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THE IMPACT OF AUDIT RITUALS ON CORPORATE STAKEHOLDERS”. A CASE STUDY OF FIRST BANK PLC OKPARA AVENUE

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CHAPTER ONE

INTRODUCTION

1.2 BACKGROUND OF THE STUDY

The practice of auditing commenced on the day that an individual assumed stewardship over another one’s property. Stewardship is a name given to the practice by which productive resources owned by one person or group are managed by another person or group of persons. In reporting on his stewardship, accuracy, efficiency and reliability of that information would have been subjected to some sort of critical review. Evidence has shown that many years ago, Egyptians, Greeks, Romans and others utilized their opportunities of using check and counter check on the accounting of public funds in order to maintain efficient and effective accounting of public funds committed to them. Historically, the Auditor had the accounts read to him since the word audit originated from the Latin ‘audire’ meaning the hear. The original skill required by the Auditor is that which would enable him to carry out an exhaustive examination of the documents and the books which is from the financial transactions of the business especially with the intention of ensuring that all are in order and that no fraud was committed by the employees. The main objective is to ensure that he account reveal a true ad fair view of the business and its transactions so that all the activities in the organization will be moving smoothly without any obstacle.

Therefore, since the above mentioned countries were successful on the method they used, this economy has to borrow a leaf from them or even find a better way of accounting for public funds since this is the only way the performance of the organizations will enhance. The researcher wants to know the impact of audit rituals on corporate stakeholders and how its helps to improve the performances of the companies. The effectiveness of an independent is not however limited to statement of credibility derived directly from audit itself. There is a side effect of the prospective audit on employees who might be tempted to defraud their employers and also on the side of management that might find it expedient to endeavour to deceive third party by preparing a misleading financial statement. The problem is that the funds and properties of the organizations are entrusted to certain individuals in the organization and in most cases. those individuals are not brought under thorough surveillance. The result is that much funds and properties are diverted to personal.

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THE IMPACT OF AUDIT RITUALS ON CORPORATE STAKEHOLDERS”. A CASE STUDY OF FIRST BANK PLC OKPARA AVENUE
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