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Auditor’s Role In Reporting of Financial Statement of a Company

Download complete final year project material on Auditor’s Role In Reporting of Financial Statement of A Company from chapter one to five including references and abstract

TABLE OF CONTENT

CHAPTER ONE: STATEMENT OF PROBLEMS

INTRODUCTION

Statement of the problems

Aims and objectives

Scope and constraints of the study

Significance of the study

Plan of the study

Definition of terms

CHAPTER TWO: LITERATURE REVIEW

Meaning of financial statement

Information to be disclose in financial statement

Function of financial statement organization decision making

Uses of financial statement

Meaning of auditing

Duties and responsibilities of an auditor

Auditor’s independence

Reference

CHAPTER THREE: RESEARCH METHODOLOGY

Brief history of case study

Organizational function of olushola adekan ola and company

Membership and organizational structure of the case study

Sources of data collection

Method of data collection

Population of the study

Limitation of the methodology

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND PRESENTATION

Analysis of data

Formulation and testing of hypothesis

The internal control of the case study

Analysis of annual report

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

Summary

Conclusion

Recommendation

Bibliography

CHAPTER ONE

1.0   INTRODUCTION

In the contempory business world, there should be a good communication method between the management and the providers of capital otherwise called the owners of shareholders. Usually, the shareholders appoint expertise as managers/ director to run the business on their behalf.

This occurs when the shareholders do not have the technical know-how or have limited time to manage the business. The manager communicate the stage of affairs of the business to them (the owners) at the end of each financial year through the preparation of financial statement.

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The financial statement of a company are the annual reports and accounts prepared by the company. The sole responsibility of preparing financial statements of a company of the activities for an ontity for a particular reporting period. The main objective for an entity for a particular for the preparing the financial statement are to show the financial position and state of operations of a company to the relevant users of financial statements, especially shareholders.

The financial state of a company is often displayed in the income statements. Balance sheet, cash flow statements, notes to the accounts and other statements, and explanatory materials which form part of the financial statements, which are prepared from the receipts, vouchers, documents and records of a company, the financial statements is mainly designed by the manager to give report of their stewardship to the shareholders.

However, the shareholders may found the financial statement difficult to believe. This occurs as a result of the problems of trust between the owner and manager, as is usually the case when somebody entrusts one’s resources into the hands of other people. The suspicion of the ownener are usually based on the presupposition that the report either contains errors, is misleading, failed to discbse fraud and or relevant information.

Hence, there is the need to employe somebody who is independent of the report prepared by the manager/ directors. This person is called an auditor. He is appointed to examine and verify the organization, its records profit and loss account shows the trust and fair view of operations.

The auditor’s opinion helps establish the credibility of the financial statements.

In a nutshell, the roles that auditors play in reporting of financial statement of a company cannot be over-emphasized. The various uses of financial statements ranging from the shareholders, mangers, competitors, banker, labour union, financial analysts, tax practitioners government, creditors etc. depend on his/her state of mind before they can use the report to arrive at any statements is prone to wrong decision making by the financial statements users.

1.1   STATEMENT OF THE PROBLEM

Basically, the financial statements are prepared to show the state of affairs of company at the end of a reporting period. Also, it is prepared to satisfy the interests of the relevant users of financial information such as share holders, competitors, bankers, tax practitioners, analysts, etc. hence, the impact of a auditor in reporting of financial statement of a company had given rise to the problems highlighted below.

1. What brings about the involvement of an auditor in the reporting of financial statement of a company? The proble of trust between the owner of the business and the directors had led to the employment of an auditor in reporting financial statement of a company. This simply helps to satisfy the shareholders inrerests and justify the integrity of the directors managers.

2. What is the impact of auditor’s independent in reporting og financial statements of a company? The degree of auditor’s independence determines to a large extent the accuracy and correctness of financial statement.

3. What are the problems faced by the users of financial information in the interpretation of financial statements? The ability of various users of financial information to interprete the financial statement correctly helps them in arriving at a fair decision making. This is achieved through the acquisition of relevant knowledge of interpreting accounts such as ratio analysis.

4. What are the impacts of using the financial statement of a company to compare that of another company in the same industry? This is applicable to competitors as one of the users of financial statement: the companies that are similar insize and structure should be compared with one another to enable reasonable comparism judgments to be concluded

5. What are the limitations of financial statements of the performance evaluation of a company? The financial statements show a limited picture of operation of the firm. As such , it cannot used in determing the efficiency of routine aspect of an organization

The aforementioned points are some of the problems observed in process of seeking solution to the general problem of the study.

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