THE ROLE OF EXTERNAL AUDITORS IN FRAUD DETECTION

THE ROLE OF EXTERNAL AUDITORS IN FRAUD DETECTION

(A CASE STUDY OF UNION BANK OF NIGERIA PLC. ENUGU BRANCH)

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ABSTRACT

This study is aimed at finding and expressing the Roles, the External Auditors play in banks, in Fraud Detection.

There has been significant attempt by the researcher to examine whether the various roles as should be carried out by audited the being introduced in banks and adopted as required by the guiding legislative.  The result of this study would aid educate readers and like wise bank on the roles the external auditors play in banks.

To accomplish the aim of this project work, the researcher has reviewed and reported some related literature sources such information were duly acknowledged in the appropriate reference sections.

About three hypothesis were formulated which were thereafter tested in other to establish theories of the end o the research study chi-square distribution were adopted for this test.  The some of data comes from both primary and secondary modes of data collection.  The secondary data forms the certain sages on which this project was based.

Based on the data collected and analysis some findings made which was proceeded by conclusion and some recommendation.  Suggestions were also made for further studies, summarily form the questionnaires administrated and data collected which were analyzed and interpreted, it has been generally concluded that role of auditors in banking operations have really contributed to the fairness and trueness of the financial reports and statements of banks and also check fraud in banks.

 

 

 

 

 

 

 

 

TABLES OF CONTENT

CHAPTER ONE:

INTRODUCTION

1.1     PURPOSE OF THE STUDY

1.2     SIGNIFICANCE OF STUDY

1.3     STATEMENT OF THE PROBLEM

1.4     HYPOTHESIS FORMULATION

1.5     OBJECTIVE OF THE STUDY

1.3     SCOPE AND LIMITAITON

1.6     DEFINITION OF TERMS

CHAPTER TWO

• REVIEW OF RELATED LITERATURE


• DEFINITION OF FRAUD


• TYPES OF FRAUD


• AUDITORS, HIS RIGHT, DUTIES AND STATUS


• ROLES OF AN AUDITORS AND MANAGEMENT RESPONSIBILITY


• THE AUDITOR AND FRAUD DETECTION

 

 

CHAPTER THREE

• SUMMARY OF FINDINGS, CONCLUSION AND RECOMENDATION


• FINDINGS


• CONSLUSION


• RECOMMENDATIONS


• SUGGESTION

REFERENCE

CHAPTER ONE

 

• INTRODUCTION

An audit is the independent examination of, and expression of

opinion on the financial statements of enterprises by an auditor.  In pursuance of this objective, he may disclose defalcations and irregularities, which are capable of impairing the truth and fairness of the financial statement.

In recent years there has been considerable debate over the extent of the statutory auditors responsibility for the detection of fraud.  This has been stimulated by the continued uncertainty over the extent of the auditors liability to third parties for negligent audit work.  It is obvious that failure to detect a major fraud may lead to a loss for the client or some third party to whom a duty of care is owned.  The important question is low far do the auditor’s responsibilities.

The auditing profession had always hold tight to the opinion that the primary responsibility for both prevention detection of fraud and other irregularities rest with management.  The auditor’s duties do not require him specially to search for fraud unless required by stature or the specific term of his engagement.  In accordance with normal practice, audit will be planned primary to enable us to express our professional opinion, and auditor merely obliged to plan his work and design his procedures so that he has a reasonable chance of detecting those, illegalness which might impair the truth and fairness of the financial statement.

 

A BRIEF HISTORY OF UNION BANK OF NIGERIA PLC.

          Union Bank is one of the foremost commercial bank today with every strong capital ban.

The bank which was formerly known as Dominion Colonial Overseas (DCO) started banking business in Nigeria in 1917.  The bank today has so many branches scattered all over world.  The bank also branched into other business such as Union Assurance Company Ltd. Union Homes Savings and Loan Ltd. Union on March into union stock broke etc.

• PURPOSE OF THE PROBLEM

The aim of the study is to critically look or examined the

banking business in Nigeria and identifying the role the external auditors play in fraud detection.

It is well known that one of the prob