THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANIZATION (A CASE STUDY OF AUDITING PRACTICE COMMITTEE)

THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANIZATION (A CASE STUDY OF AUDITING PRACTICE COMMITTEE)

CHAPTER ONE INTRODUCTION

BACKGROUND OF THE STUDY

THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANIZATION  

          Due to the problem that arrives from the shareholding employees, investors and other body urgencies in the act of been doubting on report presented to them, an auditor will be of good help because it serves as an inappeasable a profitable business organization.

          However, the auditor is regarded as the eyes and ears records of the organization in order to encore that the financial statement are a reflection of the affairs of the organization as appeared in these records. Since this records  are summary of generation for a specified period. The auditor also goes behind these records to the source document in other to confirm the accuracy, completeness and validity of the records transaction.

          According to A.W. Honliness (1959) p.21, he stated that “there is a requirement that all registered limited liability companies must have their financial records audited annually by a firm of auditors so appointed.” He further stated that the law concept  compel the auditor to express his opinion to the authoritative, the auditor must be seen to be independent.

          The duty of preparing the financial statement is placed on the directors, white that of reporting is on the auditor who is responsible to the shareholders all these are aimed towards achieving project in the business organization. Finally, Rogers Adams rightly defined auditing as “the independent examination of and expressing of opinion on the financial statement of an opinion on the auditor practice committee (APC) 1989. This opinion is expressed in the form a report. The person who carries out such examination is known as an auditor.

1.2     OBJECTIVE OFTHE STUDY

(a)              To ascertain the impact of audit on business.

(b)             To examine the performance of accounting system in business organization, if it to up to standard.

(c)              To examine if a good internal control is being practice in the business.

(d)             Identify the problems organization face as a result of the introduction of audit.

(e)              To examine the facts contained in the audit of business finance.

1.3     SIGNIFICACE OF THE STUDY

(a)              Business organization will through this research work, improve on their performance since the researcher will let the public know all that in required of the guidelines.

(b)             Fraud identification

Another significance is to identify frauds misappropriation or embezzlement of business fund usually in the form of cash or of its other assets.

1.4   STATEMENT OF HYPOTHESIS

A hypothesis is a testable tentative and probable explanation of the relationship between two or more variable that creates a state of affairs or phenomena. For the purpose of this project, the following pertinent hypotheses have been formed.

  1. H0: The Auditor is not an indispensable part of a profitable business organization

H1 : The Auditor an indispensable part  of a profitable business organization

  1. Ho Auditors opinion does not assist management in decision making.

H1: Auditors opinion assist management in decision making

  1. HO: Auditing does not help in minimizing fraud in an organization.

H1: Auditing help to minimize fraud in an organization

  1. Ho: Auditing is not a mirror of shareholders investment and the turn over achieved in an organization.

H1: Auditing is a mirror of share holders investment and the turn over achieved in a company.

1.5     SCOPE OF STUDY

This research work covers the facts contained in the business finance auditing and organization welcome the auditing processes, the impact the auditing have made so far and problem facing the organization as a result of this business organization finance.

1.6     LIMITATION OF STUDY

This research work on the problem and prospects of an auditors as an indispensable profitable business organization has been a major literature to write about for grassroots transparency. It could be useful if it is properly evaluated, but some limiting circumstance might prevent not to have adequate information.

          The shortest duration for submission of the research work could also be a great problem for a proper cover. The organization could also be a problem.

1.7     DEFINITION OF TERMS

FRAUD – It is used to refer to irregularities obtain an unjust or illegal benefit.

AUDIT EVIDENCE – This audit evidence on information obtained by the audit in arriving at the conclusion on which he bases his opinion on the financial statement.

REVIEW OF FINANCIAL STATEMENTS- The auditor should carry out such review of the financial statements as is sufficient, in conjunction with the conclusion draw form the other auditor evidence obtained, to give him a reasonable basis for his opinion on the financial statements.

ACCOUNTING EVIDENCE- The auditor should ascertain the enterprises system of recording and processing transaction and asses its adequacy as a basis for the preparation of financial statements.

LETTER OF ENGAGEMENT- This provide the auditor with an opportunity to place on record the understanding of the responsibilities management in relation to internal control and fraud and at the same time define the auditor objective and responsibilities.

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How To Write Chapter Three Of Your Research Project (Research Methodology)

  • Methodology In Research Paper


    Chapter three of the research project or the research methodology is another significant part of the research project writing. In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it.

    This chapter explains the different methods to be used in the research project. Here you mention the procedures and strategies you will employ in the study such as research design, study design in research, research area (area of the study), the population of the study, etc. You also tell the reader your research design methods, why you chose a particular method, method of analysis, how you planned to analyze your data.

    Your methodology should be written in a simple language such that other researchers can follow the method and arrive at the same conclusion or findings.

    You can choose a survey design when you want to survey a particular location or behavior by administering instruments such as structured questionnaires, interviews, or experimental; if you intend manipulating some variables.

    The purpose of chapter three (research methodology) is to give an experienced investigator enough information to replicate the study. Some supervisors do not understand this and require students to write what is in effect, a textbook.

    A research design is used to structure the research and to show how all of the major parts of the research project, including the sample, measures, and methods of assignment, work together to address the central research questions in the study. The chapter three should begin with a paragraph reiterating the purpose of research. It is very important that before choosing design methods try and ask yourself the following questions: Will I generate enough information that will help me to solve the research problem by adopting this method?

    Method vs Methodology

    I think the most appropriate in methods versus methodology is to think in terms of their inter-connectedness and relationship between both. You should not beging thinking so much about research methods without thinking of developing a research methodology.

    Metodologia or methodology is the consideration of your research objectives and the most effective method and approach to meet those objectives. That is to say that methodology in research paper is the first step in planning a research project work.

    Design Methodology: Methodological Approach

    Example of methodology in research paper, you are attempting to identify the influence of personality on a road accident, you may wish to look at different personality types, you may also look at accident records from the FRSC, you may also wish to look at the personality of drivers that are accident victims, once you adopt this method, you are already doing a survey, and that becomes your metodologia or methodology.

    Your methodology should aim to provide you with the information to allow you to come to some conclusions about the personalities that are susceptible to a road accident or those personality types that are likely to have a road accident.

    The following subjects may or may not be in the order required by a particular institution of higher education, but all of the subjects constitute a defensible in metodologia or methodology chapter.

    Click here to complete this article - How To Write Chapter Three Of Your Research Project (Research Methodology)

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