0704-883-0675     |      dataprojectng@gmail.com

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




FIND OTHER RELATED TOPICS


Related Project Materials

A CRITICAL EVALUATION OF THE IMPACT OF DIGITALIZATION ON BROADCASTING MEDIA

 

Abstract

This research examined the Impact of Digitalization on Broadcast...

Read more
DEVELOPMENT OF A CLONAL SELECTION ALGORITHM BASED SYSTEM FOR AUTOMATIC DETECTION OF MULTIPLE SHAPES

ABSTRACT

In this dissertation a Clonal Selection Algorithm (CSA) based system that detected multiple instances of circle...

Read more
GODFATHERISM AND CREDIBLE ELECTORAL PROCESS IN ANAMBRA STATE

ABSTRACT

Those who perceive political offices as their birthright should rethink. So are those who make...

Read more
EFFECTS OF LABORATORY EXERCISES ON SCIENCE SECONDARY SCHOOL STUDENTS’ PERFORMANCE IN CHEMISTRY

ABSTRACT

This research work investigated the effects of laboratory exercises on science secondary school students&rsquo...

Read more
RELATIONSHIP BETWEEN CAREER DEVELOPMENT AND EMPLOYEE RETENTION IN PUBLIC SECTOR ORGANIZATIONS: IMPLICATION FOR A TIMELY INTERVENTION

Background to the <...

Read more
INTRODUCTION TO ARTIFICIAL INTELLIGENCE APPLICATION AND BENEFITS TO HUMAN LIFE

ABSTRACT

This study was intended to examine the historical development of artificial intelligence. This study was guided...

Read more
EVALUATING THE ANTIBACTERIAL EFFICACY OF HONEY AND LEMON JUICE AGAINST BACTERIA ISOLATES FROM RESPIRATORY TRACT INFECTIONS

ABSTRACT

The antibacterial effect of honey and lemon were investigated. Their use separately and in combination were compared with that o...

Read more
EFFECTIVENESS AND EFFICIENCY OF PERSONAL INCOME TAX COLLECTION IN UYO LOCAL GOVERNMENT AREA

 

ABSTRACT

Tax collection has remained an issue of great concern to past and present governments of Niger...

Read more
FACTORS RESPONSIBLE FOR THE STIGMATIZATION OF MENTALLY CHALLENGED INDIVIDUALS AMONG RESIDENTS IN EKPOMA ESAN WEST LGA EDO STATE

​​​​​​​BACKGROUND OF THE STUDY

Mental health and behavioural disorders constitute about 12% of the glob...

Read more
A THEORETICALLY LOSSLESS METHOD FOR DERIVING EMPIRICAL ORTHOGONAL FUNCTIONS FROM UNEVENLY SAMPLED DATA

ABSTRACT

The Lomb-Scargle discrete Fourier transform (LSDFT) is a fairly popular technique for analyzing time series within the astronomy...

Read more
Share this page with your friends




whatsapp