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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This research work is an attempt to study on auditing efficiency
as a tool for improving company’s performance using Nigerian breweries plc 9th mile as a
case study.
Efficiency
in auditing provider means of appraising company’s performance and it helps to detect the ills and weakness. Auditing as explained by audit
operational standards is the independent examination of an enterprise by an appointed auditor in pursuance of that appointed and in compliance with any
relevant statutory obligation. With the help of auditing knowledge, the intention is to find out the extent to which the company Nigeria breweries had carried
out efficiently
appraisal and highlighting deficiency and inefficiency
which are usually believed as not existing and whether the company is efficient
as it
should be correctly. But when the company grows to a greater height, volume of transaction becomes substantial usually with public company. It will need
the service of an accountant who is an auditor so as to be able to carry out his job more eiciently.
1.2 STATEMENT OF THE PROBLEM
In developing country like Nigeria, a company whether large, medium or small faces special problem of auditing inefficiency.
The problems which includes
incomplete recording of accounts, poor attitude to adhere to the accounting standards and guideline coupled with incessant fraud and defalcation have
warranted that the techniques of audit should be mastered by accountants. This research work therefore attempts to highlight on these key problems, areas
that will undermine auditing efficiency
in a company and make suggestion about their possible solutions.
1.3 OBJECTIVES OF THE STUDY
Considering the above, the research work has undertaken to study the auditing efficiency
as a tool for improving company performance using Nigerian
breweries as the case study. It is intend to find out some of the reasons for deficiencies and inefficiency
in the company which is usually believed as not
existing. When in fact they started to find out ways to eradicate these abnormalities by the application of efficiency
audit.
It is also intended to find out the extent to which management has appraised their own operations and how competent they have been in determining
operational weakness and ills.
1.4 SIGNIFICANCE OF THE STUDY
Considering the above aims and objectives, there is the need to inform other users of the company’s financial information on the efficiency
of audit as the
tool for improving company’s performance. It helps to prevent fraud because if fraud is detected and prevented on time, the attainment of corporate
objective will be much more effectively
and efficiently
pursued. If the company is efficiently
audited, it will help the company to perform efficiently
and make
it to grow.
1.5 HYPOTHESIS TESTING
In carrying out this study, the researcher intends to test hypothesis are merely anticipated or expected relationships between or among the variables to
interest. The hypothesis will be tested and conclusion arrived at the application of;
H0 the company’s auditing process is not efficient.
H1 the company’s auditing process is efficient
H0 auditing efficiency
is not a tool for improving company’s performance
H1 auditing efficiency
is a tool for improving company’s performance.
1.6 SCOPE AND LIMITATION OF THE STUDY
For the purpose of this research work, the researcher will focus her attention on the auditing efficiency
as a tool for improving company’s performance using
Nigerian breweries plc Enugu as a case study. The concentration on the above named company is as a result of the fact that the research envisaged a possible
danger the effectiveness
of carrying this research work on a longer scope to embrace all the companies in Nigeria will seriously be hampered by many
inevitable factors.
The dearth of research material within the polytechnic community was one o problem encountered by the researcher in the course of work.
Also, to me financial problem was also a constraint to the achievement of what I intent to research on.
1.7 DEFINITION OF TERMS
Auditing: This is a process in which auditors collect and evaluate evidence to ascertain if there is a high degree of relationship between the evidence collected
and financial information present by management.
Detection: This is the art of finding or discovering the existence or essence, nature or identification of something.
Defalcation: This is simply misappropriation and embezzlement of money enrolled to one.
Fraud: This is the act of dishonesty, deceit, falsification and manipulations perpetrated to gain undue monetary and non monetary benefits.
Investigation: This is an enquiring commission for come specific purposes stated in his letter of engagement to an investigator.
Management: This constitutes serious members of an organisation who dictate and enforce policies and philosophies of the operations.
Efficiency:
Ability to perform duties well producing a designed result.
Tool: Instrument used in doing a certain work.
Improvement: Make better. It is the alternation that adds to the value of anything.
Company: Any seven or more persons in the case of private company or any two or more persons associated for any lawful purpose or incorporation for a
joint action especially for business.
Efficiency:
Ability to perform duties well and producing a desired result.
1.8 References
notes
1. “A statement of basic concept” studies in accounting research N0. 6 (sarastitu: American accounting association 1973).
2. Jess stein and Lawrence urdang, the random house dictionary of the English language unabridged edition p. 455
3. Ibid p. 1493
4. Ibid p.717
5. Companies decree 1968 vol. 55 p. A 201.
6. Jess stein and Lawrence urdang, the random house dictionary of the English language unabridged edition p. 1070.
7. Ibid p. 387
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