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THE AUDITOR AS AN INDISPENSIBLE PARTS OF A PROFITABLE BUSINESS ORGANISATION

ABSTRACT

Now that we have attained democracy, many countries of the world will be expecting to invest in this country therefore there must be a vast change in the mature of business organisations. Precisely, to cope up with the vast changes the need for competent auditor can be over emphasized. In these changing times, auditing as a discipline born out of the need to discourage and stop fraud, ought to be facing the greatest challenges of time. The growth of auditing can only be in developing complex means of combating complex fraudulent acts in changing times. However, form the foregoing, there still appears a large gap existing between the general publishes expectations that financial misappropriation should be detected by audit roles have changed tremendously, it is hoped that the changing roles of auditing should at last be a deferent to fraud. If the rate of fraud and distress in banks continues to escalate as it is doing now. It should be clear to the auditing profession that they may be needed to play their traditional role. Based on the information gathered from questionnaires and analysis made from the result from interviews conducted, it can be observed that to achieve profitable business organizations, audit functions are very important.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Due to the problem that arrives from the shareholding employees, investors and other body urgencies in the act of been doubting on report presented to them, an auditor will be of good help because it serves as an inappeasable a profitable business organization. However, the auditor is regarded as the eyes and ears records of the organization in order to encore that the financial statement are a reflection of the affairs of the organization as appeared in these records. Since this records  are summary of generation for a specified period. The auditor also goes behind these records to the source document in other to confirm the accuracy, completeness and validity of the records transaction.

According to A.W. Honliness (1959) p.21, he stated that “there is a requirement that all registered limited liability companies must have their financial records audited annually by a firm of auditors so appointed.” He further stated that the law concept  compel the auditor to express his opinion to the authoritative, the auditor must be seen to be independent.

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