1.1 BACKGROUND OF THE STUDY
The traditional role of financial accounts was to give account of stewardship to the owners of business who were divorced from management of business.
There is always the tendency for the owners to doubt the content of the report presented to them. They fear that the report may contain errors, conceal fraud, deliberately misleading or lack in the informational content.
To solve this problem of credibility in reports and accounts, therefore, auditing can be defined as the independent examination of the books and accounts of individuals, organization etc. With a view to confirming or refusing the assertion in the report. It is for this purpose that the professional bodies such as (ICAN) companies and Allied matters decree 1990, stipulates the mode of appointment of auditors (sec 357) (i) of 1990 and the qualification of auditors, all to ensure a true and fair view of their report on financial matters.
However, every organization sets up accounting techniques and procedure that will suit its purpose with an eye to established accounting principle and guideline. A manufacturing industry introduces such accounting techniques that will take care of every stage of manufacturing firms, medical, clinics, legal parishioners etc run their outfit using such accounting techniques as would adequately take care of money received and expenses paid.
To ensure that the financial position portray true and fair views, that auditor will inquire whether the company is well runned. In particular whether:
i. The directors maybe ineloquent
ii. They may exercise bad judgment
iii. The directors may be incompetent
iv. Board of directors are competent necrotic men tend to appoint as colleagues people who are also competent and energetic. Whole boards of mediocre tend to prefer colleagues who are also mediocre
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?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
70,619 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
51,807 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
47,420 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
46,715 people found this useful
IMPACT OF E-LEARNING ON THE ACADEMIC PERFORMANCE OF UNDERGRADUATE STUDENTS (A CASE STUDY OF NATIONAL...
46,601 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
43,855 people found this useful