THE RELEVANCE OF STATUTORY AUDIT IN GOVERNMENT ESTABLISHMENT
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This project work were be written on the reference of statutory audit in government establishment. Since an organization is an integrated system of activities in achieving some aims or objectives, it is therefore necessary to involve some plans, processes for the effectiveness and efficiency of the organisation.
Due to complexity nature of business in terms of size growth and development nowadays make personal supervision by owners because in effective. Hence most business are delegated into the hands of the management who must render report to the owners or providers of capital for the business.
In order to safeguard the interest of the providers of capital and other shareholders in the business organization, an independent examination of accounts is necessary and this brings about the work of external auditor to an organization specifically, it is obvious that poor management and sharp practical are attributed 85 any government establishment and to wipe off this, the work of external auditors is relevant to check and examine the financial records and form an opinion as to the truth and fairness of the book of account.
In an organization where auditing work functions very effective, most of the staff of such organization focus that the auditors interferes two much in their affairs and some who are devoted accept it as the only way to fornicate them and expose the treacherous.
However, the focus of this research will identify the relevance of the statutory audit in government establishment and provide a lasting solution to the problems and challenges faced by the statutory auditor in examing the book of account of any government establishment.
The data will be collected through primary and secondary datas. Primary data will be collected from the staff of the kwara state independent electoral commission (KWASIEC) responsible for administration of financial records through personal interview.
The secondary data will be collected through reviewing of past project textbook, the on the relevance of statuary audit in government establishment.
The method to be used in analyzing the data will be descriptive method involves the use of table while the inferential statistics method involved the use of datas
The sample of 80 respondents are to be used and the method of sample will be random sampling.
This study will be carefully planed to look into the significance, important and relevance of statutory audit in business organisation especially or specifically the government establishment the research has been divided into five chapters for easy presentation of fact and figure gathered.
Chapter one contain introduction, statement of research problem, objective of the study, significance of the study, research question, organization and plan of the study and also definition of term use.
Chapter two contain, literature review, origin and development of auditing , main purpose of auditing, availability of a statutory audit, relationship between internal and statutory auditor right and duties statutory auditor.
Chapter three contain, research methodology, introduction research designed, sample design and sampling technicians, method of data collection, producer of data collection, problems encountered, historical background of independent National electoral commission kwara state.
Chapter four contain, presentation and analysis of data, function of statutory audit making of returns accountability keeping of accounting records, preparation of financial statement.
Chapter five contains, summary, conclusion, recommendation, limitation of the study and bibliography.
1.1 BACKGROUND OF THE STUDY
An organization is an integrated system or combinations of activities but on achieving some aims or objectives the achievement of these aims or objective involves same plan and process which must have a good bearing on the effectiveness and efficiency of the organization.
Complexity nature of business, in term of its organisation volumes and progress, nowadays make personal supervision by owners becomes ineffective, hence business are delegated into the hands of the management who must render report to the owner or providers of capital for the business.
Aims growth in size and complexity of business organization and the need to safeguard the interest of the providers of capital who on their own part want to be assured that the business is effectively and efficiently run, create the need for an independent examination of account and reports rendered by the management of business reports of which shall be presented to the providers of the capital in order to reveal unto the providers of the capital the true financial position of the business organization.
This independent examination of account and records of management ascertain the accuracy and reability of the accounts and records by the business organisation.
Hence it can be said that auditing emerged out of the organisation it them follows that if checks and balances are not made, things would than left to change and the end result become unfavourable.
In this present world of commerce, some will established organizations private or government have an aim the organization called internal and it department whose operation is also to examine the accounts and records by the organization but is controlled by the limitation of the freedom of the internal audit department pose by the management control necessitate the need for the establishment to call in third party or expert who are independent of the management of the organization to audit the operation of the organization and express their independent opinion which will enhance proper accountability as well aid the number of the establishment in a approving the performance of the organization.
Hence in order to safeguard the interest of the investors, the companies decree provides that an independent auditor must be appointed to check and examine the financial records and to form on opinion as to the truth and fairness of the book of accounts.
This form audit that the law or decree requires to be carried out in term of statutory audit by CAMA 1990.
In this research work a through study of importance and relevance of statutory audit in government establishment of any form to see how it can aid the achievement of their pre-determined goals or objective easily.
1.2 STATEMENT OF THE PROBLEM
In an organization where auditing work function very well, most of the such organization staff regards the auditor as (NUISANCE) they always feel that the auditor unnecessarily interferes too much in their affairs, some think of auditing as a checking function carried on a clerical operation, while other belief is to be an effective aids to the management and also to give their shareholder an assurance that the business is well manage by the management and the director of the organization.
However, the focus of this research will identity the relevance of the statutory audit in government establishment. In the case of the research answer will be provided to the following problems.
- The main purpose of audit?
- What are the qualification of statutory audit?
- What are the relationship between the internal auditor and the statutory auditor?
- What are the qualities required of statutory auditor?
- What are the right and duties of a statutory auditor?
1.3 OBJECTIVES OF STUDY
The main purpose of this research work cannot be over-emphasized at its expected to aid to assist many groups, especially government established in the successful of their operations, the main objective of this write up are.
- To highlight the major role played by the statutory audit in assisting management.
- To examine how the interest of the owner of a business can be safeguard by the statutory audit.
- To highlight in a more clearer picture to practicing statutory auditors their role and duties in any organization are establishment.