ABSTRACT
This research work titled “joint auditing and reporting problems and prospects “ is aimed at determining the problems associated with joint audit, it also states the benefits, cost and prospects of joint audit practice. It also states the effect of joint audit practice in efficiency of audit work. The survey method was used for this study systematic sampling technique was adopted in selecting the element in the sample. The chi-square tests, coefficient of determination were adopted to analyze the primary data collected through the use of questioners. The study revealed among other things that joint credit Adds credibility to financial reporting, improves the quality of audit and accounting functions. Furthermore, effective use of joint audit report has a positive impact in organizational performance. Timely implementation of joint audit report by management tends to improve its effectiveness an d efficiency. Based on the above findings, the study recommended the following, multinationals and other big firms with many branches and diverse operations’ should complement the role of joint auditors in efficient execution of organizational audit work, management should provide an enabling environment for the effective and efficient execution of audit function.
TABLE OF CONTENTS
COVER PAGE…………………………………………………………………………………………………………………………………………I
TITLE PAGE……………………………………………………………………………………………………………………………………………II
DECLARATION………………………………………………………………………………………………………………………………………..III
CERTIFICATION……………………………………………………………………………………………………………………………………….IV
ABSTRACT……………………………………………………………………………………………………………………………………………….V
DEDICATION……………………………………………………………………………………………………………………………………………VI
ACKNOWLEDGEMENT……………………………………………………………………………………………………………………………VII
CHAPTER ONE
- OVERVIEW OF THE STUDY………………………………………………………………………………………………………1-3
- STATEMENT OF PROBLEM………………………………………………………………………………………………………3
- PURPOSE OF THE STUDY………………………………………………………………………………………………………….4-5
- RESEARCH QUESTIONS…………………………………………………………………………………………………………….5
- STATEMENT OF HYPOTHESIIS…………………………………………………………………………………………………….5
- SIGNIFICANCE OF THE STUDY……………………………………………………………………………………………………..6
- SCOPE AND LIMITATIONS OF THE STUDY ……………………………………….………………………………………7-8
- ORGANISATIONS OF THE STUDY………………………………………………………………………………………………8-9
- DEFINITIONS OF TERMS…………………………………………………………………………………………………………….9
- SUMMARY………………………………………………………………………………………………………………………………..10
CHAPTER TWO
- BACKGROUND OF THE STUDY ……………………………………………………………………………………………11-30
- DEFINITIONS OF AUDITING ………………………………………………………………………………………………….13-15
- TYPES OF AUDIT…………………………………………………………………………………………………………………..16-20
- THE CONCEPT OF JOINT AUDIT……………………………………………………………………………………………20-28
- STAGES OF AUDIT MANAGEMENT……………………………………………………………………………………….28-35
- AUDIT MANAGEMENT TECHNIQUES…………………………………………………………………………………….35-43
- AUDIT STANDARDS AND GUIDELINES………………………………………………………………………..…………43-45
- MISCONCEPYUALIZATION OF MQANAGEMENT AUDIT…………………………………………………………45-47
- SUMMARY………………………………………………………………………………………………………………………………47
CHAPTER THREE
- RESEARCH DESIGNS AND METHODOLOGY………………………………………………………………………………48
- RESEARCH DESIGNS……………………………………………………………………………………………………………48-49
- SAMPLING PROCEDURES/SAMPLING SIZE DETERMINATION……………………………………………49-50
- DATA COLLECTOIN METHOD……………………………………………………………………………………………..50
- QUESTIONAIRE METHOD……………………………………………………………………………………………………50-51
- METHOD OF DATA ANALYSIS……………………………………………………………………………………………..51-53
- SUMMARY………………………………………………………………………………………………………………………….53
CHAPTER FOUR
- INTRODUCTION…………………………………………………………………………………………………………………..54
- ANALYSISMOF SAMPLE SIZE…………………………………………………………………………………………….54-67
- SUMMARY……………………………………………………………………………………………………………………….67
CHAPTER FIVE
- DISCUSSION…………………………………………………………………………………………………………………….68-69
- CONCLUSION…………………………………………………………………………………………………………………….69-70
- RECOMMENDATION………………………………………………………………………………………………………….70-71
SUGGESTIONS FOR FUTHER RESEARCH………………………………………………………………………………..71
BIBLIOGRAPHY ……………………………………………………………………………………………………………….72-74
APPENDIX…………………………………………………………………………………………………………………………75
QUESTIONAIRE DESIGN…………………………………………………………………………………………………….76-79
CHAPTER ONE
INTRODUCTION
- OVERVIEW OF THE STUDY
The need for auditing arose when management of an enterprise was separated from ownership.
(polowookere 2003:10) the passing of the companies act In Britain, introduced by Gladstone in 1844, set the scene. The act required that registered companies should appoint one or more auditors to report on the company’s solvency to creditors. The company ACT 1819 made the appointment of auditors compulsory for banking industries; and this was finally expected of all companies act 1900.
Furthermore, the great expansion/growth in business firms is attributed to the recent development in accountancy and modern auditing in forefront. (okezie 2004:2) this is because increase in business transactions and investment in limited liability companies now make it impossible for owners of business to manage it. To this end ,they entrusted their business to other called managers who render account to base on the foregoing, it becomes necessary for those running the business to give account of their stewardship in ensuring that is effective, government made provision for the accounts of such companies to be examined by other independent person or persons. This explains why auditing is necessary.
Auditing have been given different definitions or meaning by different scholars and school of thought. The American committee in basic auditing defines it as “systematic [process of objectively obtaining and evaluating evidence regarding assertions, establish criteria and communicating the results to the interested users”
Similarly, the operating procedures of the Nigerian auditing guidelines, see audit as “an independent examination of, and expression of opinion in the financial statement of an enterprise by an appointed auditors in pursuance of that appointment and compliance with any relevant statutory obligatio