Co-operative Audit is one of the statutory duties of the Co-operative director, is the act of examining the account book of co-operative societies to insure accountability in the management of co-operative fund. This aspect of the duties of co-operative director is very essential to the viability of co-operative societies towards the attainment of co-operative objectives.
Inspite of the importance of co-operative auditing to the development of co-operative it has been observed that there are many problems associated with co-operative auditing. This have propelled the researcher to embark in the project works.
This project work covers the problems associated with Co-operative Auditing (A case study of Nsukka L.G.A). This work will be in five chapters:
Chapter one deals with introduction, background of the study, statement of the problems, objectives of the study, significance of the study, scope and limitations of the study.
Chapter two examines the past related literature to the topic of the project and relates them to the study on hand for sure that the process adopted in this study is right.
Chapter three deals with the design of this study, methods and procedure used in collecting data and the method of data analysis.
Chapter four deals with data presentation analysis and discussion of the findings of the research work.
Chapter five covers the recommendation and conclusion of the research project based on the outcome of the research work.
An audit is 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 role statutory obligation. an audit involves an examination or investigation of the statement in figure from relevant evidence with the objective of enabling the auditor to make a report on the state of statement. Also is the examination of business transactions with a view of ensuring that the balance sheet and the Profit and Loss account give a true and fair view of the financial statement, that is, the examination of accounts to see that they are in order.
Auditing is of two steps: The first being the process of gathering evidence relating to transactions, and the other being the function of reporting to the members of the enterprise as to whether the financial statements show a true and fair view of the state of affairs of the enterprise and the profit or loss for the year ended on that date. In the case of a statutory audit, the matters to be reported upon are laid down in the companies act or in other relevant legislation. Coming to non-statutory audit, the matters to be dealt with in the report should be agreed in writing between the auditor and his client. The engagement letter should explain the scope of the audit and state that the auditor will review the accounting systems in order to assess their adequacy as a basis for this preparation of the financial statements. Furthermore, the letter should state that the auditor will need to obtain relevant and reliable sufficient to enable him to reach reasonable conclusions there from. The latter should state also that if the auditor plans to place reliance on any internal controls, he will ascertain and evaluate these controls and perform tests on their operations. In this respect, reference should be made to the auditor reporting to the management on any significant weakness in organizaation’s system which comes to the auditor’s notice and which he thinks should be brought to the notice of management. The auditor will carry out his work and make his report in accordance with approved auditing standard, where appropriate, will have regard to international standard when reviewing the financial statement it should make it clear, that the client not the auditor is responsible for the preparation of financial statement giving a true and fair view and for maintaining proper accounting records and a system of internal control which is appropriate to the enterprise. Auditing can also be defined as embracing:
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