THE ROLE OF EXTERNAL AUDITOR IN ENSURING EFFECTIVE ACCOUNTABILITY A CASE STUDY OF BETA GLASS PLC, UGHELLI

ABSTRACT
Auditors have been variously accused of profiting from violating professional standard and ethical practices. The purpose of the study is to examine the role of external auditors in ensuring effectives accountability. The required data for this study were obtained from primary and secondary data sources. While the statistical tools applied in the study were the simple percentages, the study reveals that there are some transaction, interest and relationship that impaired the auditor independence and ethical practices. The independence role does not apply to all services performed by the auditor especially when the client is the major beneficially as long as no attestation services are being provided for the client. The multiple role of an auditor does to some extent impair his professional independence, and ethical practices. Hence, the credibility of the published financial statement of his client from the conclusion drawn above, we therefore, recommended that a registered public accounting firm that audits company should be prohibited form providing non attest services firm that company. A public accounting firm should not allow personal working on non attest engagement to also work on the audit of the same client.

CHAPTER ONE
INTRODUCTION
Background of the Study
The importance of examine of the role of external auditors in ensuring effective accountability cannot be overstated.
In (April 12, 2011) Arens and Leedback defines Auditing as the accumulation and evaluation of evidence about quantifiable information of an economic entity to determine and report on the degree of correspondence between the information and established criteria and auditing should be done by a competent independence person, called an auditor.
An auditor is a person who examines or inquires into a financial statement or books of accounts and its underlying documents to enable him form an opinion as to the truth and fairness of the account presented and whether proper books of account have been presented.
An auditor is required by the companies and Allied Matters Act, 1990. To express an unbiased opinion on the following.
1. The state of the financial affairs of the establishment.

The truth and fairness of the financial statement prepared.

Whether the financial statement are in agreement with the underlying accounts to be prepared.

Whether the provision of the company and Allied Matters Act 1990 have been complied with.