ASSESSMENT OF AUDITING IN PRIVATE SECTOR ORGANISATION IN NIGERIA

ASSESSMENT OF AUDITING IN PRIVATE SECTOR ORGANISATION IN NIGERIA

ABSTRACT

The importance of auditing in every economy cannot be overemphasized. This is due to the high rate of mismanagement, misappropriation, corruption which is found in most economies of the world. These evil conducts have caused a great fall in the per capital income of the average citizens (Underdevelopment) of most countries. This is one of the reasons why till date, Nigeria is still referred to as a developing nation. It is in view of these problems, that the researcher set out to find a solution and discovered auditing. But in order to be realistic of his discovery, the researcher embarked on a fieldwork after she has given direction to the research formulating hypothesis. In the course of the field work, 23 questionnaires were distributed to Auditors, Accountants and Personnel’s in other field using convenient and conscious route sampling procedures. At collection only 18 questionnaires were returned and the data collected from them, formed the basis of analysis. For the purpose of analysing the data, the simple percentage and chi-square test statistics were used and the resultant finding / conclusion and recommendation were also made for better implementation.

1.2     STATEMENT OF PROBLEM

Our country Nigeria has been ranked one of the most corrupt Nation in The      world; this corruption which has so many ways of manifestation inculcate          major on misappropriation of fund in Private Sectors

          The statement of the problem during this research is;

i.                   Corruption Auditing  in private Sectors leads to misappropriation of fund

ii.                 False Financial Accounting in Private sectors

iii.              Low capital investment in a private Sectors

iv.              Tax Authority also affected directly and indirectly because of inadequate accountability of the tax due to low profit

v.                 Inappropriate measure for Tax payer to pay adequately in due time

1.3     OBJECTIVES OF THE STUDY

          The objectives of the study, is to evaluate the role of auditing in economic           development. This research objectives, is to know how Auditing can actually    affect those factors which are essential to the development of the economy.

          The main Objectives are;

i.                   To ascertain the various way of auditing helps to increase the per capital income and standard of living.

ii.                 To investigate the impact of internal Audit on return of Assets.

iii.              To evaluate the role of Auditing as it concerns in private sector organisation in Nigeria

iv.              To appraise how Auditing can reduce misappropriation  or embezzlement of fund which impedes development in Nigeria

1.4     SIGNIFICANCE OF THE STUDY

This research work was chosen as a result of its unavoidable contribution to the field of knowledge and to the Nigeria economy. Therefore, a lot of people will be beneficiaries from this work in different work in different ways. For instance

i.                   The Government/Policy makers; every government places the development of this economy on high hierarchy of which Nigeria is not excluded. It is therefore fortunate that this work reveals an essential aggregate for economic development-Auditing. This work will also help policy makers choose policy initiative that will; promote auditing profession in Nigeria

ii.                 Auditors;  this work will serve as a source of enlighten to the auditors that a lot of work have been entrusted to their hands and that they also contribute to the economic development of a country. Hence the need to carry out their job more diligently

iii.              Researchers; this work will create an insight for researcher who really want to figure out more on how possible it is for auditing to bring about economic development

iv.              Student; Accounting students in the higher institute will benefit much on this study, because it gives the light to the auditing profession. It also follows a guideline for writing of thesis, which will serve as a guide to many students writing their academic project.

v.                 Business owner; those who are into business but not directly managing their business seems to benefit from this study because it reveals the need to checkmate the excesses of their managers

vi.              Finally, if the recommendation of this work are well utilised, the economy at large will benefit because she will be encapsulated  in the numerous merits of economy is development