ATTENTION:
BEFORE YOU READ THE
PROJECT WORK, PLEASE READ THE INFORMATION BELOW. THANK YOU!
TO GET THE FULL
PROJECT FOR THE TOPIC BELOW PLEASE CALL:
08068231953,
08168759420
TO GET MORE PROJECT
TOPICS IN YOUR DEPARTMENT, PLEASE VISIT:
ACCOUNTING RECORD KEEPING AND AUDITOR’S
PERFORMANCE
ABSTRACT
This research work
focused on accounting record keeping and auditor’s performance .The effects of
inadequate accounting record keeping can never be over emphasized. Accounting
records has its end point in the financial statements hence, management should
ensure that the financial statements they prepare portray the true position of
an organization. This can only be achieved when adequate accounting records
have been kept. Using questionnaires we gathered data from primary source and
secondary from text books, journals, internet etc. Data obtained were gathered
using tables and analyzed using chi-square. Hypotheses were also tested using
chi-square. Our findings indicates that accounting records play important role
in the performance of auditor’s function and auditors need accounting records
to carry out their work effectively.
TABLE OF CONTENTS
Title page
Table of
content
Abstract
CHAPTER ONE
1.0
Introduction
1.1 Background to the Study
1.2 Statement of Research
Problem
1.3 Research
Question
1.4 Research
objective
1.5 Significance of the
Study
1.6 Scope of the
Study
1.7 Research
Hypothesis
1.8 Limitation of the
Study
1.9 Definition of
terms
References
CHAPTER TWO
2.0 Introduction
2.1 Source
Document
2.2 Bookkeeping
2.2.1 Single
Entry
2.2.2 Double
entry
2.3
Significance of Bookkeeping and Account
2.4 Books of
Account
2.4.1 The Subsidiary Books
2.5 Financial
Statement
2.6 Sources of Authority
Guiding the Preparation
and Presentation of
the Financial Statement
2.6.1 Generally Accepted
Accounting Principles
2.6.2
Legislation
2.6.3 Disclosure
Requirements of Company and
Allied Matters Decree
(CAMD 1990)
2.6.4 Disclosure Requirement of
Banking Decree
of
1991
2.6.5 Accounting standards
2.7 Users of Accounting
Information and their
Information
Needs
2.7.1 Investors
group
2.7.2
Government
2.7.3 Creditors and
suppliers
2.7.4 Management
2.7.5
Employees
2.7.6 Trade Union
2.7.7 The
Public
2.8 The
Attributes of an idea Financial Statement
2.8.1
Reliability
2.8.2
Verifiability
2.8.3 Representational
Faithfulness
2.8.4
Neutrality
2.8.5 Secondary Decision Relevance
Qualitative
Characteristics
2.8.5.1
Consistency
2.8.5.2
Comparability
2.9
Objectives of Financial
Information
2.10 Merits of Financial
Information
2.11 Limitation
of Financial Information
2.12 Components of
Financial Statement
2.12.1 The Statement of
Accounting Policies
2.12.2 Balance Sheet
2.12.3 The Profit and
Loss
2.12.4 Notes on the
Accounts
2.12.5 Auditor’s
Report
2.12.6 Director’s
Report
2.12.7 The Statement of
Value Added
2.12.8 Five
Year Historical Summary
2.13 Statutory
Frame Work of an Audit
2.14 Internal
Control in an Organization
2.14.1 Types of Internal
Control
2.14.2 Internal Control
Weakness
2.15 Relationship between Management
and
Auditors
2.16 Record Keeping and Internal
Control a
Case of Akintola
Willams Delloitte and
Cadbury Nigeria
plc
2.16.1 External auditors Akintola
Williams
Delloitte
2.16.2 Issues involved in AWD
2.16.3 SEC final decision on Akintola
Willams
Delloitte
2.16.4 Audit lesson from AWD and
Cadbury Plc
2.17 Relevance of
Accounting Record Keeping in
the Preparation of
Financial Statement
2.18
Impact of Accounting Record Keeping
in
the performance of audit function
Reference
CHAPTER THREE
3.0 Research
Methodology
3.1
Introduction
3.2 The Research
Design
3.3 The
Population
3.4 The Sample
Size
3.5 The
Sampling Techniques
3.6
Source of
Data
3.7
Method of Data
Analysis
3.8
Measurement of Data
Reference
CHAPTER FOUR
4.0
Introduction
4.1 Data Presentation and
Analysis
4.2 Percentage
analysis
4.3 Hypothesis
testing
4.3.1 Hypothesis
one
4.3.2 Hypothesis two
CHAPTER FIVE
5.0 Summary, Recommendation
and Conclusion
5.1 Summary of
findings
5.2 Recommendation
5.3 Conclusion
Bibliography
Appendix
CHAPTER
ONE
INTRODUCTION
1.1
Background to the study
According
to Punkett (1979) accounting is the oldest profession. Infact since prehistoric
times families had to account for food and clothing to face the cold season.
Later as man began to trade we established the concept of value and developed
monetary system. Evidence of accounting records can be found in the Babylonian
empire (4500bc) in pharaoh’s Egypt and in the code of Hammurabi (2250b.c).
Eventually with the advent of taxation record keeping became a necessity for
government to sustain social orders.
The
Italian renaissance brought the artistic accomplishment of man to new height.
At this time Venice was the business cradle of Europe and it was here among
merchants that double entry accounting was invented and practiced.
However
auditing started when ownership was separated from administration .this was
first seen in Ancient Greece where government al accounting records (for the
monarchs) were certified as true and fair only after a public hearing in which
the account s were read aloud to the hearing of the people based on whose
response (i.e. either affirmation or denial) the monarch either affirm by
saying “I hear” or reject by being silent.
According
to Oladipupo (2005) the social relevance of auditing in this crude form
was mainly to detect if such public officers have upheld their stewardship
position and the basis of which their reappointment into earlier occupied
position lies. From the Medieval times on through the industrial
revolution audits were made to determine whether persons in position of fiscal
responsibility in government and commerce were accounting and reporting in an
honest manner. During the industrial revolution as manufacturing concern grew
in size their owners began to use the service of hires managers. With this
separation of ownership from management the absentee owners turned increasingly
to auditors to protect themselves against the dangers of fraud by both manager
and employees.
In Nigeria or elsewhere in the world, the shareholders (owners) are separate
from the management. This is more pronounced where such companies are quoted in
the stock exchange. The day to day running of the business is however vested on
management who help to implement policies of the board while the owners’
responsibility is just to pool their resources together to fund the activities
of the company and they bear the ultimate risk in the event of failure.
Therefore the owners appoint auditors or need audit of financial report in
order to have confidence or faith in such report prepared by management and know
if the drafted financial statement gives a true and fair picture of the
financial position operating result and changes in the financial position.
Improper accounting record keeping by management is aimed at reporting the
financial statement of a firm in a wrong position which conflict with the basic
aim of accounting regulation to provide consistent and comparable financial
information to users. Improper record keeping has been the root of a number of
accounting scandal like ERON and WorldCom. When discovered at any time that
proper accounting records where not kept by management they should be made to
face the wrath of the law. The effect of improper record keeping is enormous.
Keeping of improper accounting records could mislead the auditor thereby making
their report n not to be reliable. This could reduce the auditor’s actual
standard of performance.
1.2 STATEMENT OF RESEARCH PROBLEM
1.2 STATEMENT OF RESEARCH PROBLEM
Presently we observed that companies that are being audited and shown to be
healthy run into financial crisis within a short time. It happens probably
because management do not keep proper accounting record that will be sufficient
for an auditor to carry out his work.
1.3 RESEARCH
QUESTION
In the light of the above the following questions were asked
1. What are the records that are necessary for
auditor’s performance?
2. Does management keep such records?
3. Does proper record keeping enhance auditor’s
performance?
4. 1.4 RESEARCH OBJECTIVES
The following are
the objectives of this research
1.
To find out the records that are necessary for auditor’s performance.
2.
To find out whether management keep such records.
3.
To find out whether proper record keeping enhance auditor’s performance
1.5
SIGNIFICANCE OF THE STUDY
The
significance of accounting records lies in the fact that it holds true for all
uneven situation and keeping a proper note of financial transaction can prove
useful for a company in times of problematic condition. So whether business is
big or small accounting records prepared in the proper manner will never lose
value and is always recommended so that the business can potentially grow and
outgrow others and stand as a reputable organization.
1.6
SCOPE OF THE STUDY
The scope of the study is limited to accounting record keeping and auditor’s
performance in the banking industry in EDO STATE .This study specifically
focuses on the roles played by management of banks in preparing proper
accounting records and how auditors perform in the examination of such records.
1.7
RESEARCH HYPOTHESIS
The following statement of hypothesis was tested in this research
1. H0
management does not keep accounting records
H1
management keep accounting records
2. H0
proper record keeping does not enhance auditor’s performance
H1 proper record keeping enhance
AFFILIATE LINKS:
Comments
Post a Comment