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
- Introduction 9
1.1 Statement of the Problem 10
- Objective of the Study 11
- Significance of the Study 12
- Scope of the Research 13
- Limitation of the Research 13
2.0 Definition of Final Account 15
- Composition of Final Account 15
- Definition of An Audit 23
- Audit Objective 24
- Internal Control 26
- Audit Working Paper 29
- Financial Analysis 32
- Detection of Fraud and Errors 33
3.0 Summary of Finding 36
- Conclusion 37
- Recommendation 39
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.