manual and human activities of the transactions.    

4)      Compliance Tests:

          These are those tests, which seek to assure the auditor that the internal control procedures are being applied as prescribed.

5)      Dual Purpose Test:

          This is in compliance with verification of assets, which is also similar to substantive testing.

6)      Examine

          To investigate o inspect or to cost by appropriate method and in accordance with accepted standards.

7)      Foot:

          This means to verify the accuracy of vertical subtotals and totals.

8)      Inspect:

          To review critically all entries without complete verification.

9)      Test of Bona Fides:

          Direct assets verification through observation, inspection and enquires etc.

 

 

10)    Single Purpose Test or Walk through Test:

          This is similar to compliance test but it is a test on a single transaction through its length and breadth.

11)    Substantive test:

          These are those tests on transactions and balance and other procedures such as analytical review.

12)    Voucher:

           Is any documentary evidence in support of a transaction?

13)    Vouching:

          Means the examination of transactions of a business together with documentary and other evidence of sufficient validity of satisfy an auditor that such transaction are in order.

 

1.7     SIGNIFICANCE OF THE STUDY     

          The researcher strongly believed that this work would provide a base for user in applying a sound principle of accounting in preparation of financial statement and also ensure a cordial working condition between the employer and the employee.

          It will also provide measure for the management of Union Bank Plc of Nigeria Enugu to correct all lapse within the management.

          The work will further enrich the library since it will be kept in the library for students to make use of in their academic and research work. It is hoped that the member of the Union Bank of Nigeria Enugu State and the permanent secretary of both state and federal ministry and other parastatal will make this work their great companion.    

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