THE EFFECT OF AUDITING AND INVESTIGATING IN SMALL SCALE BUSINESS ORGANIZATION
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ABSTRACT
This study was carried out to examine the effect of auditing and investigating in small scale business organization in First Bank Abuja. Specifically, the study examined the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system. The study also ascertain the extent of limitation on the effectiveness of internal control owing to the small number of employees.the study further find out if proper auditing and investigations were made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit. More so the study determine to what extent the organization suffered from inadequate accounting records.
ascertain the extent of inadequate management support for internal auditing. The study employed the survey descriptive research design. A total of 30 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system is high. The study also reveal the extent of limitation on the effectiveness of internal control owing to the small number of employees is high. Lastly, the study revealed auditing and investigations are made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit.. The study hereby recommend that a qualified auditor should be employed in other to carry out a auditing for a small and medium organization. Also that small and medium organization should be encouraged to adopt sound accounting system and the cost of installing and operating such systems should be minimized.
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