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TABLE OF CONTENT

CHAPTER ONE

1.0     Introduction                                                                            1

1. Background of the study                                                         1
2. Statement of the problem                                                        4
3. The objective or purpose of the study                                     4
4. Scope or delimitation of the study                                 5
5. Research questions                                                                  6
6. Significance of the study                                                         6
7. Definition of terms                                                                  8

 

CHAPTER TWO

Review of literature                                                                 11

2.1     The nature and scope of audit                                                 11

2.2     The historical development of audit                              12

2.3     The objective of audit                                                    14

2.4     The essential features of audit                                       17

2.5     Summary of related literature reviewed                         18

 

CHAPTER THREE

Research Methodology                                                            20

3.1     research design                                                              20

1. Area of study                                                                 20
2. Population of the study                                                 20
3. Sample and sampling procedure                                    21
4. Instrument of data collection                                         21
5. Validation of the research instrument                                     22
6. Reliability of the research instrument                                      22
7. Method of administration of the research instrument    22                                                     

CHAPTER FOUR

Data presentation and results                                                  24

4.1     Summary of results/findings                                          29

CHAPTER FIVE

5.0     Discussion, implication, recommendations                    31

1. Discussion of results                                                      31
2. Conclusion                                                                     32
3. Implication of the results                                                         33
4. Recommendations                                                                   34
5. Suggestion for further research                                               35
6. Limitation of the study                                                  35

Reference                                                                       37

Appendix                                                                       38

 

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The cradle of business organisation revealed that most business set ups were managed by their owners.  The ownership manager was the financial provider and contribution to the enterprise, but with the advent of large scale production and development in scope and in scale of business, a huge capital beyond that affordable by the sole proprietor or family was needed.

Consequently, contributors, hereafter called shareholds were required to raise the fund for the business.

The invitation of these shareholders led to the separation of the owner managers from the management of the business.  This is because all of them cannot, be the directors of the business at the same time.  As a result of this the management of the business was entrusted in the hands of people who have no financial claims to the business.  The law denies the shareholders access to the books of account of the company, depriving them of their rights to be kept abreast of the director’s performance.  The shareholders became skeptical about this.  Thus, the need of effective surveillance over the activities of the non-owner managing directors.

Basically, in an attempt to satisfy the shareholders, the services of an auditor, who will serve as the third party in auditing the account of the business were needed and employed.

The study revealed that the job of this auditor is to check whether the accounts present a true and fair view of the business’ transactions and also to ascertain the reliability of the records from which the accounts are drawn as well as verifying the assets and liabilities including petty and negligible transaction within the accounts.

The study also brought it to the light, that the company should be discreetly structured so as to facilitate full and proper enhancement and attainment of accountability.

Audit has since received a lot of definitions and or interpretations both from accounting bodies and authors.  Consultative council of accountancy bodies CCAB – defines audit thus:  The independent examination and expression of opinion on the financial statement   of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligation.  The general essence of audit is to ascertain compliance of the company’s records and operational polices with certain prescribed standard.  It aims also at increasing the usefulness of acceptability and dependability on the firm’

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