LAW CONCEPT AND IMPLICATIONS (A CASE STUDY OF FIRST BANK NIGERIA PLC. OKPARA AVENUE, ENUGU STATE)

LAW CONCEPT AND IMPLICATIONS (A CASE STUDY OF FIRST BANK NIGERIA PLC. OKPARA AVENUE, ENUGU STATE)

TABLE OF CONTENTS

TITLE PAGE                                                                                                 I

CERTIFICATION                                                                                         II

DEDICATION                                                                                                           III

ACKNOWLEDGEMENT                                                                             IV

ABSTRACT                                                                                                   V

LIST OF TABLES                                                                                         VI

TABLE OF CONTENTS                                                                               VII

CHAPTER ONE

1.0       INTRODUCTION                                                                             1

1.1       BACKGROUND OF STUDY                                                                      1-2

1.2       HISTORY OF CASE STUDY                                                                      2-6

1.3       STATEMENT OF THE PROBLEM                                     6

1.4       OBJECTIVES OF STUDY                                                               6

1.5       STATEMENT OF HYPOTHESIS                                                    7

1.6       SIGNIFICANCE OF THE STUDY                                                  8-9

1.7       SCOPE AND DELIMITATION OF THE STUDY             8

1.8       DEFINITION OF SOME RELEVANT TERMS                             9

REFERENCES                                                                                                          11

CHAPTER TWO

2.0       LITERATURE REVIEW                                                                  12

2.1       HISTORICAL BACKGROUND OF AUDITING              12-13

2.2       GENERAL AUDITING                                                                    12-14

2.3       DEFINITION OF AUDIT                                                                 14-15

2.4       TYPES OF AUDIT                                                                            15-16

2.5       WHO IS AN AUDITOR                                                                   16

2.6       THE GENERAL VIEW OF AUDITING                                         16-19

2.7       AUDITING THEORY                                                                                  19

2.8       IMPORTANCE OF AUDITING TO THE COMPANY.     19-20

2.9       APPOINTMENT OF AUDITORS                                                    20-21

2.9.1    REMUNERATION OF AUDITORS                                               22

2.9.2    REMOVAL OF AUDITORS                                                                        22-24

2.9.3    ENGAGEMENT LETTER                                                                24

2.9.4    PURPOSE OF ENGAGEMENT LETTER                           24

2.9.5    PRINCIPAL CONTENTS OF ENGAGEMENT LETTER 25

2.9.6    DUTIES AND RIGHTS OF AUDITORS                                        25-27

2.9.7    RIGHTS OF AUDITORS                                                                 27-28

2.9.8    RESIGNATION OF AUDITORS                                                    28-29

2.9.9    SECTION 360 FURTHER PROVIDES THAT                                29-30

2.10     AUDITORS LIABILITY                                                                  30-33

2.11     IMPLICATIONS OF THE LAW ON AUDITORS             33

2.11.1 POSITIVE IMPLICATIONS                                                             33

2.11.2 NEGATIVE IMPLICATIONS                                                          33-34

2.12     ACCOUNTING RECORDS                                                                         34

2.13     RESEASONABLE STANDARD OF CARE AND

SKILL IN CARRYING OUT HIS DUTIES                                    35-36

2.14     THE ROLE OF AUDITORS INA CORPORATE

ORGANISATION                                                                             36-37

2.15 WAYS IN WHICH THE LIABILITIES OF

AUDITORS CAN BE           LIMITED                                                       37-40

2.16     ICAN RULES TO GUARANTEE

INDEPENDENCE OF AUDITORS                                                 41-42

2.17     CAMA 1990 TO GUARANTEE INDEPENDENCE                     42

2.18     INVESTIGATIONS                                                                          42

2.18.1 STAGES AND PROCEDURES OF

AN INVESTIGATION                                                                                 43-49

2.19     ACCOUNTING AND AUDITING STANDARDS                        49-50

2.19.1  ACCOUNTING STANDARD                                                                      50

2.19.2 THE RELEVANCE OF ACCOUNTING

STANDARDS TO AUDITING                                                        50

2.19.3 ADVANTAGES OF ACCOUNTING STANDARD                       51

2.19.4 DISADVANTAGE OF ACCOUNTING STANDARD                   51

2.20 AUDITING STANDARD AND GUIDELINES                                 52

2.20.1 STATEMENT OF AUDITING STANDARDS                                 52-53

REFERENCES                                                                                                          54

CHAPTER THREE

3.0       RESEARCH DESIGN AND METHODLOGY                               55

3.1       INTRODUCTION                                                                             56

3.2       SOURCESOFDATA                                                                         56

3.2.1    PRIMARY SOURCES OF DATA COLLECTION             56

3.2.2    SECONDARY SOURCES OF DATA COLLECTION      57

3.3       THE POPULATION OF STUDY                                                     57

3.4       SAMPLE SIZE AND SAMPLING TECHNIQUE              58

3.4.1    SAMPLE SIZE                                                                                              58

3.4.2  SAMPLE TECHNIQUE                                                                      58

3.5       METHODS OF DATA COLLECTION                                           59

3.6       PROCEDURES FOR PROCESSING COLLECTED DATA 59

CHAPTER FOUR

4.0 PRESENTATION AND ANALYSIS OF DATA                                  60

4.1 A BRIEF INTRODUCTION OF THE CHAPTER                                60

4.2       GROUP RETURNS, RESPONDENTS,

CHARACTERISTICS AND CLASSIFICATION.             60

4.3       PRESENTATION AND ANALYSIS

OF            RESEARCH QUESTIONS                                            61-66                       4.4 TEST OF HYPOTHESIS                                             66-68

REFERENCES                                                                         69

CHAPTER FIVE

5.0 SUMMARY, CONCLUSION, AND

RECOMMENDATION                                                              70

5.1 SUMMARY                                                                        70

5.2 CONCLUSION                                                                 70-71

5.3 RECOMMENDATIONS                                                    71-72

BIBLIOGRAPHY                                                                      73

APPENDIX I                                                                             74

APPENDIX II                                                                        75-78

LAW CONCEPT AND IMPLICATIONS (A CASE STUDY OF FIRST BANK NIGERIA PLC. OKPARA AVENUE, ENUGU STATE)