THE SIGNIFICANCE OF EXTERNAL AUDITING IN THE BANKING INDUSTRY (A STUDY OF FIRST BANK OF NIGERIA PLC IN LAGOS)
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
The aim of the study was to examine the significance of external auditing in the banking industry. External Audit is the process of engaging a professional expert empowered to examine these financial statements, to determine whether all the accounting principles are followed and if the account shows a true and fair view of state of affairs. Survey research design was used. The population comprises the entire workers of First Bank of Nigeria Plc in Lagos. The questionnaires were issued to one hundred and twenty (120) respondents which formed the sample size. The samples were drawn using convenience sampling technique. Data collected were analyzed using frequency tables and percentages method. Formulated hypotheses were tested using chi-square (χ2) based on 0.05 probability level of significance.
The study shows that external auditing enhances organizational effectiveness. Organizations engage external auditors in order to ensure credible financial statements. External auditing plays significant role in the detection of fraudulent practices in banking organization. Management encourages proper auditing of financial statement. There is a significant relationship between external auditing and the performance in the Nigerian banking industry. The survival and continuity of the organization depend on effective external auditing. The work of external auditor promotes orderly and efficient conduct of operation.
It was recommended management of the organization should encourage credible external auditing of the various books of account to ensure credibility and transparency in operations in the banking industry. Management should also encourage periodic review or auditing of account to prevent fraudulent practices in the banking organizations. The organization should endeavour to promote those factors enhance good corporate governance regarding practice of professional auditing in the bank. Employees should show commitment to organizational goals by avoid unprofessional conducts and involvement in fraudulent acts in the banking hall
Related Project Materials
WHOLE LIFE COSTING PRACTICES EMPLOYED BY DESIGN TEAMS OF BUILDING CONSTRUCTION PROJECTS IN ABUJA, NIGERIA
ABSTRACT
The Bureau for Public Procurement (BPP), which was established by the Public Procurement Act of 2006 to oversee the procurement...
TRAINING AND MOTIVATION AS A TOOL FOR IMPROVING EMPLOYEE PERFORMANCE
ABSTRACT
This research work entitled “training and motivation as a tool for improving employees p...
THE CHALLENGES AND PROSPECT OF NIGERIA-CHINA TRADE RELATION
Background of the study
Over the past several decades, the economies of the world have become greatly c...
DRUG ABUSE AND ITS HEALTH IMPLICATIONS AMONG SECONDARY SCHOOL TEACHERS IN EGOR LOCAL GOVERNMENT AREA OF EDO STATE
ABSTRACT
The purpose of the study is to look into drug abuse, its implication on teachers in some selected secondary sch...
INFLUENCE OF COMMUNITY RADIO IN AGRICULTURAL DEVELOPMENT
ABSTRACT
This study was carried out on the influence of community Radio in agricultural development using Caritas...
THE ROLE OF MASS MEDIA IN COMMUNITY DEVELOPMENT
Background of the study
Over the years, man has lived in the dark era; been of certain information, but today mass media...
ROLE OF INTERNAL AUDITORS ON THE FINANCIAL STATEMENT IN LOCAL GOVERNMENTS
EXCERPT FROM THE STUDY
The local government global schedule analyses that most local governments of developing countries have no or under...
EFFECT OF SPROUTING ON THE FORMULATION OF WEANING DIETS FROM BAMBARA NUT (Vigna. subterranean) AND SORGHUM (Sorghum bicolor)
ABSTRACT
Protein energy malnutrition (PEM) accounts for over 50 % mortality among weaning children globally. Fortification and formulatio...
FIRM AGE AND PROFITABILITY: EVIDENCE FROM NIGERIA
Abstract
This study sought to investigate firm Age and Profitability: Evidence from Nigeria. The main objective of this study is to deter...
RADIO FREQUENCY BASED WIRELESS BATCH COUNTING DEVICE FOR BREWERY
-
-
Background of the Study
-
Owing to the high rate of industri...
