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
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
59,368 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
46,681 people found this useful
THE EFFECT OF TREASURY SINGLE ACCOUNT ON THE ECONOMY OF NIGERIA
41,780 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
41,245 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
37,601 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
36,834 people found this useful