This chapter is concerned with the introduction of the research work. It deals with the background of the study, statement of problems, purpose of the study scope of the study research questions significance of the study and definition of terms.
1.1 BACKGROUND OF THE STUDY
It has said that the traditional role of financial accounting is to give account of stewardship to the owners of the business who was divorced from the management of the business. There is a need for accountability of money spent by various government statutory corporations, commissions, agencies, authorizations and al person entrusted in position of trust. The need for management and staffs of any government owned establishment to pilot the affairs of the organization effectively and efficiently when it comes to financial matters calls for appointment of a statutory auditor as stipulated by section 149 and 154 of companies act of 1968 and chartered accountant act of Nigeria of 1965 respectively. Section 85(4) of the Federal Republic of Nigeria constitution 1999 also provides that corporations, commissions, authorities, agencies including all persons and bodies established by an act National assembly which the University of Nigeria Teaching Hospital, Enugu is among shall be checked, examined and auditor by the Federal Auditor- general periodically, section 125 (4) provides same for the state.
The statutory auditor performs independent examination of an organization, its records and financial statement as been prepared by the management and this form an independent opinion on the accuracy and correctness of the competent and honest, so if their opinion a financial statement of an organization show a true and fair view of its state of affairs for the period under review, the users of such account ought to have faith in them.
The statutory auditor is primarily concerned with the responsibility of examining the financial statement and report whether in their opinion, the financial statement.
Have been properly prepared in accordance with the requirements; give a true and fair view; proper accounting records have been kept; proper returns adequate for their audit have been received from branches not visited; they obtain all the necessary information’s and explanations required for the purpose of the study (auditor);
The information given in the director’s report is in constituencies with the annual account.
However, the responsibilities of the auditor with regards to deletion/controlling of fraud, errors and other irregularities cannot be overemphasized. The auditing standards and guidelines defined an audit as the independent examination of and expression of opinion on the financial
OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS
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ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA
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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 »
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