Download complete project material on Auditors Independence As A Tool For Achieving True And Fairness In Accounting Record from chapter one to five
CHAPTER ONE
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1.0 INTRODUTION
Audit is a derivation of the word “Audire” which in Latin means “to hear” is because in ancient times, land and estate owners listened to their servants who has the report of the stewardship called out.
In modern time times, when ownership and management of business concern are separated, the need for an independent assessor to examine and report on financial statement presented by the directors or those to whom have been delegated became more paramount.
The industrial revolution and the resulting complexities of opinion on the financial statement of an enterprises in pursuance of his appointment and in compliance with any statutory obligation.
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This thereby shows the fact that the audit practice has been much affected by status the cause of which is attributable to the advance made inform of business ownership in which ownership and control of business concerns are separated where the owners (shareholders) leave3 the control of the company to some appointed directors who will run the business and then render the account of their stewardship to the owners (shareholder).
The account rendered by the directors are required to be audited by an independent assessors called Auditor appointed by the shareholders in order to ascertain true and fair view of the account, and for the auditor to carryout this assignment he will have to independently examine the account being prepared.
This other words means that the, this independent must be ensure Auditors independent is a concept that is as old as the practice of audit. It is associated with professional qualification experience and integrity of auditor of auditor,
Auditor independence as a key in auditing constitution, the basis upon which the credibility of a need for the auditors to institute relevant organization set up that will make the auditors to be seen as independent in practice as it is tools for achieving true and fairness in accounting records
In addition, given the numerous statutory and ethical legislation of companies and allied matter decree 1990 and institute of chartered accountant of Nigeria respectively on the independence of auditor with in which the audit form has to be operated, this gives rises to the questions about the practicability of these legislative so as to achieve true and fairness in accounting records.
PROBLEMS OF THE STUDY
There are some problems associated with the independence of auditor achieving fairness in accounting records. Theses problems include.
How auditor handle cases of fees from the client that constitute a significant portion of their total annual income.
How the company gets to knows about the existence of auditors without later making any form of advertisement.
How the auditors get their firms structure their dealings with their client as to ensure their independence and still keep a float as a going concern.
All these problems constitute major problems that fall with the scope of the project work.
OBJECTIVE OF THE STUDY
The objective of the study is to critically examine the adequacy of various system of maintaining accounting records kept in an organization, their weakness reliability with respect to the concept of true and fair view of the record of which will form the basis for advice and adequate use of accounting records.
Also this study is to examine critically and practically the adherence of audit forms to the previous of companies and allied matter decree 1990 (CAMD 1990) and the institute of chartered accountant of Nigeria (ICAN) guidelines issue from time to time as regards independent of the auditors.
IMPORTANCE OF THE STUDY
The findings of this study will assist companies to know records required to be kept by them. It will be of importance of auditor to know what they must and must not do in order to maintain the professional independence.
SCOPE OF THE STUDY
Going by the nature of this project work, it is expected to cover all the matter within the scope or the subject matter as earlier highlightened.
However, the scope of this study will be restricted to matter prescribed by the companies and allied matter decree 1990 and the professional guidelines issues by the institute of chartered accountant of Nigeria from time to time. This will eventually involves records that are required to be kept by organization and the need for audit firm’s to be independent.
RESEARCH METHODOLOGY
This specify the method and procedures adopted for this study these includes research design population samples method of data collection and method of data analysis. All data shall be collected through personal interview and the personal interview will be carried out through the personal intervention with help of staff of the firm to collect useful information on the project work.
However the presentation and analysis of data collected shall be through the use of table.
PLAN OF THE STUDY
This is divided into five chapter, chapter one which is the introduction, contain the over view of the subject matter and a general introduction of the study, objective of the study, statement of the problem, importance of the study, scope of the study, research methodology and plan of the study.
Chapter two contain the review of related literature, chapter three deals with the historical background of the study, population sample and research design. Chapter four contain data presentation analysis, data presentation, data analysis. Discussion testing of hypothesis and findings.
Lastly chapter five is the summary, conclusion and recommendation of the research work.
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