THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANISATION

THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANISATION

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CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Complexity and the continuous growth in business organization call for more employees and also the separation of the business from its owners. Because of this increase in size of the business, it is not possible for the owner to run all the departments, effectively. He now requires more hands, making way for managers to be employed to run the various departments.

It is important therefore at this to say that as the business continues to show a constant growth rate, the sole trader will gradually give way to partnership, perhaps for better management and also due to the need for bigger capital.

As the partnership becomes bigger, it ushers in the limited liability company which came in with share holding concept a situation a very large sum of money is required for a business venture by the public each contributing a singly unit o share.

Shareholders, as owners of the business appoint directors to run the day-to-day affairs of the company. The directors, on the other hand appoint managers who serve as stewards of the company.

The managers fulfill their accountability to the shareholders and other interested parties by preparing financial statements. The financial statement may take the form of balance sheets, profit and loss account, source and application or fund statement (VAS) an historical financial summary.

The statement are presented in annual reports conform with accounting goals and standards, which now serve as instruments for activating profit in a business organization.

In some cases, when managers report to shareholders, some problems arise, such as can the shareholder believe this report, most of the following are the reasons shareholders doubt the report of managers.

1     Most of these contain errors, e.g. error in principle, error of omission and commission, to mention but a few.

  • Such reports can be misleading.
  • Such report may not disclose relevant information.

To solve the above-mentioned problems, the company has to appoint an independent expert called “AUDITOR” to investigate the reports and make his own opinion and report on h is findings.

However, the auditor is seen as a watchdog on the records of the organization so as to ensure that the financial statements are a reflection of the affairs of the organization as prepared in these records. Since these records are a summary of the transactions for a specified period, the auditor also goes behind these records to the source documents in order to confirm the accuracy, completeness and validity of the records.

According to Pugh Michael (1992) p. 12 it is the responsibility of the auditor to ascertain that all financial statements of the business are followed, because the accounting profession requires of its members integrity, transparency, honesty, independence and objectivity of performance as well as strict adherence to accepted professional standards.

Also looking at the works of A.W. Holiness (1959) p. 12, he stated that there is a provision that all registered limited liability companies must have their financial records audited annually by a firm or auditors so appointed. He further stated that the law concept compels the auditor to express his opinion to the directors and at the same time, the auditor must be seen as independent.

In summary, the auditor, shareholder and director have a tripartite relationship in the company. The shareholder are owners of the company, directors are employed by the shareholder to oversee the business, inform the shareholders appoint the auditor to act as check and balance for the purpose of fitting them a true and fair view of the company’s account at any point in time.

 

STATEMENT OF THE PROBLEM

Many people see the auditor in different ways. Some take them to be a body that checks the fraudulent art in some bodies business. While others see him as somebody who approaches his work with suspicion or with a conclusion that something is wrong.

In the case of DE-KI NGTON MILL COMPANY (1896), it was held that the auditor is not bound to approach his work with suspicion or with a foregone conclusion that there is something wrong.

Business organizations today are filled with stories of 419ers, Ducks and Drakes of public funds, etc. fraudulent acts is now the order of the day, that most times, one wonders if there is no means of eliminating the act.

It has been stated that managers of a business are also the custodians of its assets and are therefore hold liable in the occurrence of a loss.

However, the accountant who prepares the books of account is directly under the managers and thus it is possible for the managers to alter the records, the books, covers fraudulent acts, deliberately, given an unfair view in their statement of accounts.

Therefore in the interest of the shareholders and investors, and to ensure that there is no room for mismanagement of funds, the auditor is appointed to act as watchdog on the companies’ accounts. Also, the auditor as an accounting expert should be independent of the company’s management, and his duty theme is to give credibility to the financial statement of books or the company in question. He also guarantees that the companies, books of account present a true and fair view of the company.

Looking into the books of Augusta, it states that the duty of the auditor is limited to expressing an opinion as to whether or not the company’s financial statement is to the best of his knowledge represent a true and fair view of the company. According to her, he is not responsible for not detecting and uncovering fraud as such duties belongs to the management and one only a subsiding duty to him.

This brings

 

 

 

Below is the website of our various clients from various higher institutions of learning. These are universities, polytechnic and college of education website in Nigeria.

Adeyemi College of Education, Ondo,

Alvan Ikoku College of Education, Owerri,

Alvan Ikoku College of Education, Owerri, .

Federal College of Educ. Abeokuta, .

Federal College of Education, Eha-Amufu, .

Federal College of Education, Kano, .

Federal College of Education, Katsina, .

Federal college of Education, Kontagora, .

Federal College of Education, Obudu, .

Federal College of Education, Okene, .

Federal College of Education, Okene, .

Federal College of Education, Pankshin, .

 Federal College of Education, Yola, .

Federal College of Education, Zaria, .

Federal College of Education (Technical), Akoka, .

Federal College of Education (Technical), Asaba, .

Federal College of Education (Technical), Bichi, .

Federal College of Education (Technical), Gombe, .

Federal College of Education (Technical), Gusau, .

Federal College of Education (Technical), Omoku, .

Federal College of Education (Special) Oyo, .

 

 

State college of education

College of Education, Agbor, .

Akwa-Ibom State College of Education, Afaha-Nsit, .

College of Education, Akwanga, .

College of Education, Akwanga, .

Cross River State College of Education, Akamkpa, .

Adamu Augie College of Education, Argungu, .

College of Education, Azare, .

Bayelsa State College of Education, Okpoama, .

Emmanuel Alyande College of Education, Oyo, .

Enugu State College of Education (Tech.) Enugu, .

College of Education, Ekiadolor, .

Umar Suleiman College of Education, Gashua, .

College of Education, Gindiri, .

Michael Otedola College of Primary Education, Moforiji, .

College of Education, Port Harcourt, .

Adeniran Ogunsanya College of Education, Otto, .

Tai Solarin College of Education, Ijebu-Ode, .

Tai Solarin College of Education, Ijebu-Ode, .

Ebonyi State College of Education, Ikwo, .

College of Education, Ikere, .

College of Education, Ilesha, .

College of Education, Ilesha, .

College of Education, Ilorin, .

College of Education, Jalingo, .

Kano State College of Education, Kumbotso, .

College of Education, Benue, .

Kebbi State College of Education, Argungu, .

College of Education, Minna, .

Nwafor Orizu College of Education, Nsugbe, .

College of Education, Oju, .

College of Education, Oro, .

College of Education, Oro, .

Oyo State College of Education, Oyo, .

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College of Education, Warri, .

College of Education, Warri, .

FCT College of Education, Zuba, .

 

Private college of education

Angel Crown College of Education, Gidan-Daya, .

Elder Oyama Memorial College of Education, Ofat-Adun, .

Assanusiyah College of Education, Odeomu, .

African Thinkers Community of inquiry College of Education, .

Best Legacy College of Education, Ikirun, .

Bauchi Institute for Arabic and Islamic Studies, .

Calvin Foundation College of Education, Naka, .

Harvard Wilson College of Education, Aba, .

Hill College of Education, Akwanga, .

Institute of Ecumenical Education, Enugu, .

College of Education, Foreign Links Campus Moro, .

College of Education, Foreign Links Campus Moro, .

Diamond College of education aba . past questions,jamb news, admission form and list

Muhyideen College of Education, Ilorin, .

ONIT College of Education, Abagana, .

The African Church College of Education, Lagos, .

St. Augustine College of Education, Yaba, .

Yewa Central College of Education, Ogun, .

 

 

List of Federal Universities in Nigeria

Abubakar Tafawa Belewa University, .

Ahmadu Bello University, Zaria, .

Bayero University, Kano, .

Federal University, Gashua, .

Federal University of Tech, Akure, .

Federal University of Petroleum Resources, Effurun, .

Federal University of Technology, Minna, .

Federal University of technology, Owerri, .

Federal University Dutse, .

Federal University Dutsin-Ma, .

Federal University, Ndufu-Alike, .

Federal University, Otuoke, .

Federal University, Wukari, .

Federal University, Birnin Kebbi, .

Federal University, Gusau

Michael Okpara Univeristy of Agric, Umudike, .

Modibbo Adama University of Tech, Yola, .

National Open University of Nigeria, .

Nigeria Police Academy Wudil, .

Nigeria defense Academy, Kaduna, .

Nnamdi Azikiwe University, Awka, .

Obafemi Awolowo University, Ile-Ife, .

University of Abuja, Gwagwalada, .

University of Agriculture Abeokuta, .

University of Agriculture Markurdi, .

University of Benin, .

University of Calabar, .

University of Lagos, .

University of Maiduguri, .

University of Nigeria Nsukka, .

University of Port-Harcourt, .

University of Uyo, .

Usmanu Danfodiyo University, .

List of State Universities

Abia State University, Uturu, .

Adamawa State University, Mubi, .

Adekunle Ajasin University, Akungba, .

Amrose Alli University, Ikot Akpaden, .

Anambra State University of Sc. & Tech, Uli, .

Anambra State University of Sc. & Tech, Uli, .

Bauchi State Unibversity, Gadau, .

Benue State University Markurdi, .

Bukar Abba Ibrahim University, Damaturu, .

Cross River State University of Sc. & Tech, Calabar, .

Delta State University Abraka, .

Ebonyi State University, Abakaliki, .

Ekiti State University, .

Enugu State University of Sc. & Tech. Enugu, .

Gombe State University, Gombe

Ibrahim Badamasi Babangida University, .

Ignatius Ajuru University of Education, .

Imo state University,Owerri, .

Jigawa State University, .

Kaduna State University, Kaduna .

Kano University of Sc. & Tech, Wudil

Kebbi State University, Kebbi, .

Kogi State University, Anyigba, .

Kwara State University, Ilorin, .

Ladoke Akintola university of Tech, .

Lagos State University Ojo, .

Nasarawa State University, Keffi, .

Niger Delta University, Yenagoe, .

Olabisi Onabanjo University Ago-Iwoye, .

Ondo State University of Sc. & Tech, Okitipupa, .

Osun State University, Oshogbo, .

Plateau State University, Bokkos, .

Rivers State University of Sc. & Tech, .

Tai Solarin University of Education, Ijebu-ode, .

Taraba State University, Jalingo, .

Umaru Musa Yar’Adua University, .

Private Universities

Achievers University, Owo, .

Adeleke University, Ede, .

Afe Babalola University, Ado- Ekiti, .

African University of Sc. & Tech, Abuja, .

Al-hikmah University, Ilorin, .

Ajayi Crowther University, Ibadan, .

Al-Qalam University, Katsina, .

American University of Nigeria, Yola, .

Babcock University, Ilishan, .

Baze University, .

Bells University of Technology, Otta, .

Benson Idahosa University, Benin, .

Bingham University, New Karu, .

Bowen University, Iwo, .

Caleb University, Lagos, .

Caritas University, Enugu, .

CETEP City University, Lagos, .

Covenant University, Ota, .

Crawford University, Igbesa, .

Crescent University, .

Elizade University, Ilara-mokin, .

Fountain University, Oshogbo, .

Gregory University, Uturu, .

Hallmark University, .

Igbinedion University, Okada

Joseph Ayo Babalola University,Ikeji, .

Kwararafa University, Wukari, .

Lead City University, Ibadan, .

Madonna University, Okija

Mcpherson University, Seriki

Nigerian-Turkish Nile University, Abuja, .

Novena University, Ogume, .

Obong University, Obong Ntak, .

Oduduwa University, Ipetumodu, .

Pan-African University, Lagos, .

Paul University, Awka, .

Redeemer’s University, Mowe, .

Renaissance University, Enugu, .

Salem University, Lokoja, .

Tansian University, Umunya, .

University of Mkar

Veritas University, .

Wellspring University, Edo, .

Wesley University of Sc. & Tech, Ondo, .

Western Delta University, Oghara

List of all the Federal Polytechnics

    Air Force Institute of Technology Nigerian Air Force, .

    Air Force Institute of Technology Nigerian Air Force, .

    Akanu Ibiam Federal Polytechnic, Unwana, .

Nigeria Army School of Military Engineering, .

     Auchi Polytechnic .

     Auchi Polytechnic .

    Federal Polytechnic, Ado-Ekiti .

Federal Polytechnic, Ado-Ekiti .

Federal Polytechnic, Bauchi, .

    Federal Polytechnic, Bida, .

 Federal Polytechnic, Bida, .

   Federal Polytechnic, Damaturu, .

     Federal Polytechnic, Ede, Osun State, .

         Federal Polytechnic, Ede, Osun State, .

 Federal Polytechnic, Ida, .

   Federal Polytechnic, Ida, .

  Federal Polytechnic, Ilaro, .

     Federal Polytechnic, Ile-Oluji, Ondo State, .

    Federal Polytechnic, Mubi, .

   Federal Polytechnic, Namoda, .

   Federal Polytechnic, Nassarawa, .

  Federal Polytechnic, Nekede, .

    Federal Polytechnic, Nekede, .

Federal Polytechnic, Offa, .

 Federal Polytechnic, Offa, .

 Federal Polytechnic, Oko, .

Federal School of Dental Technology and Therapy, .

Kaduna Polytechnic, Kaduna, .

Hussaini Adamu Federal Polytechnic, .

Nigeria Army School of Military Engineering, .

Federal College of Animal Health and Production Technology, .

Waziri Umaru Federal Polytechnic Birnin Kebbi, .

Yaba College of Tech, .

List of State Polytechnics in Nigeria

 Abraham Adesanya Polytechnic, Ijebu-Igbo, .

Abia State Polytechnic, .

Adamawa State Polytechnic, .

Akwa-Ibom State Polytechnic, Ikot-Osurua, .

Benue State Poly, Ugbokolo, .

Gateway Polytechnic, Igbesa, .

Rufus Giwa Polytechnic, .

Rufus Giwa Polytechnic, .

The Polytechnic, Ibadan, .

Institute of Mgt. and Tech, .

Imo State Polytechnic, Umuagwo, .

Kano State Polytechnic, .

Kogi State Polytechnic, Lokoja, .

Kwara State Polytechnic, Ilorin, .

Lagos State Poly, Ikorodu, .

Moshood Abiola Poly, .

Nasarawa State Polytechnic, .

Nuhu Bamalli Polytechnic, .

Delta State Polytechnic, Ogwashi-Uku, .

Osun State Poly, Iree, .

Osun State Poly, Iree, .

Osun State College of Tech, Esa-Oke, .

Delta State Polytechnic, Ozoro, .

Plateau State Polytechnic, Barkin-Ladi, .

Adamawa State Poly, .

Rivers State College of Arts and Science, .

Rivers State College of Arts and Science, .

Rivers State Polytechnic, .

Gateway Polytechnic Saapade, .

Edo State Inst. of Tech and Mgt, Usen, .

Niger State Poly, Zungeru, Niger State, .

List of Private Polytechnics in Nigeria

Allover Central Polytechnic, .

Crown Polytechnics, .

Covenant Polytechnic, .

Dorben Polytechnic, Bwari-Garam Road, .

Fidei Polytechnic, Gboko, .

Grace Polytechnic, .

Grace Polytechnic, .

Igbajo Polytechnic, .

The Polytechnic, Ile-Ife, NITEL Road, .

Lagos City Poly, Ikeja, Lagos State, .

Light House Polytechnic, Eubuobanosa, .

Interlink Polytechnic, .

Kings Polytechnic, Ubiaja, .

RONIK Polytechnic, .

Shaka Polytechnic, Polytechnic, Benin city, .

Temple-Gate Polytechnic, .

Wolex Polytechnic, .

Prime Polytechnic, .

The Polytechnic Imesi-Ile, Osun, .

Heritage Polytechnic, Ikot Udota, .

Ibadan City Polytechnic, .

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