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
TAX REVENUE AND INFRASTRUCTURAL DEVELOPMENT IN NIGERIA (1994–2017)
Background To The Study
Infrastructure is very significant to a country’s developmental prospect,...
AN ASSESSMENT OF GRAVEL PACKING STRATEGY USED IN THE PETROLEUM INDUSTRY
INTRODUCTION
Many reservoirs are made up of sediments that are just a few million years old, and since these sediments a...
AN ASSESSMENT OF THE HATE SPEECH BILL AND THE REGULATION OF SOCIAL MEDIA CONTENTS (A CASE STUDY OF PUBLIC PERCEPTION
Background of the study
In recent years, there has been an uptick in demands for more regulation of soc...
CHARACTER TRAITS (TOUGH MINDNESS AND AGGRESSION) AND STRESS AS PREDICTORS OF ALCOHOL USE AMONG POLICE OFFICERS IN IBADAN METROPOLIS
ABSTRACT
The study is geared towards exploring some predicting variables of alcohol use among police officers in Nigeria...
THE IMPACT OF SALARY INCREASE ON INFLATION IN NIGERIA.
ABSTRACT
No economy can escape the evils done is by inflation and unemployment because when measures to control one are being employed th...
AN APPRAISAL OF THE ROLE OF GOVERNMENT IN POVERTY ALLEVIATION IN NIGERIA
ABSTRACT
The study was designed to assess the role of government in poverty alleviation in Kachia L.G.A, Kaduna state. From the NAPEP reg...
PIDGIN ENGLISH USAGE AND MEANING PLACEMENT IN SELECT PIDGIN ENGLISH PROGRAM ON RADIO “Dem Say Dem Say” on Wazobia FM
ABSTRACT
The research closes the gap between the audience and presenters of wazobia dem say dem say radio program and creates relationshi...
ECONOMICS TEACHER’S EFFECTIVENESS AND ACADEMIC PERFORMANCE OF SENIOR SECONDARY SCHOOL STUDENTS
Background to the Study
The issues of poor academic performance of student in Nigeria have been of much...
CORRUPTION AS A THREAT TO SUSTAINABLE ECONOMIC DEVELOPMENT IN NIGERIA
ABSTRACT
This study used a survey design to examine the corruption in Nigeria: as a thr...
SURVEY OF CAUSES OF STUDENT’S DIFFICULTIES IN LEARNING ENGLISH LANGUAGE AMONG SENIOR SECONDARY SCHOOL STUDENTS
Background to
