Download complete project material on Audit As An Instrument Of Fraud Control In Small Scale Industries from chapter one to five
TABLE OF CONTENT
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TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
TABLE OF CONTENTS
CHAPTER ONE
1.0Â Â Â Â INTRODUCTION
BACKGROUND OF THE STUDY
OBJECTIVE OF THE STUDY
PURPOSE OF THE STUDY
STATEMENT OF THE PROBLEM
RESEARCH HYPOTHESIS QUESTION
RESEARCH QUESTION
SIGNIFICANCE OF STUDY
SCOPE AND LIMITATIONS OF THE STUDY
DEFINITIONS OF TERMS
CHAPTER TWO
2.0Â Â Â Â HISTORICAL DEVELOPMENT OF AUDITING
2.1Â Â Â Â MAIN OBJECTIVE OF AN AUDIT
2.2Â Â Â Â AN AUDITOR
2.2.1Â QUALIFICATION FOR APPOINTMENT OF AN AUDITOR
2.2.2 DUTIES AND POWER OF AUDITORS(S) SECTION 360 (1 – 5)
2.3Â Â Â Â LIABILITIES OF AUDITORS FOR NEGLIGENCE
2.4Â Â Â Â FRAUD
2.4.1Â TYPES OF FRAUD
2.4.2Â PREVENTION OF FRAUD
CHAPTER THREE
3.0Â Â Â Â INTRODUCTION
3.1Â Â Â Â RESEARCH APPROACH AND STRATEGY
3.2Â Â Â Â RESEARCH INSTRUMENT AND METHOD OF INVESTIGATION
3.3Â Â Â Â SOURCES AND TYPES OF DATA COLLECTION
3.4Â Â Â Â CONSTRAINTS OF DATA COLLECTED
3.5Â Â Â Â HISTORICAL BACKGROUND OF THE IMMACK GROUP FINANCE AND INVESTMENT CONSULTANT
CHAPTER FOUR
4.0Â Â Â Â DATA ANALYSIS AND PRESENTATION
4.1Â Â Â Â ANALYSIS OF DATA INTERPRETATION
4.2Â Â Â Â TEST OF HYPOTHESIS
4.3Â Â Â Â SUMMARY OF RESULT
4.4Â Â Â Â RESTATEMENT OF THE PROBLEMS
CHAPTER FIVE
5.0Â Â Â Â SUMMARY OF THE PROCEDURE USED
5.1Â Â Â Â RECOMMENDATION
5.2Â Â Â Â CONCLUSION
BIBLIOGRAPHY
APPENDIX
QUESTIONNAIRE
CHAPTER ONE
1.0Â Â Â Â INTRODUCTION
Before the advent of auditing, the menace of fraudulent activities has very high, as a result of many industries run into liquidity which give rises to unemployment.
In order to find solution to the problem of frauds a lot of ideologies were developed of which auditing is one. The main function of auditing is to look into the authenticity and reliability of an organization records; as a result, it is therefore necessary to see how effective is auditing as an instrument of fraud control with limitation to the small scale industries with particular reference to the Immark Group and Investment Consultant with Lagos Metropolis.
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BACKGROUD OF THE STUDY
This research is designed to know the significance of auditing as an instrument of fraud control in Nigeria industries. If will equally educate the industries employees on the activities of audit so that they can know the reason behind auditing in their organization. This reason will benefit the practicing auditor by letting them know their client expect more from them beyond the requirement of law that establishes them.
1.2Â Â Â Â OBJECTIVCE OF THE STUDY
The study of auditing of fraud control in small-scale industries brings about some achievement and objectives. This includes, it make to know that auditing has contribute enough to the detection and prevention of fraud, completely in a business environment as a whole not only in small-scale industries.
The study also make us know various way or method by which employment are used to manipulate or alter the financial records of an organization.
This study will also make us to know how the works of auditor are important to the owner of the business and the general public.
PURPOSE OF THE STUDY
The purpose of the study is;
1. To fulfils requirement for the award of national diploma (ND) in accounting
2. Fraud has become a common issue in our society to day especially in small-scale industries; auditing being an instrument of fraud control has contributed a lot to its detection but has been unable to avert the problem completely.
It is therefore, necessary to carry out research in various ways; it has been difficult for the auditor to completely avert fraud in small-scale industries in Nigeria.
The study will serve as a guide to accountant and auditor in practice student and the people in the field will enable every individual to know fraud control in collective responsibilities of all, not only auditor.
Moreover, the study shall serve reference materials to in coming students specially these in related field.
STATEMENT OF THE PROBLEM
It has been observed that most small-scale industries do not keep records of their account and audit book, which has been their main factor encountering fraudulent practices acts in an organization other associated problems include:
1. Inability of the auditor to avert fraudulent practice in various industries will equally have been issue, which must be discussed in the project work.
2. Accountant and accounting clerk who are careless in updating their record at the time the transaction took place will be analyzed in this research work.
Public option about the auditor’s performance and increase rate of corruption among the auditors will also be disclosed in the research work.
Employee attitude to the auditor’s duties and lack of adequate formation from them and the management which make work difficult to the auditors will not also be left out in the research work.
RESEARCH HYPOTHESIS/QUESTION
This project work is written to draw attention to auditing as an instrument of fraud control in small-scale industries with a particular reference to Immack Group Finance and Investment Consultant, Jibowu, Lagos.
HYPOTHESIS HO
1. That auditing is an important instrument of fraud control in small-scale industries.
2. That the cause of fraudulent practices in small-scale industries is a result of inadequate information from the management and staff of the organization to the auditor.
3. That the management and employees in most cases fail to give adequate information in the auditor simply to prevent the atrocity they have committed in their records.
RESEARCH QUESTION
There are a number of question, which will from base for the entire study. These questions will be used to prove the above hypothesis.
The questions are as follows;
1. Does fraud have any negative effect on small-scale industries?
2. To what extent have fraudulent practice negative effect small-scale industries?
3. Is any permanent solution to fraudulent practice in small-scale industries?
4. Why is it difficult for the auditors to avert fraud problem in various industries?
5. Are the auditors not efficient enough to avert the problem of fraud in various industries?
6. How can the auditor avert the problem of fraud in small-scale industries?
7. Are most of the accountants not competent to keep their accounting and other book of records?
8. What are the factors responsible for the carelessness of most accountants in updating their accounting records at time transaction took place?
9. How does the public feel about the auditor’s performance in checking fraud in our industries?
10. How do the auditors react to the criticism of some public members on them as regards to persistence increase in fraud rate in various industries?
11. What steps have the auditor taken to convince the public that they are really doing their job accordingly?
12. Are the auditors really corrupted?
13. To what extent are the auditors corrupt?
14. How can the rate of corruption among the auditor reduced?
15. How does the employment react to the auditors whether auditing work is going on their organization?
16. Does the employee look at auditor as their enemies or police?
17. What are the ways through which employees attitude can be change positively towards the auditor?
18. What are the reasons for inadequate information from employees and management to the auditors?
19. Is it possible for employees and management to give wrong information to the auditors?
20. To what extent does inadequate information from employees and management affects the auditor’s performance?
21. How effective is auditing as an instrument of fraud control?
SIGNIFICANCE OF THE STUDY
The study will help in identifying the cause of fraud in small-scale industries and also the reason why it is very difficult to avert completely.
It enables us to know the reason corruption rate is increasing among the auditors and how this problem will be reduce, since auditors are the only hope of fraud deduction in small-scale industries, nevertheless,
we shall see how the employees and management feel about the auditors activities to give adequate information to them during auditing period and the finding will show that it is not the work of auditors only to reduce fraudulent practice is small-scale industries. It is also the responsibilities of the accounting, management and employee as a whole.
SCOPE AND LIMITATION OF THE STUDY
This study will be centered on critical analysis of auditing as an instrument of fraud control in a small-scale industry and various ways of reducing fraudulent practice in an organization.
LIMITATION OF THE STUDY
There are a lot of factor, which limit the researchers ability in carrying out a wider study of the research work, they are: internal and external factor
INTERNAL FACTORS:- The internal factors that affect the researcher in their project work include: finance and time
1. Finance:- The researcher financial capacity is actually poor, also the price of fuel as increased thereby making transport fare to increase, so this as limit their power to conduct the research to some extent
2. Time:– The researchers were faced with conflicting programs such as the project work and academic work, which also limit their scope of study.
3. By giving the student more time and attention in their project work and also be considerate with them due to financial in capability, this would help solve some of the problems at hand.
4. True and fair view:- Presentation of information as it is without any bias
5. Investment:– This is a surplus fund, which a person or legal person contribution into a business for the purpose of obtaining interest.
6. Account:- This is the art of recording, classifying, interpreting and summarizing in a significant manner and in terms of money transaction and order event, which are in part at least, of a financial character, and interpreting the result thereof.
7. Efficiency:- Possession of qualification less the government.
8. Irregularities:- The intention distortion of financial statement.
9. Perpetrated:- committed criminal act
10. Abated:- Put to an end or abolish
11. Conferment :- Way of conducting one self with dignity
12. Probate:- This is an official process of providing the validity of a will
13. Ethical:- Moral rules of conduct
EXTERNAL FACTOR:- One of the external factors is legal factor, this is the legal policy prevailing within the organizations, restricting employees from disclosing some secret of the organization, which would have still been additional data for the researcher.
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