CHAPTER ONE
INTRODUCTION OF THE STUDY
In various public company, the statutory requirement for the management is to present to the owners and other interested parties (creditors, tax authorities, potential investors etc.) a financial statement showing the way and manner in which the resources of the company at the managers disposal has been utilized or managed. This serves as the stewardship function of the management. However, before this financial statement can be accepted and is published. It must have been certify by an auditor to be the true statement of the affairs of the business.
Hence auditing is an independent examination of the financial statement of an organization with a view to expressing an opinion as to whether this statement give a true or false view and comply with the relevant status. This primary objective of the audit is drive form section 360 of companies and allied matters decree (CAMD) 90 is to find out; Whether the financial statements shown are true and fair view and comply with the relevant status Whether the financial statement are in agreement with the records Whether proper records are being kept under secondary or subsiding object of an audit, which are; Detection of errors fraud and irregularities Prevention of fraud and other financial irregularities This two are also the objective of conducting an audit as it is however the responsibility of the management to control and detect fraud and other irregularities conferred on them by the section 331 of the (CAMD) 90. Irrespective of the above fact, the editor in the course of auditing is expected to approach this professional opinion with truth and fairness of the financial position as shown by the balance sheet and of the profit or lose as shown by the profit and lose account and any other information required by the law to be disclosed in the financial statement.
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