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THE IMPACT OF AUDIT REPORT IN ORGANIZATIONAL PERFORMANCE A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA, UGELLI BRANCH
ABSTRACT
This is a research work that is carried out on the impact of audit report on organizational performance, Ughelli Branch. This study explains what audit is all about, stating clearly that it is a written report about the accuracy and reliability of a client by a qualified auditor which is presented to the management in form of financial statement. Base on this report, the auditor goes on to express his opinion on whether the financial statement of the organization to shows a true and fair view during the year under review. The study clearly review the problems of financial statement of an organization, the areas to be covered on the study which is restricted to P.H.C.N Ughelli in particular, the source of information which involves the use of questionnaires and time limit given to complete the study. Report writing has to do with communication and conveying information and ideas to someone else. This testifies if the report is writing by an independent public account on the basic of a standard examination of the financial statement of a client’s company. The reporting auditor has a message, which he wishes to convey to those who will need his report. In writing a report, an auditor must assume that his researcher will have some basic knowledge of business operators of accounting statement and of the particular company to which the report may concern. The auditor must be independent. The American institute of certified public accountants has established some standards that are to be observed by its member in their professional work. The original under review must have an internal control system, which contain its plan, assignment and responsibilities. The auditor work is carried out at the client’s premises auditors expresses an unqualified opinion on a client’s financial statement when the report does not contain certain reservations. The qualified opinion restricts the auditor’s responsibility for fair presentation in some areas of the financial statement.
TABLE OF CONTENTS
Title i
Approval ii
Certification iii
Dedication iv
Acknowledgement v
Abstract vi
Table of content vii
CHAPTER ONE: Introduction
Background of the study 1
Statement of the problem 2
Purpose of the study 3
Research questions 3
Significance of the study 4
Scope/Delimitation of the study 4
Limitation of the Study 5
Operational definition of terms 6
CHAPTER TWO: Literature Review
Introduction 8
The Boar of Directors and Its Members 10
Power of the Board 11
The General Managers and his Principal Officers 11
Financial Department 15
Importance of Power 18
Qualification of Auditor 19
Auditors Examinations and Evaluation Standard 20
Internal Control 21
Adequate Planning 22
Audit Evidence 24
Form and Distribution of the Report 25
Report on Group Account 25
Timeless of Reporting 25
Financial Reporting 26
Qualified and Unqualified Opinion 27
Report to Management 28
Relationship of Auditor to their Parties 28
CHAPTER THREE: Research Methodology
Introduction 30
Research Design 30
Population of the study 30
Sample size 30
Sampling Techniques 31
Research Instrument 32
Validation of the Instrument 32
Reliability of the Instrument 33
Method of data collection 33
Method of data analysis 33
CHAPTER FOUR: Data Presentation and Analysis
4.1 Introduction 35
4.2 Data Presentation and Analysis 35
4.3 Discussion of Findings 42
CHAPTER FIVE: Summary, Conclusion and Recommendations
5.1 Summary of findings 44
5.2 Conclusion 45
5.3 Recommendation 45
Bibliography 47
Appendix 48
Questionnaire 49
CHAPTER ONE
INTRODUCTION
Background of the Study
Audit means written reports about the reliability and accuracy of an account by a qualified person known as an auditor. In Nigeria, the companies and allied matters degree of 1990, section 331 made it compulsory for all corporate bodies to have their accounts audited by professional auditors. The directors or management of organization produce a report called the financial statement while the auditor expresses his opinion on whether such financial position shows a true and fair state during the year under review.
The report prepared by management on which the auditor expresses his opinion is very vital since used by other interest parties (internal and external). Internal users are potential investors, financial analysis etc. hence, the law has recognized that the report be scrutinized by an independent person known as an Auditor. Also, the auditor’s opinion that has been embodied in written form is called Auditor report, which is addressed to those the auditor is responsible from the foregoing, it is realized that audit is very important in the organization operation (particularly with reference to the Power Holding Company OF Nigeria Ughelli). Hence, audit report is very essential in all planning and operation of the organization.
However, its importance cannot be underestimated since the audit may be held liable to a very great extent for what he stated or does not state as his opinion and the responsibility may extend not only to his immediate client, but also to the limited party.
Statement of the Study
The major problem of this study is centered on the Audit report of P.H.C.N., Ughelli. The need to test accuracy of the financial statement prepared from the accounting record of the organization.
That state of affair of the financial position of the organization. That is whether the financial position shows a true and fair view of the organizational operation according to the best information and explanation given to him and as shown by the books if not in what respect, it is false or incorrect.
Proper utilization of funds by management of the organization
The implementation of the recommendation made by audit report for the purpose of the organization growth (particularly the P.H.C.N ughelli).
The need to check and examine the entries in the book of account.
Objectives of the Study
The objectives of this research on the audit report of the organization particularly P.H.C.N ughelli are as follow:
To know the true and fair of the financial position of the organization operation.
To know the accuracy of the financial statement of the organization (P.H.C.N)
To know the degree of efficiency and economic operation of the organization.
To know if actually the recommendation made by the auditor report are implemented in order to ascertain the extent of the organizational growth achieved in the organization (P.H.C.N ughelli)
Research Questions
The following research questions will be answered in the course of this work
How does audit report create an impact in the power holding company of Nigeria ughelli?
Who is responsible for the preparation of an audit report?
What are the significant relationship between an audit and its impact in the power holding company of Nigeria ughelli.
What are the importance of an audit report in the power holding company of Nigeria, ughelli?
Significant of the Study
The importance of this research on the audit report of the power holding company of Nigeria ughelli is stated below:
It helps to know the effective operation of the organization (P.H.C.N)
It help to test the organization posting of account if they are posted correctly
It help to know the organization state of financial position (P.H.C.N)
It help to determine if the auditor recommendation increase the growth and development of the organization.
Scope of the Study
The study is restricted to the public sector organization with particular reference to the Power Holding Company of Ughelli, Warri. It may include the audit report and some importance aspect of the audit (general standard and standard of examination and evaluation as regards his independence of judgment were included). It does not include the auditor’s report of a limited liability company as regulated by the company degree of 1968.
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