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ABSTRACT: The aim of this study is to appraise Audit report and their impact on the activities of the business organizations in Nigeria.  To accomplish the above objective, this work looked into and investigated the roles auditors play in the review and examination of financial statement. Audit report is the opinion expressed by an auditor on financial statements stating clearly whether such statements presents a true and fair position of the company.  It is implied from the above that before such an opinion could be expressed, the auditor must have done an examination of the books of accounts.

 

TABLE OF CONTENTS

CHAPTER ONE:

1. Introduction

1.1     Background of study

1.2     Statement of problem

1.3     The purpose of the study

1.4     Significance of the study

1.5     Scope and Limitation of the study

1.6     Definition of terms

CHAPTER TWO:

1. Review of related literature

2.1     What is auditing

2.2     Nature of auditing

2.3     Independence of the auditors

2.4     Meaning of audit report

2.5     Basic contents of audit report

2.6     Purpose of the audit report

2.7     Format and presentation of the audit report

CHAPTER THREE:

1. Summary of finding, conclusion and recommendation

3.1     Discussion of findings

3.2     Conclusion

3.3     Recommendation

          Bibliography

 

CHAPTER ONE

1. INTRODUCTION:

Most people at one time or other would hear of an audit and would also have general idea of what it is.  Generally speaking, it is usually in the ancient time for great kind owner not to manage their own land but would appoint person called stewards to manage the land for them.

Nowadays, various social clubs, student union bodies, charitable organizations etc do provide in their constitutions, the election of union officers who collect and disburse the organizations money.

However, it is expected that shareholders who appointed directors to manage their business will be concerned with what happened to their business.  The process whereby the managers of a business account or report to the owners of the business is called stewardship accounting.

 

1.1     BACKGROUND OF THE STUDY:

Although the objectives and concepts that guide present day audit were almost unknown in the yearly years of the 20th century audit of one type or another have been made throughout the recorded history of commerce and government finance.

Now the direction of audit work was more always from fraud detection to the new goal – determining whether financial statement give a true and fair picture (view) of financial position.

 

1. STATEMENT OF THE PROBLEM:

Audit reports, which is the end product of an external auditors independent examination on the financial records of a business firm is the subject matter of the study.

Financial statements prepared by management and transmitted to outsider, without first being audited by independent accountants leaves a “credibility” gap.

1. PURPOSE OF THE STUDY:

The purpose of this study is to investigate into audit reports and their likely impact on business firms as the increasing wave of frauds and total loss of the sense of accountability has really called to question.  The study has the following objectives which include:

1. To find out the problem encountered by auditors in the performance of their duties.
2. To make recommendation on how audit reports affects employers and government.

 

1. THE SIGNIFICANCE OF THE STUDY:

Audit report is important        in that the report shall state whether in the auditors opinion the annual accounts have been properly prepared in accordance with the CAMD, and in particular, whether a true and fair view is given.  If the balance sheet (if not consolidated) the profit and loss account are in agreement with the accounting records and returns the auditors shall state that fact in their report.

 

1. SCOPE AND LIMITATION OF STUDY:

As the edge goes, “everything has a limit”.  In this work, a part fro the envisaged limiting factors interested in the writing of such papers.

I am going to limit my study in terms of concepts to be covered in this work.

I am then limiting my study to the audit reports of public limited liability companies and equally development on the impact of such classified types of audits i.e. qualified or unqualified on business firms.

 

1. DEFINITION OF TERMS:

1.       Accounting:   Is a process of collecting classifying recording, analyzing and communicating the financial transaction of an enterprises to various users.

2.       Auditing:   But J.U.T. Okolo; he expressed that the audit would be a conscientious and objective examination of an enquiring into and any statement of account relating to money or money worth.

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