CHAPTER ONE
1.1 INTRODUCTION
The need for the auditing of account for a business venture cannot be overemphasized, Even in the early 19th century, kings insisted that their steward read their account of stewardship to them orally which the kings listened to and acknowledge as having received. This was called “stewardship account”.
With the large amount of business transaction that companies these days go into, which involves a huge chunk of their resources. There is need for the accounts of such companies to be properly audited so that monies and resources may not be fraudulently mismanaged and such mismanagement swept under the carpet. This gave rise to the need for the appointment of external persons outside the companies staffs and management to look into the final account and vouchers such companies, such person must be trained accountants called Auditors.
The functions includes
To carryout detached review of financial statements To perform compliance test on the internal control Opinions and test accounting records To compare companies financial statement with existing accounting records to see that they agree. To report on the financial statements and in compliance with any relevant statutory obligation.
