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Examination of the Role of Auditors in a developing economy

Examination of the Role of Auditors in a developing economy

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

An Economy is an integrated human and non-human resource available in a country which aids the country to produce their needs. Oxford Advanced learners Dictionary sixth edition put it that an economy is the relationship between production trade and the supply of money in a particular country. It is a carefully, thrifty management of resource such as money, materials or labour. It is the system or range or community.      Therefore, Ebonyi state economy could be referred to as all such economic activities taking place in the geographical domain of Ebonyians residing elsewhere other than Ebonyi state. Ebonyi state could be structurally classified into four: production, general commerce, services and others.

   Developing economy on the other hand is an economic with a low income per capital of population, which is trying to improve its position through industrialization. Again, it is an economy which is trying to bring into fuller use (the natural resources etc.) of a country or region.

Ebonyi state economy is one of the least developing economics among the last six states of Nigeria. Being one of the last six state created on the first October 1996, the state has been suffering from poverty and economic set back.

The efficiency of auditing system particularly in a developing economy like ours depends on the extent to which auditors roles are effectively and efficiently discharged in terms of the achievement of economic goals odd the state. But when the auditors’ roles are not properly discharged in terms of achievement of economic goals, this will definitely lead the economy to continue to struggle with development.

1.2 Statement of the Problem

In spite of the roles of the auditors in Ebonyi state economy, there has been improvement in the Ebonyi state economy. The whole economic system has negative capital and current profit which are insufficient to cover losses. The economy is no longer able to generate internally political delay in the economy. Many people are poor and without jobs.

 

 

1.3 Objective of the Study

The main objective of this study is to the vital role of auditors in the developing economy (Ebonyi State economy) with a view to alert them to the challenges ahead other specific objective include:

  1. To ascertain the roles the auditors play to improve the economy.
  2. To find out if auditors adhere strictly to the statutory rules and regulations.
  3. To evaluate the extent to which the auditors are allowed to exercise their independence.

1.4 Research Questions

The following research questions help in finding solution to the research problems.

  1. What role do auditors play to improve the economy?
  2. To what extent do auditors adhere to relevant rules and regulations?
  3. To what extent are auditors allowed to exercise their independence?

1.5 Research Hypotheses

For the purpose of their research the following hypotheses were formulated:

  • H0: The auditors have not been able to play effective roles in the protection of the ministry properties and embezzlement of finds.

H1: the auditors have been able to play effective roles in the protection of the ministry properties and embezzlement of funds.

  • H0: the auditors do not completely adhere to the statutory rules and regulation laid down for then in the course of carrying out their work.

Hi: The Auditors do completely adhere to the statutory rules and regulation laid down for them in the course of carring out their work

  • H0: the auditors are not allowed to exercise their independent state of mind due to management refusal to provide the necessary document.

H1: the Auditors are allowed to exercise their independent state of mind as management accept to provide the necessary document.

1.6 Significance of the Study

The establishment chose to represent the case study will benefit immensely from the work in the work in That a full analysis of the work would be done and lose. Explored.

The State and the general public will identify those various factors which affect economic development in Ebonyi state so that more attention can be paid to it.

1.7 Scope of the Study

This study covered the role of an auditor in a Developing economy using Ebonyi state ministry of local government, chieftaincy matter and Rural Development as a reference point. It also examined the auditors’ role in a developing economy.

   The Ebonyi state ministry of local Government, chieftaincy matters and Rural Development.

1.8 Limitations of the study

This study is limited to Ebonyi state ministry of local Government, chieftaincy matters and Rural Development. Other ministries where Auditors role applies will not be used.

This study will also be hampered by the inability of the management of the ministry of local Government, Chieftaincy matters and Rural Development to disclose information regarded as classified.

   However, in spite of the limitations, the result of the study will not be compromised.

1.9 Definition of Terms

Economy; A Careful, harifty management of resources such as money, materials, or labour: learned to practice Economy in making.

The word economy can be traced back to the Greek word Oikonomos was “one who manager a household” derived from oikos “house” and memein, to manage “from Oikonomos was derived oikonomia which had not only the sense “management of a household or family “but also Senses such as “thrift” “direction” “administration”, arrangement and public revenue of a state the first recorded sense of our word economy found in a work possible composed in 1440, is “the management of economic affairs in this case of a monastery.

Developing Economy:

A Non industrialized poor country that is seeking to develop its resources by industrialization. A developing country is a nation with a lower living standard, under developed industrial base, and low human Development index (Ho1) relative is other countries.

Auditing: is a planned And documented activity performed by qualified personnel to determine by investigation examination, or evaluation of objective evidence, the adequacy and compliance with established procedures, or applicable documents, and effectiveness of implemention. The term may refer to audit in accounting, internal controls, quality management project management, water management and energy conservation.

   From the foregoing, Auditing is defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose.

     The purpose is then to give an opinion on the adequacy of controls (financial and otherwise) within an environment they audit, to evaluate and improve the effectiveness risk management, control and governance processes.

Auditor: An official whose job. It is to carefully check the accuracy of business records. An auditor can be either an independent auditor unaffiliated with the company being audited or a captive auditor, and some are elected public officials. The term is sometimes synonymous with “comptraller”. Auditors are used to ensure that organization are maintaining accurate and honest financial records and statements.

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