ABSTRACT
This study was aimed primarily at highlighting the techniques, policies and concept of auditing as they relate to growth of Business Corporation. The principal focus was on the private sector which more than any other sector uses their financial reports. And a research surely was conducted in Setraco construction Company, Bomadi, Delta State. This study also focuses on the nature and purpose of independent auditing and its relevance to the economic growth of business organization. The objective of the study was to appraise the impact ofauditing in Setraco Construction Company Bomadi to examine why auditing is needed in the organization and the role it plays, its importance and problems and the prospect of auditing in Nigeria. Modern changes in the traditional role of auditing and its method of implementation were valuated. For the purpose of this study, questionnaires were administered in Setraco Construction Company, Bomadi and primary data were generated from I and secondary data were obtained from articles, newspaper, business reports, textbooks and publish reports and analysis of data involves applying simple percentage of data collected and test of hypothesis was done to produce a more refined result, from which conclusion was drawn. This study was concluded with recommendation based on the result of analysis in the field.
TABLE OF CONTENTS
Title i
Certification ii
Dedication iii
Acknowledgement iv
Abstract v
Table of Contents viii
CHAPTER ONE – Introduction
Background to the Study 1
Objective of the Study 2
Statement of the Problem 3
Scope of the Study 3
Significance of the Study 3
Limitation of the Study 4
Definition of Terms 5
CHAPTER TWO – Literature Review
Introduction 7
Objectives of Auditing 7
The Need for Auditing 10
The Role of Auditing 14
Importance of Auditing 17
Problems of Auditing 20
Prospect of Auditing in Nigeria 22
Summary 23
Empirical Study 23
CHAPTER THREE – Research Methodology
Introduction 25
Research Design 25
Population of the study 25
Sample Size 26
Sampling Technique/Procedure 27
Research instrument 27
Validation of Instrument 27
Reliability of Instrument 27
Method of Data Collection 28
Method of Data Analysis 29
CHAPTER FOUR – Presentation and Analysis Data
4.1. Introduction 30
4.2 Data Presentation 30
4.3 Discussion of Findings 49
CHAPTER FIVE – Summary, Conclusion and Recommendation
Summary of Findings 51
Conclusion 51
Recommendations 51
Suggestions for Further Study 52
Reference 53
Appendix I 54
Appendix II 55
CHAPTER ONE
INTRODUCTION
Background of the Study
In any enterprises, decision are made about how to maximize the resources the resources include raw materials, finance, and time, which are limited in supply. These economic resources are taken into consideration through the publication financial statements.
Generally the financial statement is prepared statements internally to show the result of operation to the enterprises during a given accounting period.
The question that arises, how will the financial statement prepared by management be acceptable to the owner of the business, to creditors, government and other who may need to rely on them.
The fact is that arises is, how will the financial statement are not certified as correct by an independent competent professional, who as no interest in the business enterprises, the financial statement may be viewed with doubt and this may be hinder the success and the growth of the business because investors and interested parties may not be encouraged to interest their money in such enterprises. As a result of this an independent auditors who must be competent and objectives in the examination of the financial statements comes into play.
According to Saba and Nwalado (2006.21) an auditors should exercise his profession with independent and objectivity. He must be in a position to give and honest an analyzed opinion on the true position to the enterprises, which the investors rely on their, investment proposal. In the light of this, auditing bridge the credibility gap in validating the euthenics of the financial statement.
