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EFFICIENT AUDIT OF FINAL ACCOUNTS AND THE FORMATION OF AUDITOR OPINION A SURVEY OF SELECTED AUDIT FIRM FRED OKONTA CO

EFFICIENT AUDIT OF FINAL ACCOUNTS AND THE FORMATION OF AUDITOR OPINION A SURVEY OF SELECTED AUDIT FIRM FRED OKONTA CO

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ABSTRACT

 

The efficient audit of final account and the formation of auditor opinion, a valued audit opinion state that the financial statement should give a true and view of the state of affairs of the company under review.

Since audit permeate all aspect of every organization audit techniques have been developed to suit various management objectives like management audit, personal audit, cost audit, efficiency  audit etc.

Furthermore development of business and other organization and the credence lent & financial statement  by users coupled with incessant fraud and defalcation  have warranted that techniques of audit should be mastered by accountants.

Finally this project is to ascertain the basics use of auditors  Opinion in the financial statement of the true and view of the state of the affairs of the organization & detection of fraud and errors by auditors.

 

TABLE OF CONTENT
CHAPTER ONE


  • Introduction


1.1     Statement  of the Problem

  • Objective of the Study

  • Significance of the Study

  • Scope of the Research

  • Limitation of the Research


 

 
CHAPTER TWO

2.0     Definition of Final Account

  • Composition of Final Account

  • Definition of An Audit

  • Audit Objective

  • Internal Control

  • Audit Working Paper

  • Financial Analysis

  • Detection of Fraud and Errors


 
CHAPTER THREE

3.0     Summary of Finding

  • Conclusion

  • Recommendation


Bibliography

CHAPTER ONE

1.0     INTRODUCTION

The practice of public accountability can be traced back to ancient time. In ancient grace all local officers a servant were required to reader accounts for receipts and expenses to their masters.

During the nineteen century, industry enterprise was greatly expended and the evolution of the mechanized factories involved the provision of finance for in excess of that required by industry under the joint stock company form of business organization. The  shareholders as a body delegated the  management of the undertaking to the board of directors and provincially, the board submits to the shareholder the accounts of the company in orders that the meneben to see the financial position and the profit and of the accounts.

Thus the need arise for some means by which the shareholder no body mighty be satisfied that the account presented to them by their board of directors, did show an objectives view of the financial position and result of the company. For this reason, Auditors were appointed to verity the account of the directors a companies, organizations and  to reports of the shareholders.

All simply means an independent examination and evaluation of the authenticity and therefore the reliability of an organizations of the authenticity, and therefore the reliability of an organizations business elopements and records.

The auditor are required to prepare the financial statement of a company or organization. If it given a time and fair view of financial result for the year ended.

The alert of final account through verification of their existences and valuation by auditor should therefore be capable of enabling the auditor to form a opinion on the financial statement is to the extend of their dependability and reliability.

 

1.1     STATEMENT OF THE PROBLEM

In any organization, human error is inevitable human our arises from error of inter operation, concerned and misunderstanding, there error can effect the presentation of accurate and reliable account.

The auditor my be satisfied after completing his substantially cert, as to the authenticity of the transaction by which asset may  have been acquired, or liabilities  incurred but his examination this will not have proved the existence of the actual item, not in the case of assets, that they are actually held by the body concerned.

Based on these problems this research lend to discover the extern to which the already audited  accounts of companies show a true view of the financial position of the entity.

 

1.2     STATEMENT OF OBJECTIVES

An audit is an examination of it books, enchant are vouchers of  an enterprise to enable an auditor give two opinion on the financial

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