Full Project-ENHANCING PUBLIC CONFIDENCE IN FINANCIAL REPORTING, THE ROLE OF CORPORATE GOVERNANCE

Click here to Get this Complete Project Chapter 1-5

CHAPTER ONE

INTRODUCTION

1.1    Background of the Study

Effectiveness of financial reporting is one area in accounting that is recognized as the power house of financial dealings and management (Howard, 2002). Financial report constitutes the climax of all the planning and operation in the corporate governance. The audit reputation may then depend upon the contents of its report. In essence this implies that effectiveness of financial report is justified only if it is able to repose confidence in the curiosity of its teeming shareholders.

According to section 259 of company and Allied matters Act (CAMA) 2004, the financial report prepared by an auditor may include “A report to its members the accounts examined by them and in every become sheet and profit and loss account, and on all group financial statements, copies of which are to laid before the company in a general meeting during the auditors tenure of office”.

Recognizing the importance attached to the final report, the auditing practice committee sponsored by the six major accounting standards and guidelines have made suggestions and provided a member of example of audit report to apply in various circumstances (Alvin, 2007). The importance of a corporate financial report cannot be overemphasized as the auditor may be held responsible to a great extent of what he states or does not state as his opinion to the trueness and fairness of company’s financial statement. And his responsibility may extend not only to his immediate client (Milky, 2008).

This study seeks to ascertain how public confidence in financial reporting can be enhanced and the implications it has on corporate governance. It also aimed at ascertaining how it influences the decision of external users of company’s financial statement. The external users include shareholder’s government and potential investors.

1.2    Statement of Research Problem

Financial reporting cannot be considered effective unless the report is timely provided. This may form the culmination of a great deal of deterred work and effort over a long period and yet may be summarized in a few lines. This study seeks to find answers to the following research questions:

i.  Is financial reporting relevant in corporate governance?

ii.  Do financial reporting help organizations in achieving their corporate objective?

iii.  Does the incorporation of corporate governance help in building public’s confidence in financial report?

1.3  Objective of the Study

The objective of this study is to evaluate the role of corporate governance in enhancing public confidence in financial report. The research study also has the following interrelated objectives:

i.  To ascertain the relevance of financial reporting in corporate governance.

ii.  To determine the extent which financial reporting helps organizations in achieving their corporate objective.

iii.  To find out whether the corporate governance help in building public’s confidence in financial report.

For reports to have an impact in any organization, it requires the truth of these assumptions. The impact of this report would be examined for the purpose of conveying information, reporting, finding, putting forward ideas and making recommendations.

1.4   Scope of the Study

This study is restricted to financial reporting in corporate governance with particular reference to Consolidated Breweries Nigeria Plc. The research work is designed to look into audit report in corporate governance to have an accurate investigation of information in different categories of workers in various department of Consolidated Breweries Plc. The period of coverage is between (2006- 2011) five years.

1.5    Statement of Hypotheses

Hypothesis is a tentative statement about relationship that exists between two or among many variable to prove their validity. Therefore, the hypotheses formulated for consideration are as follows:

Ho:  Financial reports have not significantly improved the process of corporate governance in Nigeria.

Hi:  Financial reports have significantly improved the process of corporate governance in Nigeria.

Ho:  Effectiveness of financial reporting does not significantly improve corporate objectives

Hi:  Effectiveness of financial reporting significantly improves corporate objectives

H0:  Corporate governance does not enhance public confidence of financial reports.

H1: Corporate governance help enhance public confidence of financial reports.

1.6       Significance of the Study

It is expected that the findings of the, research study in conjunction with findings of similar research studies on the subject enhancing public confidence in financial reporting and the implications for corporate governance  would be useful to the public and private sector. A significance result of this study would be to find out of the objectives of the financial reporting one being achieved and if these objectives have furthered the growth of the corporate governance in Nigeria.

1.7       Limitation of the Study

In carrying out this study, the researcher strictly limit himself with the case study. This is because of time constraint in conducting the research work. Lack of adequate finances of transportation of fathering data collection and they expanded in the case of the research work.

The computation of information used for the preparation of their research work has not been easy. Another noticing problem is the unwillingness of some executive officers to give information and have a direct interview with them. Finally, the researcher also limits himself on the role of financial reporting and corporate governance in Nigeria as it affects public confidence of corporate reporting.

1.8      Definition of Terms

In carrying this research the following important terms were used and their definitions are seen below:

Financial report: These consist of the balance sheet, profit and loss account, sources and application of fund, value added statement five years financial summary etc. it is the statement which communicates information about the company to those who have a right to receive it, e.g. the shareholders, loan creditors etc. It provides an indication of the company’s trading or operational performance and give a fixed point, snap-short of its financial position at a particular date (section 331 CAMA).

Audit: audit is a Latin word meaning to “hear” it is a process carried out by qualified parsons called auditor on the account prepared by management of organizations, parastatals and establishment to ensure adherence to laid down rules or policy. The auditing standard Board defined audit as “the independent examination of opinion on the financial statement of an enterprise by an appointed auditor in accordance to the term of his engagement and compliance with any relevant statutory obligation and professional requirements.

Audit report: This is a statement made by an independent auditor expressing his opinion as to the true and fairness of the financial statement examined by him and whether or not it is in compliance with the relevant act.

Internal control: This is defined by the Auditing Standard Board as the system of control,  financial or otherwise established by management in order to carry on the business of the enterprise or company in an orderly and efficient manner and ensuring adherence to management policies, safeguard the asset and secure as far as possible the completeness and accuracy of records.

Financial institutions: In this study shall be taken for the banks that are into commercial activities, that is commercial banks, having branches across the federation.

Auditing guideline: Auditing guidelines are intended to give guideline on: (a) Procedure by which the auditing standards may be applied. (b) The application of auditing standard to specified items appearing in the financial statement of enterprises. (c) The application of auditing standards to particular sector, industries or service organizations. (d) Other matters relating to the proper performance of audit work.

Corporate Governance: Is an all- encompassing concept that seeks to guarantee and institute credible bedrock governance standards, in the creation of wealth, in the light of the primacy that corporations have come to assume in privately- led economies.

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.

Click here to Get this Complete Project Chapter 1-5

You can also check other Research Project here:

1, Accounting Research Project

2. Adult Education
3. Agricultural Science
4. Banking & Finance
5. Biblical Theology & CRS
6. Biblical Theology and CRS
7. Biology Education
8. Business Administration
9. Computer Engineering Project
10. Computer Science 2
11. Criminology Research Project
12. Early Childhood Education
13. Economic Education
14. Education Research Project
15. Educational Administration and Planning Research Project
16. English
17. English Education
18. Entrepreneurship
19. Environmental Sciences Research Project
20. Guidance and Counselling Research Project
21. History Education
22. Human Kinetics and Health Education
23. Management
24. Maritime and Transportation
25. Marketing
26. Marketing Research Project 2
27. Mass Communication
28. Mathematics Education
29. Medical Biochemistry Project
30. Organizational Behaviour
31. Other Projects
32. Political Science
33. Psychology
34. Public Administration
35. Public Health Research Project
36. More Research Project
37. Transportation Management
38. Nursing

Need a Project Writer for a Different Topic

• MSC PROJECT WRITING SERVICES
• MBA RESEARCH PROJECT WRITING SERVICES
• Research Project Writing Services in Lagos Nigeria (Professional Writers) -Law, MSc, MBA,PhD, Dissertations, Thesis, Assignment, Speech
• Masters Research Project Writer in Lagos Nigeria
• MBA Research Project Writer in Lagos Nigeria
• LOOKING FOR A WRITING SERVICES FOR AN URGENT ASSIGNMENTS OR PROJECT WORK
• PROFESSIONAL WRITING SERVICES IN LAGOS NIGERIA (TERM PAPER, SPEECH WRITING, ASSIGNMENT, THESES, DISSERTATIONS, RESEARCH PROPOSAL, PROJECT WRITING SERVICES etc)
• BUSINESS ADMINISTRATION RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• CONSULT A RESEARCH PROJECT WRITER IN LAGOS NIGERIA (PH.D, MBA, MSC, M.ED, BSC)
• MANAGEMENT RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Education Research Project Writer in Lagos Nigeria
• Environmental Sciences Research Project Writer in Lagos Nigeria
• Guidance and Counselling Research Project Writer in Lagos Nigeria
• Human Kinetics and Health Education Project Writer in Lagos Nigeria
• Early Childhood Education Research Project Writer in Lagos Nigeria
• Christian Religious Studies(CRS) Research Project Writer in Lagos Nigeria
• Educational Administration and Planning Research Project Writer in Lagos Nigeria
• Political Science Research Project Writer in Lagos Nigeria
• Accounting Research Project Writer in Lagos Nigeria
• Economics Research Project Writer in Lagos Nigeria
• Management Research Project Writer in Lagos Nigeria
• Marketing Research Project Writer in Lagos Nigeria
• Public Administration Research Project Writer in Lagos Nigeria
• MBA Research Project Analysts
• In Need of MBA Research Project Writer in Nigeria
• MBA Dissertation Research Project Writer
• MBA Project writer
• EDUCATION DEPARTMENT PROJECT WRITING SERVICES
• BACHELOR OF SCIENCE (BSC) DEGREE PROJECT WRITING SERVICES(B.ED,B.A,B.SC)
• MASTER OF BUSINESS ADMINISTRATION (MBA) RESEARCH PROJECT WRITING SERVICES
• MASTER OF SCIENCE (MSC) RESEARCH PROJECT WRITING SERVICES
• POST GRADUATE RESEARCH PROJECT WRITER
• POST GRADUATE DIPLOMA (PGD) RESEARCH PROJECT WRITER
• MASTER RESEARCH PROJECT WRITER
• MASTER DEGREE RESEARCH PROJECT WRITING SERVICES
• POSTGRADUATE RESEARCH PROJECT WRITING SERVICES
• MASTERS RESEARCH PROJECT WRITING SERVICES
• RESEARCH PROJECT WRITER
• EXPERT IN RESEARCH PROJECT/THESIS/DISSERTATION WRITING SERVICES IN LAGOS NIGERIA
• HIRE A PROFESSIONAL BSC/HND RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL MBA/MSC RESEARCH PROJECT WRITER
• HIRE A PROFESSIONAL THESIS WRITER IN LAGOS NIGERIA
• SC/M.SC/MBA/PGD RESEARCH PROJECT WRITER IN LAGOS NIGERIA
• Master Degree Research Project Specialist/Writer in Lagos, Nigeria
• Hire A Research Project Writer in Lagos Nigeria
• Research Project Specialist in Lagos, Nigeria

• Education