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
EXAMINATION OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) FACTORS IN FINANCIAL REPORTING
Abstract
This research examines the incorporation of Environmental, Social, and Governance (ESG) factor...
EXAMINATION GRADE PURSUIT AS A DETERMINANT OF STUDENTS READING ATTITUDE IN THE TERTIARY INSTITUTIONS
ABSTRACT
Reading is undeniably a very important part of the educational structure of Nigeria. Unfortuna...
POWER INTERRUPTIONS AND BROADCASTING MEDIA PROGRAMMES IN ENUGU: CASE STUDY OF ESBS RADIO AND TELEVISION
ABSTRACT
The aim of this research is to determine the effect of electricity power supply interruption on electronic medi...
AN ASSESSMENT OF THE IMPACT OF POVERTY ON CRIMINAL BEHAVIOUR AMONG YOUTHS
ABSTRACT
Criminal behavior could be seen as a fault of the social system whose institutions do n...
ASSESSING THE MINERAL AND GEOTHERMAL POTENTIALS OF PART OF KOGI STATE, NIGERIA
ABSTRACT
The Mineral and Geothermal Potentials of part of Kogi State was investigated through the interpretation of aeromagnetic and radi...
INTEGRATION OF PEOPLE’S PERCEPTION OF LANDSCAPE IN THE DESIGN OF RECREATIONAL PARKS,
ABSTRACT
Perception of any given environment enables one to comprehend and react to stimuli brought about by the environment. As such, th...
EVALUATING GOVERNMENT PALLIATIVE MEASURES AS RESPONSES TO PROTESTER DEMANDS (A CASE STUDY OF ENDBADGOVERNANCE PROTEST IN NIGERIA)
EVALUATING GOVERNMENT PALLIATIVE MEASURES AS RESPONSES TO PROTESTER DEMANDS (A CASE STUDY OF...
EFFECTS OF MOTIVATION AND JOB SATISFACTION ON ORGANIZATIONAL PRODUCTIVITY
Abstract
The study of this research is effects of motivation and job satisfaction on organizational productivity. A case...
THE ROLE OF PUBLIC ACCOUNTANTS IN CORPORATE SOCIAL RESPONSIBILITY (CSR) REPORTING
Abstract
THE ROLE OF PUBLIC ACCOUNTANTS IN CORPORATE SOCIAL RESPONSIBILITY (CSR) REPORTING
This study explores the role of publ...
RECYCLING AND REFUSE AS ALTERNATIVE MEASURES TO WASTE MANAGEMENT IN NIGERIA
Background to the study
Cities are at the nexus of a further threat to the environment, namely the prod...
