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AUDITOR’S CONTRIBUTION TOWARDS EFFECTIVE MANAGEMENT OF BUSINESS ORGANIZATION. ( A CASE STUDY OF FIRST BANK PLC OZORO )
This research was carried out to found out the benefit of auditing, toward effective management of business organization and also to enhance the performance of such organization. It will also point out the usefulness and benefits of auditing book of account of business organization. In the light of the above project, which research, questionnaire will be administer to personal interview will be equally conducted relating to literature on the auditor and independence e.g. Will be reviewed.
In conclusion of the study, it will help in discovering whether the auditing of books of account of an organization actually enhance organization performance. From the study, it will also help in making importance recommendation which of implement can improved the qualities of the auditors duties and responsibilities derived thereof.
1.1 Background of the Study
The crux of the project is to highlight the auditor contribution towards effective management of the business organization. Auditors according to Agbawe (2010) can be define as an examination and inquiry into a statement of account the underline records, document, assts and liability by an independent person with a view to express an opinion as to the compliance and correctness of the financial statement to relevant act and regulation and communicate the opinion to interested users. With this definition, the function and importance of auditing and the role of auditors on an enterprise include the prevention of fraud and irregularities, it may also help to detect fraud, error and all forms of irregularities in an organization. It also help in giving professional advises in the area of internal control with this the owners of the business organization can be sure that their funds are well managed and that the same time the public can have trust in the company and invest in it.
1.2 Statement of the Problem
In cases where customers are been debited without cash payment in First Bank Plc, Ozoro, reduction of fund from customers account without any reason and also the inability of the ATM to pay cash to it customer. These are some of the problems that this project work will give answers to and also correct error, fraud and irregularities on the bank, if they are able to maintain the following;
- Good, strong and reliable internal control
- Installation of an effective internal audit
- Proper accounting records, and the works of one person should be supervised by another.
- Authorization and approval limits should be stated duties and function without each department and section should be defined also they should be good promotion and remuneration prospect that will motivate the employees.
- Management should deal decisively with any case of fraud with all this in place various report on fraud, error and irregularities will be a thing of the past.
1.3 Objectives of the Study
- To appraise the contribution of the external auditor to the stability of both incorporation and unincorporated companies.
- To render other services to the organization such as accounting system formulation, taxation, financial etc. If only they are stated on the letter of engagement
- To produce a report of opinion of the true and fairness of the financial statement so that whoever that is reading and using then may believe in them.
1.4 Research Questions
This research will attempt to answer on the effect of auditing the financial statement of companies and organization as pointed out in the background of this study to achieve these objective, these will give rise to questions such as
- Does auditor contributes to the growth of business organisation?
- How regular do organizations carry out auditing of financial statement?
- What are the qualifications of an auditor?
- What are the reasons for auditing the financial account of an organization?
- What are the consequences of not having auditor?
- What is the position of an auditor in relation to the detection and prevention of error and fraud?
1.5 Research Hypothesis
Ho: There is no significance relationship between the auditors contributions and effective management of the business organisation
HA: There is a significance relationship between the auditors contributions and effective management of the business organisation.
1.6 Significance of the Study
At the end of this study, the need or necessity for an external auditor will be made clear. The importance’s of auditing financial statement of incorporated and uncomfortable business will be know. The study of the auditor in the business environment is of relevance to sole proprietors as well as shareholder and manager alike. There exists a society where the improitant of the auditor is not appreciative by those he saves. The director see unnecessary overhead expenses created by law, employee see and show as some one short by management to check the wrong doings.
1.7 Scope of the Study
This work focused on the study of the role of auditor in business organisation. In the business society will be received and evaluated. First Bank Plc, Ozoro will be used as the case study. Questionnaires will be administered to only senior staff of the organization.
1.8 Limitation of the Study
The factor that limits the scope of this work can be grouped into two categories they are controlled and uncontrolled variables. Some staff treat questionnaires that are retrieved while some vital information that would have added to the substance of the work was not given as it was claimed to be the management decision and they view such request as probing into their facilities. In addition to this, time is also another thing that slows down the work and the issue of not on seat each time I went to the company to retrieved my questionnaire from them.
1.9 Definition of Terms
The following terms were used in the research work which definitions are below:
- Audit:- Audit is a Latin word meaning “he heard” Audit is a process carried out by qualified person call auditor whereby the account of business organisation include charities, trust and professional firm are subject to securities (thoroughly examination) in such detail as to accuracy truth and fairness.
- Financial Statement:- The term financial statement covers the balance sheet, income statement or profit position, and other statement of change in financial position and other statement and explanatory materials which are identified as being part of financial.
- Incorporated/Registered Companies:- These are companies established and registered with the Corporate Affairs Commission (C.A.C.).
- Fraud:- This is the use of criminal deception or method to obtain or gain an unjust or unmerited advantage.
- Error:- This is an unintentional mistake occurring at any stage of data or transaction processing and recording in the books of account and production of financial statement.
- Irregularities:- An activity or a person which is not according to the usual rules, or not normal.