CRITICAL EXAMINATION OF THE ROLE AND IMPORTANCE OF AUDITING TO BUSINESS GROWTH A CASE STUDY OF SETRACO CONSTRUCTION COMPANY, PATANI, DELTA STATE

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CRITICAL EXAMINATION OF THE ROLE AND IMPORTANCE OF AUDITING TO BUSINESS GROWTH A CASE STUDY OF SETRACO CONSTRUCTION COMPANY, PATANI, DELTA STATE

ABSTRACT

This study was aimed primarily at highlighting the techniques, policies and concept of auditing as they relate to growth of business corporation. The principal focus was on the private sector which more than any other sector uses their financial reports. And a research survey was conducted in Setraco Construction Company, Patani, Delta State. This study also focuses on the nature and purpose of independent auditing and its relevance to the economic growth of business organisation. The objective of the study was to appraise the impact of auditing in Satraco Construction Company, Patani and to examine why auditing is needed in the organisation and the prospect of auditing in Nigeria. Modern changes in the traditional role of auditing and its method of implementation were evaluated. For the purpose of this study questionnaires were administered in Setraco Construction Company, Patani and primary data were generated from it. And secondary data were obtained from articles, newspapers, business reports, textbooks and published reports. And analysis of data involves applying simple percentage to data collected and chi-square test of hypothesis was done to produce a more retained result, from which conclusion was draw. This study was concluded with recommendation based on the result of analysis and experience in the field.

TABLE OF CONTENTS

Title Page i

Approval page ii

Dedication iii

Acknowledgement iv

Table of contents v

Abstract viii

CHAPTER ONE

Introduction

Background of the study 1

Statement of the study 3

Purpose of study 4

Research question 4

Hypothesis 5

Significance of study 6

Scope of study 6

Limitation of study 6

Operational definition of terms 7

CHAPTER TWO

Review of Related Literature

Introduction 9

The concepts of sales promotion 9

Objectives of advertisement 10

Advertisement and sales promotion 12

Decision areas when developing 15

The effect of advertisement 15

Factors that determine the use of sales promotion 17

Evaluation of advertisement 19

History of Globacom 24

CHAPTER THREE

Research methodology

Theoretical framework 26

Research design 26

Area of the study 27

Sampling size 27

Sampling procedures 27

Research instrument 27

Data collection Method 27

Method of data analysis 28

CHAPTER FOUR

Presentation and data analysis

Introduction 29

Data presentation 29

Testing of hypotheses 41

CHAPTER FIVE

Summary of findings, conclusion and recommendations

Summary of findings 46

Conclusion 46

Recommendations 47

References

Appendix

Questionnaire

CHAPTER ON

INTRODUCTION

Background of the Study

In every enterprise, decisions are made about how ro maximized the use of resources. The resources includes raw materials, finance and time, which are limited in supply. These economic resources are taken into consideration through the publication of financial statements. Generally, the financial statements are prepared internally to show the result of operation of the enterprises during a given accounting period.

The question that arises is how the financial statement prepared by the management will be accepted to the owners of the business, to creditors, government and other who may need to rely on them.

The fact is that, if the financial statements are not certified as correct by an independent competent professional, who has no interest in the business enterprise, the financial statement may be viewed with doubt and this may hinder the success and growth of the business because investors and interested parties may not be encouraged to invest their money in such enterprise. As a result of this, an independent auditor who must be competent and objective in the examination of the financial statement comes into play.

According to Saba and Nwalado (2006:12), an auditor should exercise his profession with independent and objectivity. He must be in a position to give an honest and unbiased opinion. He examines the financial statement and gives his own opinion on the true position of the enterprise, which the investors rely on for their investment proposals. In the light of this, auditing bridge the credibility gap in validating the authenticity of the financial statement.

Adams (2006:20) , opined that auditing is a process carried out by suitable qualified auditors during which the accounting records and the financial statements of an enterprise are subjected to examination by independent auditors with the main purpose of expressing an opinion in accordance with his terms of appointment. According to the operating procedures of Nigerian Guidelines (1993) auditing is an independent examination and expression of an auditor in pursuance of the objective of auditing.

This research is therefore aimed at highlighting the general background and concept of auditing. Attention will be focused in the terms and techniques used in auditing profession.

This good accounting and financial reporting aid society in allocating its resources in the most efficient manner and contribute immensely to the success and growth of business while inadequate accounting and inaccurate reporting conceals waste and inefficiency.

Statement of the Problem

In this research study, the researcher will reflect on these problems affecting the role of auditing in the Nigerian economy.

The role of auditing in business enterprise has been subjected to various degree of value judgment by various people who may have found themselves at one time or the other involved in audit work without the relevant background knowledge of auditing. As a result of this, the researcher intends to discuss certain audit related problems, such as:

How auditing lead to the growth of business enterprise

What value does auditing add to the growth of business enterprise?

Why it is necessary to have audit department in business enterprise?

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