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 in my case study was adequate.
Finally, based on these findings, various recommendations were made amongst which include, that for auditor’s work to be relied upon by other or for the work of auditors not to be subjected to any loss or damage, they should not accept gifts or packages, have personal relationship with clients and should carry out their duties in compliance with statutory requirements.
TABLE OF CONTENTS
TITLE PAGE I
CERTIFICATION II
DEDICATION III
ACKNOWLEDGEMENT IV
ABSTRACT V
LIST OF TABLES VI
TABLE OF CONTENTS VII
CHAPTER ONE
1.0 INTRODUCTION 1
1.1 BACKGROUND OF STUDY 1-2
1.2 HISTORY OF CASE STUDY 2-6
1.3 STATEMENT OF THE PROBLEM 6
1.4 OBJECTIVES OF STUDY 6
1.5 STATEMENT OF HYPOTHESIS 7
1.6 SIGNIFICANCE OF THE STUDY 8-9
1.7 SCOPE AND DELIMITATION OF THE STUDY 8
1.8 DEFINITION OF SOME RELEVANT TERMS 9
REFERENCES 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 42
2.18 INVESTIGATIONS 42
2.18.1 STAGES AND PROCEDURES OF
AN INVESTIGATION 43-49
2.19 ACCOUNTING AND AUDITING STANDARDS 49-50
2.19.1 AC
.