Full Project-THE ROLE OF AUDITOR IN CONTROLLING FRAUDS IN GOVERNMENT OWNED ESTABLISHMENT

Click here to Get this Complete Project Chapter 1-5

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

One of the primary reasons for an independent audit is the inherent potential conflict between an entity’s management and users of its financial statements. Management has an incentive to the information presented in financial statements since it is the means used to evaluate management’s performance. Management exercises a great deal of discretion in preparing financial statements and in using resources entrusted in its operating the entity. An audit provides reasonable assurance that management’s representations on these activities are liable. Thus, audit has value because management’s representatives on its performance and stewardship are examined and reported or by expert outside management’s control. The purpose of audit therefore, is to provide assurance to the shareholders’, bankers, creditors, government agencies and authorities, investors, and the public at large. These people need confidence that the picture of the company as given by the directors to obtain a second opinion from an expert (the auditor). Other than exposing errors and fraud and testing the reliability of a firm’s controls financial audits can alert management to weaknesses in the firm’s control as well as suggest operational improvements that could be undertaken. These are highlighted in the management letter from the auditors. Strategic systems auditors provide a top down approach to auditing by first examining a firm’s business strategy and keys to competitive advantage.

Financial audits may be performed for Government establishments, registered charities, some governmental and public entities certain forms of Government establishments are required to have an external audit. Government establishments typically request financial audits year after year because lenders may have required an audit or owned may want to have external unbiased eyes look at the financial statements to determine if the company is complying with all the required accounting principles charities would require a financial audit to show the financial status of the organization to potential donors. Private businesses are required to be audited by status to determine if all the money budgeted has been properly spent. Government financial reports are not always audited by outside auditor, but Government establishments are. It is the duty of the auditor to examine the financial statement and consequently form an opinion of their fairness in conformity with generally accepted accounting principles. As a secondary function, it is also his duty to uncover any act of omission, which in view is fraudulent in nature. It is alarming to state here that private liability companies have become a target of the fraudsters who take advantage of the irregularities and professionalism of the Government establishments to perpetrate their nefarious deeds. There is a long list of Government establishments with publicized fraud cases in various degrees which are hundreds of millions, they include uni-petrol and Agip Company now known as Oando Company, Total company Swallowed ELF, Oceanic bank and intercontinental bank e.t.c. Even the government ministries and parastals are not spared. Auditing has over the years gone considerably to a commendable length to expose various fraudulent practices both in private and public sector.

It has become inevitably necessary to critically evaluate the role of auditors in fraud prevention particularly in the Government establishments. It is not misleading to categorically say here that the cause of the companies’ woes and problem has its roots from the numerous fraudulent activities perpetuated by so many of the shareholders and mangers. These managers accounted for the unimaginable amount of money running into billions of naira squandered and stored away in foreign bank accounts. The most vocal of such recent cases of fraudulent acts by banks is that of five (5) bank CEO’S operated without identified values and they are Mrs. Cecilia Ibru of oceanic bank accrued 278.20 billion, Mr. Erastus Akingbola of intercontinental bank with N210.9 billion, Mr. Sebastian Adigwe of Afri bank owes N141.86 billion, Barth Ebong of Union bank owes N73.58 billion and Mr. Okey Nwosu of Fin bank recorded N42.45 billion, who had to face the music for their appropriating temporarily bank funds.

Since 357 of the companies and Allied matter Decree of 1990 (CAMD) requires that out registered limited liability companies both private and public must have their financial records audited annually by external auditors so appointed. It is the duty of the auditors in the cause of their work to uncover any fraudulent practice either by omission or commission.

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