AUDIT EVIDENCES AND SMEs FAILURE AS EVIDENT IN ENUGU STATE; CHM

DepartmentAccountancy

Amount₦10,000.00

ABSTRACT Audit evidences includes all test carried out, results gotten, information gathered by an auditor during the course of an audit work. The sufficiency and appropriateness of audit evidences cannot be overemphasized, as this helps in ensuring that sound judgment is being given by an auditor. The study appraised Audit evidences and SMEs failure, as evident in Enugu State.  It specifically examined if Auditors stick to the evidences they gather during an audit work, it also examined if management adhere the advice provided by auditors and finally if failed SMEs were audited. The population of the study is made up of; business owners, business managers of SMEs as well as auditors and accountants. The study was analyzed using chi-square(x2) model. Results of the analysis shows that management do not adhere to audit advices completely, it also observed that auditors do not adhere to audit evidences, and that failed SMEs were not audited. The research concluded that the failure or success of SMEs lies greatly in the hands of the management, and that SMEs should not fail where being audited. It is recommended that the management heed completely to auditor’s advice, Auditors of SMEs should gather more quality evidences and adhere to them strictly, and also it recommended for SMEs to carry out audit practices especially the medium scale businesses.
 
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