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

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

1. Introduction                                                                                                9

1.1     Statement  of the Problem                                                                 10

1. Objective of the Study                                                                      11
2. Significance of the Study                                                                            12
3. Scope of the Research                                                                       13
4. Limitation of the Research                                                                13

CHAPTER TWO

2.0     Definition of Final Account                                                              15

1. Composition of Final Account                                                                   15
2. Definition of An Audit                                                                      23
3. Audit Objective                                                                                 24
4. Internal Control                                                                                26
5. Audit Working Paper                                                                        29
6. Financial Analysis                                                                                      32
7. Detection of Fraud and Errors                                                          33

CHAPTER THREE

3.0     Summary of Finding                                                                         36

1. Conclusion                                                                                        37
2. Recommendation                                                                              39

Bibliography                                                                                     40

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 menace 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.