THE SIGNIFICANCE AND OBJECTIVES OF SOURCE DOCUMENTS IN AUDIT INVESTIGATION (A CASE STUDY OF ORJI CHUKWU AND CO CHARTERED ACCOUNTANCTS)

ABSTRACT

The concept “source documents” is a familiar term with those involved in keeping accounting records or watch dogs of limited liability and public liability companies and organizations from time to item, most often on annual basis, the independent Auditors call to review the accounting records kept by their clients. This they do by studying and evaluating the internal control systems in the company. This approach makes it possible for lapses, discrepancies, deficiencies and bottlenecks to be discovered if any do exist. However, most people do not really understand the role of the auditors in public practice. To the layman, it’s a matter of detecting for fraud, which is more or less a secondary object of audit. This research has set out to review the role of the auditor in public practice, the statutory and regulatory frame work under which they operate and the procedures adopted in the course of their duties, to meet the standard required to them. This task has been carried out with a special reference to Orji Chukwu and co chartered Accountants a relatively small firm of chartered accountants located at 57 chime Avenue new haven, Enugu. Chapter one of this work, takes a critical look at the background information relating to the concept of auditing and investigation procedures in auditing, while chapter two gives a detail tool of the concept of auditing and all other related issues under literature reviews
Chapter three, research methodologies, reviews the procedures used in carrying out the research, while chapter four gives details of data obtained during the research with brief comments on the facts that could be deduced there from. Chapter five looks at the inferences drawing from the analysis of data obtained, while the last chapter summarizes the results of research, finding in more general items.