Problems And Prospects Of Auditing As A Tool For Standardization Of Company’s Accounts (A Study Of Ubatang Nig. Ltd Akwa Ibom State)
ABSTRACT
An audit is independent examination of the financial
statement of an organization with the aim of expressing an opinion on the
financial statement of organization by the appointed auditor in accordance with
relevant statutory obligation and professional requirement. The problems faced
by auditors at the process of carrying out their assignment includes: lack of
effective internal control system, non existence of relationship between
managers of business and the auditors, lack of available financial documents.
The general objective of this study shall be to examine the role of auditing in
standardizing the company's accounts, while the main objective shall be to
restore shareholder's confidence. Also at the process of carrying out this
research work, a total of one hundred and fifty (150) questionnaires were
administered to the staff of Ubatang Nig. Ltd in which one hundred and twenty
(120) were returned, and this was tested by using chisquare (X2) method in
order to ascertain the reliability of the information gathered. The result
shows that the role of auditing contribute to the standardization of company's
accounts and also restoration of shareholders confidence. The findings shows
that bribery and stealing is one of the problems affecting the auditors, others
includes absence of total independence, lack of cordial relationship between
auditors and managers, influence by directors, lack of available and accurate
financial records. The researcher recommends a special court to cry audit cases
other than house committee on public accounts.
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OKPARA, M (2021). Problems And Prospects Of Auditing As A Tool For Standardization Of Company’s Accounts (A Study Of Ubatang Nig. Ltd Akwa Ibom State). Repository.mouau.edu.ng: Retrieved Nov 25, 2024, from https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-as-a-tool-for-standardization-of-companys-accounts-a-study-of-ubatang-nig-ltd-akwa-ibom-state-7-2
MACAULAY, OKPARA. "Problems And Prospects Of Auditing As A Tool For Standardization Of Company’s Accounts (A Study Of Ubatang Nig. Ltd Akwa Ibom State)" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 13 Oct. 2021, https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-as-a-tool-for-standardization-of-companys-accounts-a-study-of-ubatang-nig-ltd-akwa-ibom-state-7-2. Accessed 25 Nov. 2024.
MACAULAY, OKPARA. "Problems And Prospects Of Auditing As A Tool For Standardization Of Company’s Accounts (A Study Of Ubatang Nig. Ltd Akwa Ibom State)". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 13 Oct. 2021. Web. 25 Nov. 2024. < https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-as-a-tool-for-standardization-of-companys-accounts-a-study-of-ubatang-nig-ltd-akwa-ibom-state-7-2 >.
MACAULAY, OKPARA. "Problems And Prospects Of Auditing As A Tool For Standardization Of Company’s Accounts (A Study Of Ubatang Nig. Ltd Akwa Ibom State)" Repository.mouau.edu.ng (2021). Accessed 25 Nov. 2024. https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-as-a-tool-for-standardization-of-companys-accounts-a-study-of-ubatang-nig-ltd-akwa-ibom-state-7-2