1.1 BACKGROUND OF THE STUDY
The term auditing came into use when accountants have to add to their existing function. It is not new though the interest shown in it is of relatively recent origin. Auditing particular task is to provide information to managers, shareholders and investors on the outcome of turnover rate in an organization.
Auditing is a broad based subject drawing upon relevant Laws and Cases, financial account, taxation, costing and management accounting. It could be reasonably assumed that if there is a sound auditing department in an organization or parastatals is bound to financially perform well, if such information gotten is effectively and efficiently utilized.
The extent of which the above assumption or they is true using the Nigerian parastatals as the subject of the study.
It is my ultimate desire as a researcher that at the end of this thesis I should be able to show the importance of auditing to government parastatals. Hence auditing is one key to the success of any parastatal set-up.
WHAT IS AUDITING:
According to Okorie Onovo’s book (2001) he views auditing as the expression of an opinion on the financial statement of an organization or parastatal within a recording principles. While in NWEKE and UNEGBU (2001), views auditing to be a form of stewardship where the messenger is expected to account for what was left under him by the shareholders so as to know, if it actually increased, or reduced and if they were the way they gave it to them, just as the case in, in the Holy Book of Matthew Chapter 25:14-30.
Many Directors and Managers are better and stronger when they have good idea of the actual work of auditing in what have been under their care. Their performance and reward are determined by the correctness of the shareholders during the annual general meeting of the organization or parastatals.
It is however assumed in this thesis; that it is an efficient and effective auditing system that is the only high cause of financial performance in parastatals.
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