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AUDITOR AND LAW’’CONCEPT AND IMPLICATIONS (A CASE STUDY OF FIRST BANK NIGERIA PLC. OKPARA AVENUE, ENUGU STATE)

  • Department: ACCOUNTING
  • Chapters: 1-5
  • Pages: 53
  • Attributes: Primary Data
  • Views: 199
  • PRICE: ₦ 3,000
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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

.