CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
According to Orjih John (2001:2) every business organization profit making has objectives and goals in mined to achieve their goals. It is to satisfy the social need of the citizens, and in the achievement of these purpose supervisor more often than not its activities, play a document role. The size and scope impossible for the executors to exercise personal and first hand supervision of operations. It is in this light that audit committee, financial or otherwise established by management is initiated. By section 360 of the companies and avoid matter act 2004, the auditor is expected to carry out investigations as would be necessary to enable him from a opinion. It follows from above, that even the law does specify the extent of the examination to be carried out by the auditor. This is left to the director of the auditor. This decretion is not abused by the auditor.
In practice he goes beyond the legal requirement in discharging his duties and his primary focus is to plan for the projects to be audited and how each project it’s the organization’s needs. This brings to bear on his job a very high standard of professional practice and considerations. An auditor will therefore involve for distinct practice and procedures via: Ascertain the validity of original transactions. Confirming the completeness and accuracy of the recording of these transactions. Ensuring that the financial statements have been prepared from and are in agreements have been prepared from and are in agreements with the record and Confirming that the financial statements conform to the relevant status and accounting standards. According to Chambers Andrews (1974), a complex organization needs an auditor as an extension of the eyes and ears of management who however eective the organization might be unable to inspect the work of their subordinates whose stewardship is dilegated to them. Internal control system can be broadly divided into two main categories. 1. Administrative control 2. Accounting or financial
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