THE EFFECTIVENESS OF AUDITOR’S INDEPENDENCE ON CORPORATE PERFORMANCE FOR LISTED FIRMS ON THE NIGERIAN STOCK EXCHANGE 

 

Abstract

The auditor’s independence is a veritable tool of the auditing profession, a crucial element of the statutory corporate reporting process and a key ingredient of the adding of value to an audited financial statement. Corporate performance is an important concept that relate to the ways and manner in which financial resources available to an organization are judiciously used to achieved the overall corporate objectives of an organization. It keeps the organization in business and creates a greater prospect for future opportunity. The economic dependent resulting from the provision of non auditing services, the familiarity developed from lengthy auditor tenure and personnel relationship alumni employees have been alleged to contribute to this erosion of auditor’s independence. Thus, the main objective of this study is to examine the auditor’s independence and corporate performance. The study also attempts to determine the relationship between audit tenure and non audit service, and how corporate performance is measure. The data used in the study was generated from questionnaire distribution to auditors, financial manger, and academicians, In Edo, Delta, Lagos, Ondo, Ogun and Port Harcourt.

 

CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

The auditor’s independence is a cornerstone of the auditing profession. A crucial clement in the statutory corporate reporting process and a key prerequisite for the adding of value to an audited financial statement (Mautz & Sharaf, 2003). In a general sense, auditor’s independence has borne a relationship to the prevailing commercial environment in different time periods. Independence is a state of the mind characterize by objectivity and integrity on the part of the auditors. It implies the performance of auditors work without being biased and avoiding undue influence.

Corporate performance is the final results of all activities. It evaluate performance, the emphasis is on assessing the current behavior of the organization in respect of its efficiency and effectiveness. Corporate performance is an important concept that relates to the way and manner in which financial resources available to an organization are judiciously used to achieve the overall corporate objective of an organization; it keep the organization in business and create a greater prospect for future opportunities.

 

The provision of non audit services by audit firms does not necessarily influence the independence of auditors as other writers have said. However, where the fees generated from such non audit services are considerably high (in proportion to the audit fees earned by such accounting firms and insufficient safeguard operates to protect the auditor independence. This create a situation whereby the auditors independence is likely to be compromised since the auditor may be denied inscriptive contracts (in the form of fees generated from NAS) where he decides to give a qualified opinion on the financial statement being audited.

There are number of performance measurement tools, which could be clubbed into broad groups like (A) traditional measures (B) non-traditional measures. Traditional measures which indicate the financial strength, weakness, opportunities and threats and return on investment (ROL), Residual income (RI), etc but it is found that some users of financial statement are interested on non-financial performance. In some case, some non-traditional measurement tools are to be used like economic value added. Balance scorecard, etc in the long run, if any area is either were emphasized, performance evaluation by the auditors will become unbalance. In this way, the aim of the concept is to establish a set of measure both financial and non-financial through which a company can control its activities and balance various measures to effectively track performance.

 

THE EFFECTIVENESS OF AUDITOR’S INDEPENDENCE ON CORPORATE PERFORMANCE FOR LISTED FIRMS ON THE NIGERIAN STOCK EXCHANGE 

 

1.2     Statement of Problem

Auditors’ independence is one of the most important issues in accounting practice today. Independence increases the effectiveness of the audit by providing assurance that the auditor will plan and execute the audit objectively. Because of the importance of auditors’ independence to audit quality performance in an organization, the security and exchange commission (SEC) has engaged in substantial rule making in this area without a conceptual framework. In the wake of the recent corporate performance around the globe, attention has been drawn to the issues of auditors having market based institutional incentives to act independently in protecting their reputation and independent (Zmijwski, 2003). The question of whether auditors’ independence, organizational culture and mechanism on governance have an impact on corporate performance has been the subject of much debate and research. Auditors’ independence is an essential feature of an efficient capital market. Managers have incentives to reduce agency costs in the firm by hiring independent auditors (Jenson & Meckling, 2006). Typically, the accusation made, that auditors have allowed inappropriate accounting treatment which therefore affects their independence by the non audit fees payable to them. The problems inherent in these study are those auditors who may become too close to the company they are auditing or because their objectivity may be challenged due to reliance on income from a single source

 

THE EFFECTIVENESS OF AUDITOR’S INDEPENDENCE ON CORPORATE PERFORMANCE FOR LISTED FIRMS ON THE NIGERIAN STOCK EXCHANGE 

 

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THE EFFECTIVENESS OF A STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT

 

Abstract

This research work is designed to achieve the specific objective of examining the role played by Auditors in the protection of public funds in the government owned establishments, ministries or government parastatals. The research goes into providing a systematic financial accountability that will promote proper stewardship for asset, deter wastes, dishonesty and promote effectiveness. However, the literature review helped to ascertain other writers’ views concerning the subject under study which explains how government owned establishments are organized such that fraud could be detected easily and in time just because particular audits are assigned to particular personnel. The data used for this work was collected from primary source, using questionnaire. Against the background, invaluable and reliable discoveries were made. Finally the research recommends that the legislative of government should make it mandatory for the accountant general to submit financial statement of government account to audit department for audit work. Auditors should be given power to execute or enforce its finding after its work has been review by the public account committee.

 

CHAPTER ONE

INTRODUCTION

Background to the Study

There is a general awareness all over the world for the need to pay greater attention to the improvement of government establishment. The reason is obvious, government constitutes the largest single business entity and her pattern of expenditure through its various parastatals, agencies and commission stimulate lot of economic activities. As a result of these government huge involvement in economic activities, initiatives are being taken all over the world toward improvement of the standard of account and auditing department in government. The public sector accounting has the responsibility of developing systematic arrangement to assist management in the performance of the services of the constitution. While the public sector auditor has among other duties, the complementary role to examine whether management actually performed efficiently.

The public sector auditor has to satisfy himself that the account presented have been prepared in accordance with statutory and constitutional requirement and regulation and that the proper accounting practice have been observed in their complication with the growing sized and complexity of public sector in the recent years. The importance of the statutory auditor has correspondingly increase so that it is today a major factor in establishing the quality of public sector internal control and its development has made a considerable contribution to the improvement of the government establishment.

The purpose of this research is to investigate the effectiveness of a statutory auditor in fraud management in government establishment using Federal Pay Office Benin City as my case study.

 

THE EFFECTIVENESS OF A STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT

 

Statement of Problem

Most organization and individual employ the service of an external auditor in order to comply with the legal requirement of the act. They may be unaware of the usefulness of the auditor to the organization and as a result of the ignorance, the auditor is bound to encounter some inherent problem in performing his duties properly. To put an end to the problem, the auditor on his own extra care, from an independent opinions which can be wholly relied upon by the financial statement users.

Therefore as regard the corporation under the study, the examination of the following problems are considered worthwhile and thus deserve an adequate attention. 

  • Lack of understanding of the purpose of auditing among the society in general.
  • Lack of a well defined goal oriented policies aimed at building up a strong and sound financial system.

Inability for the government owned establishment to maintain a sound system of internal control

 

THE EFFECTIVENESS OF A STATUTORY AUDITOR IN FRAUD MANAGEMENT IN GOVERNMENT ESTABLISHMENT

THE EFFECT OF PACKAGING ON CONSUMER BUYING DECISION

 

ABSTRACT

The project examines the effect of packaging on consumer buying behaviour with reference to Unilever Company. The study main objective is to know the impact of product packaging on consumer buying decision and also to know whether consumer rely on product packaging in necessary information concerning the use of the product. The primary source of data collection was used in gathering data from respondents. A structure questionnaire was designed by the researcher and validity by two experts from the statistics department was used to obtain data Chi-Square (X2) was used to test hypotheses formulated. It was discovered that package can attract with simple readable message about the product. The study concludes that cost of production has been as problem in production but, packaging without a quality, proper pricing, appropriate advertising and sound marketing plan is of little value. And recommends amongst others that they should be locked at as profit building of sales innovation rather than a cost cutting tool. In this sense, producer of omo should manage it and improve on their package design and package materials for the products.

 

CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND TO THE STUDY

The importance of packaging goods in product marketing has made it indispensable despite the high cost. A package keep a product intact to final consumer package is very important even for perishable goods such as tomatoes. The importance of packaging can not be over emphasized, especially when one consider the severed function it performs in consumer attraction and satisfactions. The detergent industries represent a typical example of an important in the purchase decision. The package can be designed in such a way to attract attention in the shelves of supermarkets or stores.

            Excellently designed packages are directly translated into difference in sales appeal. The study will examine the effect of packaging on consumer buying decision.

THE EFFECT OF PACKAGING ON CONSUMER BUYING DECISION

 

1.2       STATEMENT OF RESEARCH PROBLEM

            Packaging is a very important element in marketing the product especially in the detergent industry.The strategic importance of packaging has been in area of improving the product performance. Despite the indispensable value of packaging. The research is faced with the problem of knowing why money products are sold unpacked or poorly packed in our markets

 

THE EFFECT OF PACKAGING ON CONSUMER BUYING DECISION

 

WASTE MANAGEMENT AND ITS EFFECT ON BUSINESS ENVIRONMENT

 

ABSTRACT

It is important to make our environment (surrounding) very safe for living by keeping it clean.  This study is to examine Waste Management and its effect on Business Environment. Oredo Local Government Area was used as a case study to guide the Researcher in carrying out the study.  Questionnaires and related literature were used to collect data for this study.  Also hypothesis were formulated and validated using simple percentage method of data analysis.  Based on the data analyzed, it was discovered that the problems associated with waste management is not as a result of bad habit of the people, it was therefore recommended that the government should make the job of waste management attractive so as to attract youths to do the job of waste management.

 

CHAPTER ONE

INTRODUCTION

  • Background to the Study

In reference to the Oxford Advance Learner’s Dictionary 7th edition, health is the statement of being physically and mentally healthy.   It is important to make environment (surrounding) very safe for living by keeping it clean.  Environmental sanitation involves, that we should ensure our environment is free from waste.

And in order to achieve a good environment, man should be properly and well enlightened and well exposed to how the environment should be kept safe for living.  It is on this premise the researcher intends to carry out a study on waste management and its effect on environmental health care using Oredo Local Government of Edo State as a case study.  The researcher work attempts the identification of managing waste in the society with the aim of proffering useful suggestion that would enhance effective waste management to minimize its antennary health hazard

WASTE MANAGEMENT AND ITS EFFECT ON BUSINESS ENVIRONMENT

 

Statement of the Research Problems

The rapid development of the headquarters of Oredo Local Government Area (Edo State) with its consequent increase in population has extensively affected the generation of waste management in the town and also this has resulted to very many health hazards which if not looked into could lead to loss of live, the problem is as follows:

  1. Does efficient waste management in Oredo Local Government reduce health hazards?
  2. Are the workers satisfied with the job of waste management in Oredo Local Government Area?
  • Does the development of headquarters of Oredo Local Government improve in the aspect of waste management?

WASTE MANAGEMENT AND ITS EFFECT ON BUSINESS ENVIRONMENT

PRODUCT INNOVATION AS A STRATEGY FOR THE SURVIVAL OF MANUFACTURING FIRMS IN NIGERIA               

ABSTRACT

This research work is to examine the effect of product innovation as a strategy for the survival of manufacturing firms in Nigeria, a case study of Ama Breweries (Nig) Plc Enugu. To carry out the research work Ama Breweries were uses as a sample which was drawn from zone. In the case of research useful on finding, good application were made which among other include good combination materials as the case may be and as 10 was recovered that it makes to help new product to look more attractive to the people made the product for. In the other hand, product innovation helps the firms to be competing on the newly available products with its competitors. It was also observed that a lot of factors contribute to the failure of the impediment to the success of product innovation which includes product labeling, packaging branding and product. Positioning. Effect has been made to solve all these problem, however relevant information will be obtained from staff of Ama Breweries  industries and their distributors through questionnaire moreover, the analysis and data collection of the respondents. Finally, the summary of the findings will help the researcher to make recommendation on the best way to achieve company objectives through innovation.

 

CHAPTER ONE

INTRODUCTION
BACKGROUND OF THE STUDY

Production innovation is important in any dynamic economy. It determines both the level of economic growth and standard of living of the citizens product innovation takes long to spread through the social system.Most of the product in the market today have undergone changes overtime. Some that were in the market year ago have phased out with new product are introduced into the market on a continuous basis. When some existing company’s product enter decline stage there is need to carryout product innovation.

Furthermore, customers want new products and competitors must do their best to supply them these products. Competition has played a major role in encouraging Ama Breweries Nigeria Plc Enugu to carry out product innovation. This is because of the desire of the company to better its distinctive advantage over the competitors.A company can add new product through acquisition and new products innovation. The acquisition route can take three forms. Ones the company can buy other companies, it can buy franchise or license from other company. In those case the company does not innovate new product but acquires the right to existing one.

However, Ama Breweries Nigeria Plc, had suffered much danger and uncertainties in product innovation. This danger are basically on the area of finance and human resource wastage without achieving success, in production of the product innovation which say that its either you innovate those basic factors not withstanding Ama Breweries Nigeria Plc recognized that they act to remain in business for considerable time.Product innovation which is regarded as introduction of new product or modification of the existing ones either by changing the physically structure of the product or its package or the quality to meet the consumers need of Ama Breweries Nigeria Plc, Enugu and basic concern of this research work.

 

BRIEF HISTORY OF AMA NIGERIA PLC ENUGU

Nigeria Breweries Plc, incorporated in the 1946, is the pioneer and largest brewing company in Nigeria. Its first bottle of beer star large rolled off the bottling lines of its logos brewing in june 1949. Other Breweries were subsequently commissioned by the company, including Aba Brewery in 1963, and Ibadan brewing 1982.In September 1993, the company acquired its fifth breweries, sited at Ameke in Enugu State. Ama Breweries is the largest breweries in Nigeria and of the most modern worldwide operation. Enugu brewing were discounted in 2004, while the company acquires a malting plant in Aba in 2008.

In October 2011 Nigeria Breweries acquired majority equally interest in Sona system  associates business management limited (Sona system) and life breweries limited from Heneken N.V this followed Leinken acquisition of controlling interest in five breweries in Nigeria.Sona system is two breweries in Ota and Kaduna, life breweries in Onitsha have now become part of Nigerian Breweries Plc. Together with the three brand, Goldberg, Larger, Malta Gold and life routine of the Lager.Nigeria breweries Plc, now has eight operational breweries from which its products are distributed into all parts of Nigeria, in addition to the malting plants in Aba and Kaduna.

The company has profound of high-quality brands including Star Larger (1970) place larger, legend extra stout (1990) Abu extra stout, however larger (October 2011), Star life Larger (February 2014), pale large. Ace passion apple spark (December 2014), Alcohol free drinks.Maltina (1997) in three variation, namely: Maltina classion, Maltina strawberry and Maltina pineapple: Maltina sip-it (200% in Tetrapala, Amsteb Malta (1994), farouz in pear and pineapple (2006) Elimax energy Malta Gold (October 2011).Most of the products are in returnable bottles and all products are available in c……. Fayrouz is also P.E.T bottles.

The company head office are located in Lagos.

PRODUCT INNOVATION AS A STRATEGY FOR THE SURVIVAL OF MANUFACTURING FIRMS IN NIGERIA    

 

STATEMENT OF THE PROBLEM

In any competitive market enough, the marketing practitioners is often faced with ordering of how to determine the nature of demand for his product in a given market segment. In view of this, a lot of problems came up to plan for product innovation which include:

 

PRODUCT INNOVATION AS A STRATEGY FOR THE SURVIVAL OF MANUFACTURING FIRMS IN NIGERIA