THE IMPACT OF AUDIT REPORT IN ORGANIZATIONAL PERFORMANCE (A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA, UGELLI BRANCH)

(Accounting)
THE IMPACT OF AUDIT REPORT IN ORGANIZATIONAL PERFORMANCE
(A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA, UGELLI BRANCH)
ABSTRACT

This is a research work that is carried out on the impact of audit report on organizational performance, Ughelli Branch. This study explains what audit is all about, stating clearly that it is a written report about the accuracy and reliability of a client by a qualified auditor which is presented to the management in form of financial statement. Base on this report, the auditor goes on to express his opinion on whether the financial statement of the organization to shows a true and fair view during the year under review. The study clearly review the problems of financial statement of an organization, the areas to be covered on the study which is restricted to P.H.C.N Ughelli in particular, the source of information which involves the use of questionnaires and time limit given to complete the study. Report writing has to do with communication and conveying information and ideas to someone else. This testifies if the report is writing by an independent public account on the basic of a standard examination of the financial statement of a client’s company. The reporting auditor has a message, which he wishes to convey to those who will need his report. In writing a report, an auditor must assume that his researcher will have some basic knowledge of business operators of accounting statement and of the particular company to which the report may concern. The auditor must be independent. The American institute of certified public accountants has established some standards that are to be observed by its member in their professional work. The original under review must have an internal control system, which contain its plan, assignment and responsibilities. The auditor work is carried out at the client’s premises auditors expresses an unqualified opinion on a client’s financial statement when the report does not contain certain reservations. The qualified opinion restricts the auditor’s responsibility for fair presentation in some areas of the financial statement.  
TABLE OF CONTENTS
CHAPTER ONE: Introduction     
Background of the study                     
Statement of the problem                 
Purpose of the study                        
Research questions                    
Significance of the study                
Scope/Delimitation of the study                 
Limitation of the Study                        
Operational definition of terms                
CHAPTER TWO: Literature Review
Introduction                             
The Boar of Directors and Its Members            
Power of the Board                        
The General Managers and his Principal Officers    
Financial Department                            
Importance of Power                            
Qualification of Auditor                        
Auditors Examinations and Evaluation Standard        
Internal Control                            
Adequate Planning                        
Audit Evidence                        
Form and Distribution of the Report            
Report on Group Account                    
Timeless of Reporting                    
Financial Reporting                        
Qualified and Unqualified Opinion                    
Report to Management                            
Relationship of Auditor to their Parties                
CHAPTERTHREE: Research Methodology
Introduction                                
Research Design                                
Population of the study                     
Sample size                            
Sampling Techniques                         
Research Instrument                        
Validation of the Instrument                
Reliability of the Instrument                    
Method of data collection                     
Method of data analysis                     
CHAPTER FOUR: Data Presentation and Analysis                
4.1    Introduction                    
4.2    Data Presentation and Analysis            
4.3    Discussion of Findings                             
CHAPTER FIVE: Summary, Conclusion and Recommendations
5.1    Summary of findings                     
5.2    Conclusion                         
5.3    Recommendation                         
    Bibliography                             
    Appendix                                 
    Questionnaire                         
CHAPTER ONE
INTRODUCTION
Background of the Study
Audit means written reports about the reliability and accuracy of an account by a qualified person known as an auditor. In Nigeria, the companies and allied matters degree of 1990, section 331 made it compulsory for all corporate bodies to have their accounts audited by professional auditors. The directors or management of organization produce a report called the financial statement while the auditor expresses his opinion on whether such financial position shows a true and fair state during the year under review.
The report prepared by management on which the auditor expresses his opinion is very vital since used by other interest parties (internal and external). Internal users are potential investors, financial analysis etc. hence, the law has recognized that the report be scrutinized by an independent person known as an Auditor. Also, the auditor’s opinion that has been embodied in written form is called Auditor report, which is addressed to those the auditor is responsible from the foregoing, it is realized that audit is very important in the organization operation (particularly with reference to the Power Holding Company OF Nigeria Ughelli). Hence, audit report is very essential in all planning and operation of the organization.
However, its importance cannot be underestimated since the audit may be held liable to a very great extent for what he stated or does not state as his opinion and the responsibility may extend not only to his immediate client, but also to the limited party.
Statement of the Study
The major problem of this study is centered on the Audit report of P.H.C.N., Ughelli.
The need to test accuracy of the financial statement prepared from the accounting record of the organization.
That state of affair of the financial position of the organization. That is whether the financial position shows a true and fair view of the organizational operation according to the best information and explanation given to him and as shown by the books if not in what respect, it is false or incorrect.
Proper utilization of funds by management of the organization
The implementation of the recommendation made by audit report for the purpose of the organization growth (particularly the P.H.C.N ughelli).
The need to check and examine the entries in the book of account.
Objectives of the Study
The objectives of this research on the audit report of the organization particularly P.H.C.N ughelli are as follow:
To know the true and fair of the financial position of the organization operation.
To know the accuracy of the financial statement of the organization (P.H.C.N)
To know the degree of efficiency and economic operation of the organization.
To know if actually the recommendation made by the auditor report are implemented in order to ascertain the extent of the organizational growth achieved in the organization (P.H.C.N ughelli)
Research Questions
The following research questions will be answered in the course of this work
How does audit report create an impact in the power holding company of Nigeria ughelli?
Who is responsible for the preparation of an audit report?
What are the significant relationship between an audit and its impact in the power holding company of Nigeria ughelli.
What are the importance of an audit report in the power holding company of Nigeria, ughelli?
Significant of the Study
The importance of this research on the audit report of the power holding company of Nigeria ughelli is stated below:
It helps to know the effective operation of the organization (P.H.C.N)
It help to test the organization posting of account if they are posted correctly
It help to know the organization state of financial position (P.H.C.N)
It help to determine if the auditor recommendation increase the growth and development of the organization.
Scope of the Study
The study is restricted to the public sector organization with particular reference to the Power Holding Company of Ughelli, Warri. It may include the audit report and some importance aspect of the audit (general standard and standard of examination and evaluation as regards his independence of judgment were included). It does not include the auditor’s report of a limited liability company as regulated by the company degree of 1968.
The investigation were limited to audit report and its impact on public sector organization with respect to Power Holding Company of Nigeria, Ughelli being a corporation owned by federal government, the study of its audit report shall be in accordance with the provision of the degree no.24 of 1st April 1972 section 18.
(2) (3) and other were limited to library facilities, information from the organization and other document evidence only.
This study focused on the standards of report governing the form and content of the auditor’s report and accordingly does not attempt to treat procedures or techniques. In order to have an affective audit report requires the truth of those assumptions.   
Limitation of the Study
It should be noted that despite  that fact that investigation was on the audit report and its impact in public sector, sources of the research studies were on large (small limited liabilities companies. It is worthy to note that the information processed in view of the study were from secondary sources like professional journals, textbook, weekly and some daily news papers, etc. taking into consideration, another limitation was lack of sufficient time resulting from the short duration of each academic session of the shool, and as such, one could not really have enough time to travel extensively to gather enough reliable information that will aid one to write extensively as should have been necessary. The public servant and revealing of the secret degree is another embargo on some public servant who thought that such a degree prevent them from responding to certain areas of questions asked.
Definition of Terms
Audit: audit is a process whereby the account of a business entity is subjected to an examination that enable an auditor to form an opinion as to their accuracy, truth and Fairless.
Auditing: auditing can be defined as an examination and  inquiry into a statement of accounts the underlying records, document, assets and liabilities by an independence person with a view to express of an opinion as to compliance and correctness of the financial statement to relevant acts and regulation and communicate the opinion to interest users.
Auditors opinion: auditor opinion can be said to an ascertain or conclusion on reached by the auditor on the general position and state of the financial statement he is reporting upon.
Statutory Audit: statutory audit are audit carried out because they are required by law.
Statues that requires audit to be made are:
The companies degree 1968
P.H.C.N act of 1992 sector 18 (2) and (3)
Internal Audit: internal audit are audit conducted by an employee of an organization into any area of its affairs.
Internal Auditing: internal auditing is an audit carried on by independent personnel.

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