THE IMPACT OF AUDITING IN GOVERNMENT PERASTATTALS

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Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeria banks without internet

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

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AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT

The aim of this study is to find out the impact of auditing in government parastatals. To carryout this study three chapters where used.

The first chapter highlighted on the general background of the study, chapter two talks on meaning of auditing, objectives and government voucher, etc. In the third chapter, I ended with the summary of finding, conclusion and recommendation, after this the reference followed it.

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

CHAPTER ONE

1.0     INTRODUCTION                                                             1

• Background Of Study 1
• Statement of problem 3
• The objective of study 3
• The scope of study 3
• Research questions/hypothesis 4
• Significant of the study 4

CHAPTER TWO

2.0     Review of Literature                                                          5

• What is Auditing 5
• Objective of auditing 6
• Qualities of an auditor                                         7
• Qualification of an auditor 8
• Internal control and internal check 9
• Rights and duties of an auditor 9
• Government voucher 11
• Legal basis of government accounting 12
• Fraud in government parastatals 12

CHAPTER THREE      

Summary of findings conclusion and Recommendation.             14

 

 

 

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF STUDY

Almost all human activities revolve round the pivot of the principle of auditing, just as the auditors carryout audit work on the state of affairs of financial statement to know whether the financial statement prepared by an accountant gives a true and fair view. The technologist, merchants, markets, and even mediocre do the same to find out whether their research, trades, factory activities such as production, businesses and their daily activities or transactions are carried out with care and prudency to ensure prosperity is seen.

Auditing is a thorough examination of an expression of an opinion on financial statement that had been prepared by an accountant. This audit is a check of the work of an accountant. In the view of audit operational standard audit is defined as an instatements of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with the relevant statutory obligation. One can point out from this definition that an auditor has to be purely independent. The need for independence is to enable him carryout his audit job without inference by the management.

It is very necessary to point out that the auditing jobs are discharged by an auditor – an auditor is a qualified accountant who had also passed a professional examination. Institute of chartered accountant of Nigeria is the only board that is empowered by company and Allied Matters act of 1990 to conduct such examination. Such a person must have a vast knowledge and able to understand a practical business endeavour always to grasps technicalities and business methods of any concern whose account he undertakes to audit.

Parastatals are enterprise own and managed by the government or its agencies, distinguishable from private enterprise and organized on behalf of the whole citizen. Examples of parastatals are Nigerian National Petroleum corporation (NNPC), etc. The accounting of parastatals is designed to demonstrate the correctness and reasonableness of transactions and their agreement with established rules and to give evidence of accountability and stewardship of government resources.

 

• STATEMENT OF PROBLEM

Inspite of all the ideas and contributions of some academician, and some noble men in government parastatals the researcher had encountered some few problems which are:

1. Inadequate fund available for his research work.
2. Inadequate material or related literature.

EFFECTIVENESS OF CREDIT GUIDELINES AS AN INSTRUMENT OF MONETARY POLICY IN NIGERIA

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COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeria banks without internet

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

The credit guidelines are those monetary policy instruments used by the monetary authorities particularly the Central Bank to influence the supply, allocation and cost of credit with view to attaining specific macro-economic objectives in the country. It is a deliberate measures aimed at controlling the qualitative supply of money. Some of the goals are directed towards steering and maintaining the economy at its full potential output to attain full employment, to achieve a balance of payment equilibrium and to moderate inflationary pressures.

The objectives of the study includes the examination of credit guidelines, to identify factors militating against the realization of the guidelines, to evaluate the Central Bank’s method of compliances, to identify areas of frictions (if any) between the CBN and the government and to make recommendation for the effective improvement of the policy guidelines.

Using the correlation analysts and chi-square distribution, four hypothesis listed below were tested.

1. The effectiveness of monetary and credit policy in credit guidelines in Nigeria economy
2. CBN is autonomous in the real sense of it.

• Some banks violate some of the guidelines in preference to paying fines.

1. CBN encounter problems while ensuring compliances by banks and other financial institutions.

Source of data used included primary and secondary sources. Primary data involved interviews and use of questionnaires while the secondary data were sourced from the CBN library, literature in the field of economics, banking and finance.

Recommendation and conclusion were based on find lasting solution to improve the operation of the credit guidelines in Nigeria.

 

 

 

 

 

LIST OF TABLE

1. Banking System Credit to the Economy (1993 – 2000)
2. Sectoral Allocation of Commercial Banks Loan and Advances (1993 – 2000)

• Money Supply in Nigeria (1993 – 2000)

1. Price Stability (1993 – 2000)
2. Economic Growth (1993 – 2000)
3. Nigeria Balance of Payment Positions (1993 – 2000)

 

 

TABLE OF CONTENTS

CHAPTER ONE

INTRODUCTION                                                                     1

• Background of Study 1
• Statement of the Study 3
• Objectives of the Study 4
• Significance of the Study                                         5
• Statement of Hypothesis 5
• Scope and Limitation 6
• Definition of Terms 7

CHAPTER TWO

Review of related literature                                                          12

• Literature Review 12
• Objectives of Credit Guidelines Policy 16
• Instrument of Credit Guidelines 20
• The Credit Guidelines Historical Perspective 22
• Banking System Credit to the Economy 28
• Sectoral Allocation of Commercial

Banks Loan and Advances                                                29

• Money Supply in Nigeria 31
• Price Stability 32
• Economic Growth 33
• Balance of Payment 35
• The Financial Institution, the CBN

and Some of their Operations                                            36

• Analysis of the 2000 Credit and

Monetary Policy Instruments                                             42

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY           47

• Source of Data 47
• Questionnaire Design 48
• Method of Investigation 49
• Sampling Population and Sample Size 49
• Determination of Sample Size 49
• Method of Questionnaire Distribution 51

CHAPTER FOUR

DATA ANALYSIS                                                                    

• Data Presentation and Analysis 52
• Testing of Hypothesis                     60

CHAPTER FIVE                    

SUMMARY OF FINDINGS,

RECOMMENDATION AND CONCLUSION                        73

• Summary of Findings 73
• Recommendation 78
• Conclusion 83

Bibliography                                                                      85

Appendix                                                                           88

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The level of economic, activities in any economy has to be monitored always because there are some factors that are affecting it. And one important factor affecting the level of economic activities in every economy is changes in supply of money. These changes affect directly the rate of spending by the citizens of the country. However, it is because of the economic importance of money that the monetary authorities had devoted time and resources towards the management of money.

The credit guideline, which is my topic of study, has formed the apex instrument used by monetary authorities in Nigeria to influence the economic activities. These guidelines are inform of Central bank of Nigeria monetary policy circulars prescribing sectoral and aggregate increase and decrease in credits by the commercial and merchant banks.

These guidelines are used in regulating the pace and contents of economic development in an economy. However, it involves the authority’s interference with the volume and direction of credit by the commercial and merchant banks to those sectors of the economy they believe that are of crucial important to the economic development. And because of this, the government has divided the economy into two major sectors, namely the preferred or high priority sectors and less preferred or other sectors.

The preferred sectors comprise, agriculture, industrial or manufacturing enterprises, residential building construction, exports and essential services. Moreover, since the introduction of the credit guideline in 1964, the government has urged banks to grant more credit facilities to these sectors in order to boost the rate of economic development in the country.

The less preferred sector of the economy comprises general commerce, government agencies and others. Government also urges banks to allocate less fund or exercise restraint in granting loans and advances to this sectors because of the effect it would have on the general price level.

However, credit guidelines, could be regarded as an anti-inflationary technique preventing the flow of funds to those sectors of economy that are very sensitive to inflationary pressures.

1.2     STATEMENT OF THE STUDY

Despite the efforts of the monetary authorities in order to achieve the objectives of the credit guidelines, performance has fallen far below the projected level. Several factors could be identified to account for the failure to achieve these sets of objectives. The factors form the basis of the statement of the study and includes:

1. Some of the credit guideline measures are ineffective to tackle the economic problems.
2. Lack of complete autonomy on the part of the CBN to discharge its monetary functions effectively.
3. Inadequate coordination in major problems and government activities thereby fueling inflationary pressures in the economy.

The problem of taxing and

THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANISATION

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Account Name: Chi E-Concept Int’l
Account Name:3059320631

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CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Complexity and the continuous growth in business organization call for more employees and also the separation of the business from its owners. Because of this increase in size of the business, it is not possible for the owner to run all the departments, effectively. He now requires more hands, making way for managers to be employed to run the various departments.

It is important therefore at this to say that as the business continues to show a constant growth rate, the sole trader will gradually give way to partnership, perhaps for better management and also due to the need for bigger capital.

As the partnership becomes bigger, it ushers in the limited liability company which came in with share holding concept a situation a very large sum of money is required for a business venture by the public each contributing a singly unit o share.

Shareholders, as owners of the business appoint directors to run the day-to-day affairs of the company. The directors, on the other hand appoint managers who serve as stewards of the company.

The managers fulfill their accountability to the shareholders and other interested parties by preparing financial statements. The financial statement may take the form of balance sheets, profit and loss account, source and application or fund statement (VAS) an historical financial summary.

The statement are presented in annual reports conform with accounting goals and standards, which now serve as instruments for activating profit in a business organization.

In some cases, when managers report to shareholders, some problems arise, such as can the shareholder believe this report, most of the following are the reasons shareholders doubt the report of managers.

1     Most of these contain errors, e.g. error in principle, error of omission and commission, to mention but a few.

• Such reports can be misleading.
• Such report may not disclose relevant information.

To solve the above-mentioned problems, the company has to appoint an independent expert called “AUDITOR” to investigate the reports and make his own opinion and report on h is findings.

However, the auditor is seen as a watchdog on the records of the organization so as to ensure that the financial statements are a reflection of the affairs of the organization as prepared in these records. Since these records are a summary of the transactions for a specified period, the auditor also goes behind these records to the source documents in order to confirm the accuracy, completeness and validity of the records.

According to Pugh Michael (1992) p. 12 it is the responsibility of the auditor to ascertain that all financial statements of the business are followed, because the accounting profession requires of its members integrity, transparency, honesty, independence and objectivity of performance as well as strict adherence to accepted professional standards.

Also looking at the works of A.W. Holiness (1959) p. 12, he stated that there is a provision that all registered limited liability companies must have their financial records audited annually by a firm or auditors so appointed. He further stated that the law concept compels the auditor to express his opinion to the directors and at the same time, the auditor must be seen as independent.

In summary, the auditor, shareholder and director have a tripartite relationship in the company. The shareholder are owners of the company, directors are employed by the shareholder to oversee the business, inform the shareholders appoint the auditor to act as check and balance for the purpose of fitting them a true and fair view of the company’s account at any point in time.

 

STATEMENT OF THE PROBLEM

Many people see the auditor in different ways. Some take them to be a body that checks the fraudulent art in some bodies business. While others see him as somebody who approaches his work with suspicion or with a conclusion that something is wrong.

In the case of DE-KI NGTON MILL COMPANY (1896), it was held that the auditor is not bound to approach his work with suspicion or with a foregone conclusion that there is something wrong.

Business organizations today are filled with stories of 419ers, Ducks and Drakes of public funds, etc. fraudulent acts is now the order of the day, that most times, one wonders if there is no means of eliminating the act.

It has been stated that managers of a business are also the custodians of its assets and are therefore hold liable in the occurrence of a loss.

However, the accountant who prepares the books of account is directly under the managers and thus it is possible for the managers to alter the records, the books, covers fraudulent acts, deliberately, given an unfair view in their statement of accounts.

Therefore in the interest of the shareholders and investors, and to ensure that there is no room for mismanagement of funds, the auditor is appointed to act as watchdog on the companies’ accounts. Also, the auditor as an accounting expert should be independent of the company’s management, and his duty theme is to give credibility to the financial statement of books or the company in question. He also guarantees that the companies, books of account present a true and fair view of the company.

Looking into the books of Augusta, it states that the duty of the auditor is limited to expressing an opinion as to whether or not the company’s financial statement is to the best of his knowledge represent a true and fair view of the company. According to her, he is not responsible for not detecting and uncovering fraud as such duties belongs to the management and one only a subsiding duty to him.

This brings

 

 

 

Continue reading THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANISATION →

THE ROLE OF ACCOUNTING INFORMATION IN MANAGEMENT DECISION MAKING

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

Click here to download our android mobile app to your phone  for more materials and others

 

TABLE OF CONTENTS

CHAPTER ONE

• INTRODUCTION
• Introduction
• STATEMENT OF PROBLEMS
• PURPOSE OF STUDY
• SCOPE OF STUDY
• SIGNIFICANCE OF STUDY
• LIMITTION OF THE STUDY

CHAPTER TWO

• LITERATURE REVIEW
• DEFINITION OF ACCOUNTING
• SCOPE OF ACCOUNTING
• OBJECTIVES OF ACCOUNTING
• SOURCES OF ACCOUNTING INFORMATION
• ACCOUNTING FOR DECISION MAKING
• ACCOUNTING INFORMATION
• FEATURES OF ACCOUNTING INFORMATION
• FINANCIAL STATEMENT AND THEIR INFORMATION, CONTENTS FOR MANAGEMENT DECISION MAKING.
• ACCOUNTING CONCEPTS AND CONVENTIONS
• MANAGEMENT DECISION

CHAPTER ONE

INTRODUCTION

Some organizations have failed woefully due to neglect in the use of accounting information in its decision making process. Managers, therefore should rely more on accounting information in its decision making process since decision making skill is “the key “ to successful planning in an organization.

The statement of accounting standard No. 2 issued by the Nigerian accounting standard Board defines Accounting Information as “the data that are found in financial statement which provides a continuing history qualified in monetary terms of economic resources and obligations of a business enterprises and of economic activities that change these resources and obligations”.

Accounting Information therefore, provides the yardstick for measuring the performance of a business organization and is also an instrument against which management compare actual result with established standards. Thus, this information communicated by accounting records serves as a basis for corrective actions when actual outcomes deviate from pre-determined goals.

Accounting Information is not only needed by managers, other users of accounting information include: shareholders (owners), editors, potential investors, the government and the public who have supplied money to the business or who have other interest in the business that will be served by information about financial position and operating results.

The type of accounting information that a specific type of user will require depends upon the kinds of decision that a person wants to make. For example, managers need detailed information about daily operating cost for the purpose of controlling the business and setting reasonable selling price. Other users on the other hand, usually need summarized information on operating result for the past years to use in making investment decisions, levying income tax, or making regulatory decisions.

Accounting information is conveyed to users in a variety of reports and schedules. Reports to internal user (management) are specifically designed to meet their particular needs, which are usually known at the time the reports are prepared. Reports to external user are more standardized and are often referred to as “financial statement”. According to the statement of accounting standard No. 2, the information to be provided in financial statement are those  that are quantitative and qualitative in nature to aid their users in making informed economic decisions. Financial statements are therefore to be simple, clear and easy to understand by all users.

 

STATEMENT OF PROBLEMS

The topic of this research project is to a large extent, qualitative in nature which may not be easily analyzed in quantitative terms. For example, despite the fact that accounting information to general information for management decisions, there is still mismanagement of resources, which leads to the non-achievement of the profit maximization objective of most organization. Moreso, management is faced with routine organizational problems. In the case of