THE IMPACT OF AUDIT REPORT IN ORGANIZATIONAL PERFORMANCE A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA, UGELLI BRANCH

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THE IMPACT OF AUDIT REPORT IN ORGANIZATIONAL PERFORMANCE A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA, UGELLI BRANCH

ABSTRACT

This is a research work that is carried out on the impact of audit report on organizational performance, Ughelli Branch. This study explains what audit is all about, stating clearly that it is a written report about the accuracy and reliability of a client by a qualified auditor which is presented to the management in form of financial statement. Base on this report, the auditor goes on to express his opinion on whether the financial statement of the organization to shows a true and fair view during the year under review. The study clearly review the problems of financial statement of an organization, the areas to be covered on the study which is restricted to P.H.C.N Ughelli in particular, the source of information which involves the use of questionnaires and time limit given to complete the study. Report writing has to do with communication and conveying information and ideas to someone else. This testifies if the report is writing by an independent public account on the basic of a standard examination of the financial statement of a client’s company. The reporting auditor has a message, which he wishes to convey to those who will need his report. In writing a report, an auditor must assume that his researcher will have some basic knowledge of business operators of accounting statement and of the particular company to which the report may concern. The auditor must be independent. The American institute of certified public accountants has established some standards that are to be observed by its member in their professional work. The original under review must have an internal control system, which contain its plan, assignment and responsibilities. The auditor work is carried out at the client’s premises auditors expresses an unqualified opinion on a client’s financial statement when the report does not contain certain reservations. The qualified opinion restricts the auditor’s responsibility for fair presentation in some areas of the financial statement.

TABLE OF CONTENTS

Title i

Approval ii

Certification iii

Dedication iv

Acknowledgement v

Abstract vi

Table of content vii

CHAPTER ONE: Introduction

Background of the study 1

Statement of the problem 2

Purpose of the study 3

Research questions 3

Significance of the study 4

Scope/Delimitation of the study 4

Limitation of the Study 5

Operational definition of terms 6

CHAPTER TWO: Literature Review

Introduction 8

The Boar of Directors and Its Members 10

Power of the Board 11

The General Managers and his Principal Officers 11

Financial Department 15

Importance of Power 18

Qualification of Auditor 19

Auditors Examinations and Evaluation Standard 20

Internal Control 21

Adequate Planning 22

Audit Evidence 24

Form and Distribution of the Report 25

Report on Group Account 25

Timeless of Reporting 25

Financial Reporting 26

Qualified and Unqualified Opinion 27

Report to Management 28

Relationship of Auditor to their Parties 28

CHAPTER THREE: Research Methodology

Introduction 30

Research Design 30

Population of the study 30

Sample size 30

Sampling Techniques 31

Research Instrument 32

Validation of the Instrument 32

Reliability of the Instrument 33

Method of data collection 33

Method of data analysis 33

CHAPTER FOUR: Data Presentation and Analysis

4.1 Introduction 35

4.2 Data Presentation and Analysis 35

4.3 Discussion of Findings 42

CHAPTER FIVE: Summary, Conclusion and Recommendations

5.1 Summary of findings 44

5.2 Conclusion 45

5.3 Recommendation 45

Bibliography 47

Appendix 48

Questionnaire 49

CHAPTER ONE

INTRODUCTION

Background of the Study

Audit means written reports about the reliability and accuracy of an account by a qualified person known as an auditor. In Nigeria, the companies and allied matters degree of 1990, section 331 made it compulsory for all corporate bodies to have their accounts audited by professional auditors. The directors or management of organization produce a report called the financial statement while the auditor expresses his opinion on whether such financial position shows a true and fair state during the year under review.

The report prepared by management on which the auditor expresses his opinion is very vital since used by other interest parties (internal and external). Internal users are potential investors, financial analysis etc. hence, the law has recognized that the report be scrutinized by an independent person known as an Auditor. Also, the auditor’s opinion that has been embodied in written form is called Auditor report, which is addressed to those the auditor is responsible from the foregoing, it is realized that audit is very important in the organization operation (particularly with reference to the Power Holding Company OF Nigeria Ughelli). Hence, audit report is very essential in all planning and operation of the organization.

However, its importance cannot be underestimated since the audit may be held liable to a very great extent for what he stated or does not state as his opinion and the responsibility may extend not only to his immediate client, but also to the limited party.

Statement of the Study

The major problem of this study is centered on the Audit report of P.H.C.N., Ughelli. The need to test accuracy of the financial statement prepared from the accounting record of the organization.

That state of affair of the financial position of the organization. That is whether the financial position shows a true and fair view of the organizational operation according to the best information and explanation given to him and as shown by the books if not in what respect, it is false or incorrect.

Proper utilization of funds by management of the organization

The implementation of the recommendation made by audit report for the purpose of the organization growth (particularly the P.H.C.N ughelli).

The need to check and examine the entries in the book of account.

Objectives of the Study

The objectives of this research on the audit report of the organization particularly P.H.C.N ughelli are as follow:

To know the true and fair of the financial position of the organization operation.

To know the accuracy of the financial statement of the organization (P.H.C.N)

To know the degree of efficiency and economic operation of the organization.

To know if actually the recommendation made by the auditor report are implemented in order to ascertain the extent of the organizational growth achieved in the organization (P.H.C.N ughelli)

Research Questions

The following research questions will be answered in the course of this work

How does audit report create an impact in the power holding company of Nigeria ughelli?

Who is responsible for the preparation of an audit report?

What are the significant relationship between an audit and its impact in the power holding company of Nigeria ughelli.

What are the importance of an audit report in the power holding company of Nigeria, ughelli?

Significant of the Study

The importance of this research on the audit report of the power holding company of Nigeria ughelli is stated below:

It helps to know the effective operation of the organization (P.H.C.N)

It help to test the organization posting of account if they are posted correctly

It help to know the organization state of financial position (P.H.C.N)

It help to determine if the auditor recommendation increase the growth and development of the organization.

Scope of the Study

The study is restricted to the public sector organization with particular reference to the Power Holding Company of Ughelli, Warri. It may include the audit report and some importance aspect of the audit (general standard and standard of examination and evaluation as regards his independence of judgment were included). It does not include the auditor’s report of a limited liability company as regulated by the company degree of 1968.

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