ABSTRACT
This piece
“Auditing as an instrument for ensuring accountability is carried out to
explore the roles of auditing in Premier Breweries Ltd, Onitsha.
It intends to identify and evaluate the roles of auditing as an
instrument to ensure accountability in Premier Breweries and the likes in
general.
To do this, the researcher
took necessary steps in ascertaining those factors that militate against the
roles of auditing in this company. It is
based on these factors that recommendations and appropriate remedies to that
effect were suggested.
Therefore, the
researcher is of the belief that if the management and staff of this company
can adhere to these recommendations herein, definitely it will have a
remarkable impact on the reputation of the company.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
CHAPTER ONE:
1.0
Introduction
1.1 Background of the study
1.2
Statement of the problems
1.3
Purpose of the study
1.4
Limitation and scope of the study
1.5
Significance of the study
1.6
Definition of terms
CHAPTER TWO:
2.0
Literature Review
2.1 An Overview of the study
2.2
The Internal Audit Department
2.3
Authority Relationship
2.4
Fraud – Definition, Classification and Types
2.5
Types of Audit Activity
CHAPTER THREE:
3.0
Research Findings
3.1 Conclusion
3.2
Recommendation
Bibliography
CHAPTER
ONE
1.1 BACKGROUND OF THE STUDY
This piece
auditing as an instrument for ensuring accountability is embarked upon to
explore the roles of auditing in Premier Breweries Limited, Onitsha and other similar organizations is
general.
In recent years, the size and
commercial activity in any companies in Nigeria have increased
tremendously. It is with a view of this
corresponding effect on the operations there in that have resulted to the
inadequate examination and verification of books of account and the asset of
the company.
These inadequacies which usually lead
to misappropriation and embezzlement of funds researcher to investigating the
problems. Many of them are closed down
today due to ineffective control measures that could lead curb such anomalies.
Nevertheless
all these observation and irregularities and how the remedies would be properly
applied, made this piece worthy of pursuit. It is necessary to pay into these
investigations and explore ways of putting a stop to it. Auditing applies as a
solution to avoiding these peculiar problems in companies like premier
breweries limited Onitsha
and likes would play a major role. Therefore, auditing is needed in this piece
with particular reference to premier breweries Ltd. Onitsha to look into their
books of account and the assets of the company.
This piece will assist to determine the extent and how auditing ensures
proper accountability and possibly remove the problems of the firms or
companies.
Therefore to understand this thing
very well it is necessary to take a look at the qualities of a good company
auditor to stream line the minds of the readers.
The qualities are thus:
He/she must be skilled and experienced in the science of
accountancy with the ability to apply its principles to business concerns
he/she is auditing.
Must have a
thorough grasp of the general principles of law which govern the matters likely
to be brought into intimate contact.
Must
understand the practical
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
This piece
auditing as an instrument for ensuring accountability is embarked upon to
explore the roles of auditing in Premier Breweries Limited, Onitsha and other similar organizations is
general.
In recent years, the size and
commercial activity in any companies in Nigeria have increased
tremendously. It is with a view of this
corresponding effect on the operations there in that have resulted to the
inadequate examination and verification of books of account and the asset of
the company.
These inadequacies which usually lead
to misappropriation and embezzlement of funds researcher to investigating the
problems. Many of them are closed down
today due to ineffective control measures that could lead curb such anomalies.
Nevertheless
all these observation and irregularities and how the remedies would be properly
applied, made this piece worthy of pursuit. It is necessary to pay into these
investigations and explore ways of putting a stop to it. Auditing applies as a
solution to avoiding these peculiar problems in companies like premier
breweries limited Onitsha
and likes would play a major role. Therefore, auditing is needed in this piece
with particular reference to premier breweries Ltd. Onitsha to look into their
books of account and the assets of the company.
This piece will assist to determine the extent and how auditing ensures
proper accountability and possibly remove the problems of the firms or
companies.
Therefore to understand this thing
very well it is necessary to take a look at the qualities of a good company
auditor to stream line the minds of the readers.
The qualities are thus:
He/she must be skilled and experienced in the science of
accountancy with the ability to apply its principles to business concerns
he/she is auditing.
Must have a
thorough grasp of the general principles of law which govern the matters likely
to be brought into intimate contact.
Must
understand the practical business, technicalities and methods of handling the
account of any company which he/she undertakes.
Must
inculcate all these qualities cautious, firmness, fairness, good temper,
courage, integrity, honesty, discretion and reliability.
Must not be
suspicious but be credulous.
Must have
passed any recognized professional accountancy examination such as ICAN, ICAEW
etc.
1.2
STATEMENT OF THE PROBLEM:
A lot of problems have been envisaged in many
business organisation in Nigeria
as would be seen in Premier Breweries Limited, Onitsha.
Chiefly
among these problems are the political climate in the country which had not
been stable for quite sometime now.
The
problems of inco-operation, attitudes of the staff of Premier Breweries
Limited, Onitsha.
The problem
of misappropriation and embezzlement also hampers the progress of the
company. Low turnover recorded in the
recent years also sets the hand of the clock back in this company.
The problem
of inadequate and ineffective application of tools and machineries to enhance
production.
Low
qualities of the breweries the company is producing.
Low
compliance to policies and programmes of the company.
The problem
of competition in marketing these goods.
1.3
THE PUPROSE OF THE STUDY:
The main objective of this study is to alert all
members of the management in the effective discharge of their responsibilities,
by providing them with analysis, appraisals, recommendations and relevant
commentary on the activities reviewed.
To
ascertain the extent of compliance with the established policies, plans and
procedures.
To review
and appraise the soundness and application of operating control and making
recommendations for improvement.
To obtain a
proper understanding of the operation under review, that is, go beyond
financial or accountancy duties.
1.4
LIMITATION AND SCOPE OF THE STUDY:
In most profit making organization, this type of
problems are encountered in relation to data collecting by most officials in
the organization.
They often
think that the researcher is trying to expose their deficiencies or making an
attempt to expose official documents of the company.
They also
looked at the researcher as one who obtains information for their competitors
or tax officials in order to tax their profit and therefore refuse to expose
most of the relevant documents needed by the researcher. In effect, this leads to shallow research
work and limits the researcher to make use of only the available data.
This
research work is aimed at examining the balance sheet and income statement of
the whole business organizations with particular reference to Premier Breweries
Limited, Onitsha.
1.5
SIGNIFICANCE OF THE STUDY:
The research study will be of great importance to
every student in financial schools. The study will not only be of immense help
to students of financial studies only but also to individuals and indeed to the
entire business organizations.
1.6
DEFINITION OF TERMS:
In this piece, there are some words that might
appear confusing to the readers, therefore these words brewery and auditing are
literally explained thus:
BREWERY:
This is the preparation of liquor such as beer and
malt. It can also be defined as the
making of drinks such as beer, tea by infusion, plot and contrive.
AUDITING:
This is the official examination of accounts to see
that they are in order or can as well be defined as the examination by
qualified persons of the books and accounts of a business or an undertaking to
prevent fraud or inaccuracy on the part of the person keeping it.
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