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AUDITOR AND LAW: CONCEPT AND IMPLICATIONS (A CASE STUDY OF FIRST BANK OF NIGERIA PLC, OKPARA AVENUE, ENUGU, NIGERIA)

  • Type:Project
  • Pages:108
  • Format:Microsoft Word
(Accounting Project Topics & Materials)

ABSTRACT

This research project is designed to bring out the importance of audit to   the effective working of the organization using First Bank Nigeria Plc Okpara Avenue,Enugu State. In pursuant to this, data were collected by personal interview, questionnaires and through researcher’s observation. Secondary data were collected from journals, publications and related works. Also, findings showed that all the strategies for effective working operations are applicable in  the case study.  It was revealed that because of   the laws guiding auditors, the attitude and perception of auditors to effective working operation inmy case study was adequate.Finally, based on these findings, various recommendations were made amongstwhich include, that for auditor’s work to be relied upon by other or for the work ofauditors not to be subjected to any loss or damage, they should not accept gifts orpackages, have personal relationship with clients and should carry out their dutiesin compliance with statutory requirements.

LISTS OF TABLESTable l.  Group returns, respondents, characteristics and classification.Table 2.  Has your organization an Audit, Accounting or both departments?Table 3. What are the principal functions of both Departments?Table 4. Does your audit department conduct audit exercise?Table 5.  Are their any existing policies or laws regulating the profession or  departments?Table 6. Since laws and policies exist, are they really effective?Table 7.  Does the auditor understand the effect of the laws as relates to their duty in the profession?Table 8.  Does your firm maintain both Internal and External Auditors?Table 9. Who do they report?Table 10.  Since External Auditors are maintained, how strong is their review  on the firms’ affairs?Table 11.  Has the law met the aspirations of our organization in the area of  audit practice?Table 12. Is there any correlation between Audit, Accounting and law?Table l3.  Summary table

TABLE OF CONTENTSTITLE PAGE ICERTIFICATION IIDEDICATION IIIACKNOWLEDGEMENT IVABSTRACT VLIST OF TABLES VITABLE OF CONTENTS VIICHAPTER ONE1.0 INTRODUCTION 11.1 BACKGROUND OF STUDY 1-21.2 HISTORY OF CASE STUDY 2-61.3 STATEMENT OF THE PROBLEM 61.4 OBJECTIVES OF STUDY 61.5 STATEMENT OF HYPOTHESIS 71.6 SIGNIFICANCE OF THE STUDY 8-91.7 SCOPE AND DELIMITATION OF THE STUDY 81.8 DEFINITION OF SOME RELEVANT TERMS 9REFERENCES 11

CHAPTER TWO

2.0 LITERATURE REVIEW 12

2.1 HISTORICAL BACKGROUND OF AUDITING 12-13

2.2 GENERAL AUDITING 12-14

2.3 DEFINITION OF AUDIT 14-15

2.4 TYPES OF AUDIT 15-16

2.5 WHO IS AN AUDITOR 16

2.6 THE GENERAL VIEW OF AUDITING 16-19

2.7 AUDITING THEORY 19

2.8 IMPORTANCE OF AUDITING TO THE COMPANY. 19-20

2.9 APPOINTMENT OF AUDITORS 20-21

2.9.1  REMUNERATION OF AUDITORS 22

2.9.2  REMOVAL OF AUDITORS 22-24

2.9.3  ENGAGEMENT LETTER 24

2.9.4  PURPOSE OF ENGAGEMENT LETTER 24

2.9.5  PRINCIPAL CONTENTS OF ENGAGEMENT LETTER 25

2.9.6  DUTIES AND RIGHTS OF AUDITORS 25-27

2.9.7  RIGHTS OF AUDITORS 27-28

2.9.8  RESIGNATION OF AUDITORS 28-29

2.9.9  SECTION 360 FURTHER PROVIDES THAT 29-30

2.10 AUDITORS LIABILITY 30-33

2.11 IMPLICATIONS OF THE LAW ON AUDITORS 33

2.11.1 POSITIVE IMPLICATIONS 33

2.11.2 NEGATIVE IMPLICATIONS 33-34

2.12  ACCOUNTING RECORDS  34

2.13  RESEASONABLE STANDARD OF CARE AND SKILL IN CARRYING OUT HIS DUTIES 35-36

2.14  THE ROLE OF AUDITORS INA CORPORATE ORGANISATION  36-37

2.15 WAYS IN WHICH THE LIABILITIES OF AUDITORS CAN BE  LIMITED 37-40

2.16  ICAN RULES TO GUARANTEE INDEPENDENCE OF AUDITORS 41-42

2.17  CAMA 1990 TO GUARANTEE INDEPENDENCE  422.18 INVESTIGATIONS 42

2.18.1 STAGES AND PROCEDURES OF AN INVESTIGATION  43-49

2.19  ACCOUNTING AND AUDITING STANDARDS 49-50

2.19.1ACCOUNTING STANDARD 502.19.2 THE RELEVANCE OF ACCOUNTING STANDARDS TO AUDITING  50

2.19.3 ADVANTAGES OF ACCOUNTING STANDARD 512.19.4 DISADVANTAGE OF ACCOUNTING STANDARD 51

2.20 AUDITING STANDARD AND GUIDELINES 52

2.20.1 STATEMENT OF AUDITING STANDARDS 52-53

REFERENCES 54

CHAPTER THREE

3.0 RESEARCH DESIGN AND METHODOLOGY 55

3.1 INTRODUCTION 563.2 SOURCESOFDATA 56

3.2.1  PRIMARY SOURCES OF DATA COLLECTION 56

3.2.2  SECONDARY SOURCES OF DATA COLLECTION  57

3.3 THE POPULATION OF STUDY 57

3.4 SAMPLE SIZE AND SAMPLING TECHNIQUE 58

3.4.1 SAMPLE SIZE 58

3.4.2  SAMPLE TECHNIQUE 58

3.5 METHODS OF DATA COLLECTION 59

3.6 PROCEDURES FOR PROCESSING COLLECTED DATA 59

CHAPTER FOUR

4.0 PRESENTATION AND ANALYSIS OF DATA 604.1 A BRIEF INTRODUCTION OF THE CHAPTER 60

4.2 GROUP RETURNS, RESPONDENTS, CHARACTERISTICS AND CLASSIFICATION. 60#

4.3 PRESENTATION AND ANALYSIS OF       RESEARCH QUESTIONS                                                       61-66

4.4 TEST OF HYPOTHESIS                                             66-68

REFERENCES                                                                         69

CHAPTER FIVE

5.0 SUMMARY, CONCLUSION, AND RECOMMENDATION                                                              70

5.1 SUMMARY                                                                        70

5.2 CONCLUSION                                                                 70-71

AUDITOR AND LAW: CONCEPT AND IMPLICATIONS (A CASE STUDY OF FIRST BANK OF NIGERIA PLC, OKPARA AVENUE, ENUGU, NIGERIA)

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Details

Type Project
Department Accounting
Project ID ACC2234
Price ₦3,000 ($9)
No of Pages 108 Pages
Format Microsoft Word

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    Details

    Type Project
    Department Accounting
    Project ID ACC2234
    Price ₦3,000 ($9)
    No of Pages 108 Pages
    Format Microsoft Word

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