THE SIGNIFICANCE OF EXTERNAL AUDITING IN THE BANKING INDUSTRY (A STUDY OF FIRST BANK OF NIGERIA PLC IN LAGOS)
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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
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