THE ROLES OF AUDITOR IN PROMOTING EFFICIENCY IN NIGERIA BANKS
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TABLE OF CONTENT
Title page
Certification
Dedication
Acknowledgement
Table of Content
CHAPTER ONE
1.1 Background of the study.
1.2 Statement of the Problem
1.3 Research Question
1.5 Scope of the Study
1.6 Limitation of the Study
1.7 Significant of the Study
1.8 Definitions of Operational Terms.
CHAPTER TWO
- Literature Review
2.1 Introduction
2.2 Objectives of Auditing
2.3 Concepts of Audit
2.4 Sources of the role of Auditors
2.5 The Auditors Reports
2.6 The Auditors Opinion
2.7 The Auditors Responsible to Detect Fraud
2.8 Role of Independence and the Auditor
2.9 Ways to Maintain Independence of an Auditor
CHAPTER THREE
- Research Methodology
3.1 Introduction
3.2 Research Design
3.3 Area of Study
3.4 Population
3.5 Instrument for Data Collection
3.6 Method of Data Collection
3.7 Method of Data Analysis
CHAPTER FOUR
4.1 Analysis of Data
4.2 Hypothesis Testing
CHAPTER FIVE
5.0 Summary
5.1 Conclusion
5.2 Recommendation
References
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Auditors derived their roles from some sources among which are: (a) Companies and Allied Matters Decree 1990 (CAMD 1990) (b) Bank and Other Financial Institution Decree (BOFID 1991). Number 2 of the decree states their functions. (c) Their roles are also specified in other financial disclosure requirement for the universal banking system in Nigeria.
The role of an Auditor can not be overemphasized in any organization.
An Auditor is a person whose job is to carefully check the accuracy of business records. Auditors can be either an independent auditor (auditors that are not affiliated with the company which they audit), or a captive auditor, some are elected public officials. The term auditor is sometimes synonymous with “comptroller”. Auditor helps to ensure that forms are run effectively and their records are kept accurately, taxes paid properly and on time. Their main duties is to carry out an examination which enables them to determine whether a firm’s record has being properly recorded.
1.2 STATEMENT OF THE PROBLEM
Recently in Nigeria, banks were going into liquidation, acquisition, merger and recapitalization; and before any of these can take effect, an auditor is needed to give the financial stand of the bank. Part of these is what leads the researcher to the topic in order to enable the UBA (United Bank for Africa) and CBN (Central Banks of Nigeria) and all other financial institution involved to know the roles of auditors in banking system.
1.3 RESEARCH QUESTIONS
The research work is aimed at addressing the general roles of auditors in the banking system in Nigeria. Auditors reports are considered essential tools when reporting financial information to users particularly in business. Since many third party users prefers or even require financial information to be certified by an independent external auditor, many audited rely on auditors reports to certify their information in order to attract investors, obtain loans, and improve public appearance.
1.4 PURPOSE OF THE STUDY
This research work tries to examine the auditor’s roles in the Nigeria banks, since all banks (both UBA) and other are involved in the same monetary transaction.
The purpose of this research work is to:
- Determine the need for an audit system or an auditor in Nigeria Banks.
- To determine the role played in reliability of the financial statements of the universal banks.
- To reveal the impact of their roles to the bank customer (that is, the auditors role to the customer).
- To assess the problems of confronting auditors in the course of their assignment
- To examine the effectiveness of their report.
1.5 SCOPE OF THE STUDY
This research write-up examines the historical background of auditors, their roles to the United Bank for Africa (UBA) and the entire banking system. If also gives an in depth look into the impact of auditors on all commercial stakeholders.
The study is also centered on the Nigeria banking sectors and other financial institution. It also states the exemplary performances of auditors.
1.6 LIMITATION OF THE STUDY
Major constraint encounter in the prices of writing this research topic were during data collection. The data were collected from the UBA staff and it was given to the researcher under strict compliance with certain rules and regulation.
Also, the financial aspect of this project also demanded lot money were used during transportation to the bank and in buying stationeries. Time was also consumed in pursuing UBA staffs when searching for relevant data(s) and information.
1.7 SIGNIFICANT OF THE STUDY
Since the inception of Obasanjo’s Administration in 1999, a lot of questions was erupted as regards to the performance of commercial banks in Nigeria in relations to the role played by the auditors, this will make this research work of more benefit to any willing individual that wish to know how efficient and effective the work of an auditor is and their impact to the economic growth and development. This research word is also significant for shareholders who are willing to invest in one bank or the other (it serves as a guideline to investment).
Finally, this research work is significant for the government in order to know the appropriate measures to be taken in formulating plans and policies for the financial institutions in Nigeria.
1.8 DEFINITIONS OF OPERATIONAL TERMS
(1) FINANCIAL STATEMENT: – These are part of a company annual report, the purpose of which is to communicate information about the company to those who are eligible to it,
(2) MANAGEMENT: – This involves all those people that engage in the efficient running of the firm. They are the one who perform the stewardship function in an organization.
(3) FRAUD: – This is a deception, deliberately practiced in order to secure unfair or unlawful gain. In other words, it is the intentional misrepresentation of financial information by one or more individual among the management, employees or third parties of an organization.
(4) AUDITEE: – an individual, firm or an organization that is being audited.
(5) SHAREHOLDERS: – they are the rightful owners of the company which resources are contributed together towards the running of the business.
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