THE ROLE OF INDEPENDENT AUDITORS IN NIGERIA
ABSTRACT: Auditors have a role to play in the economic development of Nigeria, but this is not achieved because of the problems are uncompromising attitude on the part of their client’s staff, conflict during report writing, absence of accounting manuals in the organisations, the ambiguous nature of the Nigeria companies, decree and other acts. The project investigates the causes and solutions to the problems. Form the findings, the true position is that, the problems of auditors range from the uniformed members of the public who do not know much about the profession and their right to the attitudes of company directors. The suggestions for the improvement of the conditions of services include. Removal of the power to appoint auditors from the directors and shareholders and to vest it on ministry responsible for trade.
TABLE OF CONTENT
CHAPTER ONE
- BACKGROUND OF THE STUDYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1
- STATEMENT OF THE STUDYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4
- OBJECTIVE OF THE STUDYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5
- SIGNIFICANCE OF THE STUDYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6
- SCOPE AND LIMITATION OF THE STUDYÂ Â 6
CHAPTER TWO
- DEFINITION Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 8
2.1Â Â Â Â TYPES OF AUDITORS AND THEIR RELATIONSHIPS10
- DIFFERENCES BETWEEN INTERNAL AND EXTERNAL AUDITORÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11
- RESPONSIBILITY OF INTERNAL AND EXTERNAL AUDITORSÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16
- INDEPENDENCE OF INTERNAL AND EXTERNAL
AUDITORSÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17
- STATUTORY ROLES OF INDEPENDENT AUDITORS. 19
CHAPTER THREE
- SUMMARY OF FINDINGSÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 21
3.1Â Â Â Â CONCLUSIONÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23
3.2Â Â Â Â RECOMMENDATIONÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 25
- BIBLIOGRAPHYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 27
- APPENDIXÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 28
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
In the early days of auditing the prince qualification of the position of auditor was reputation. A manufacturing known for his integrity and independence of mind would be sought for this honoured position, the matter of technical ability being entirely secondary; consequently has function, in those days, was never confused with that of accountant. However, as accountancy gradually became more complex and concerned with technicalities, auditors found themselves out of their depth and in turn, became increasingly dependent upon the expertise provided by accountants. Eventually the audit function itself became totally dominated by the accountancy profession.
