BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COSTS N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953, 08168759420
THE PERFORMANCE OF AN AUDITOR AND AUDITING IN NIGERIA ECONOMY
The aim of this research work is to discuss an appraisal of an Auditor and Auditing in Nigeria Economy with reference to Union Bank of Nigeria Limited.
Chapter one deals with introduction of the study, Historical background of the study, Statement of the problem, purpose of the study.
Chapter two, literature review of the historical background of an Audit inspection department in the Banking industry and it objectives.
Chapter three dealt with research method, of an Appraisal of an Auditor as a vital management tool in the banking industry.
Chapter four looked at the findings and repossess of the respondent in terms of table and percentage.
Chapter five dealt with; summary, finding, conclusion and Recommendation
An auditor of the evidence may describe an audit as an examination from which final revenue accounts and balance sheet of an organization have been prepared. In order to ascertain that they present a true and fair view of the summarized transaction for the period under review and of the financial state of the organization at the end date this enable the auditor to report their on.
Therefore an auditor which is part of internal control assists all level of management of the Union bank of Nigeria limited (or any organization) of in performing periodic accounting and administrative procedures and other activities of the organization, including identifying possible means of resources.
Improving the efficiency and economy of operations and use of resources the unit independent of all other department within the bank is direct responsible to the managing director of chief executive. In carrying out assignments, the head and as appropriate, members of the audits state have unrestricted access to all Union banks records, document and personal relative to the subject under review.
1.2 PURPOSE OF THE STUDIES
The objectives of this study are to determine and evaluate:
The functions performed by the audit (inspection) department of Union bank of Nigeria limited and how these fairly with the management’s needs and requirement.
The perception of the various departments and the state of the departments being audited.
The contribution by the audit (inspection) departments towards the overall objective of Union bank of Nigeria limited.
The management of an organization has the primary responsibility of running the business efficiently and effectively. This is achieved by the installation of a good audit control line the organizational setup. The controls include physical as well as administrative techniques. An auditor is an importance aspect of those controls the effectiveness and competencies of the inspection department limited are functions of the following:
The Caliber (qualification, experience and maturity) of state in the department.
The audit (inspection) department contributes as great deal to the development of Union bank of Nigeria limited. It is therefore very important that the person should be capable of understanding and interpreting the system in operation its effectiveness can be measure in term of the extent of which fraud and error are controlled and minimized and the level of compliance with the management policies and gaudiness.
With reference to Union bank of Nigeria Limited, on which the research is based, the inspection unit is a big department of about 150 staff strength most of whom are of high integrity and matured these qualities are manifested in the inspection report issued by the department.
1.3 THE DUTIES PERFORMED AND THE EXTENT OF AUDIT (INSPECTION) INDEPENDENT OF THE DEPARTMENT
The duties of the inspection department are to:
(a) Review and verify that the policy of Union Bank of Nigeria Limited are carried out properly and consistently all department.
(b) Review and verify that all department proceed user are carried out consistently and in a satisfactory manner.
(c) Review and verify the soundness, and equacy and application of System procedures and interval controls, including computer, installations and recommend and improvement where necessary.
(d) Review and determine the extension, which the bank’s assets are accounted for and safe guarded from loses of all kinds.
Ensure that there is an adequate and effective system of controls over loans and overdrafts.
(f) Review capital and administration expenditure of the Bank and Propose possible savings or more effective use of expenditure incurred.
(g) Visit branches in order to verify the correct application of the Bank’s policies and accuracy of accounting and records and ensure the effective utilization of Bank’s resources.
(h) Provide a source of qualified staff to assist other departments if and when required to do so, enter by advising on system or by supplying personnel.
The inspection department is being treated with respect and given free hand to operate. The degree of independence allows the department to discharge its duty accordingly.
The activities performed by the inspection department are perceived by the management as worthwhile because they are described as the “Watch Dog” of the organization.
Hence, the degree of reliance on the reports issued by the department by management is very high. Management views their reports as an essential measure in correcting the lapses within the organization.
On the other hand, the various departments and the staff being audited sometimes perceived the inspection department as a unit that is out to victimize, as such, in most cases the degree of cooperation is very especially with the middle and junior staff cadres.
However, with different perception of the inspection department in the bank, the department still contributed to the realization of individual departments objectives through recommendations contained in their reports to management. The implementation of this recommendation leads to improvement in the bank.
BRIEF HISTORY OF UNION BANK OF NIGERIA LIMITED
The colonial Bank was granted in 1916 to operate in Nigeria. It first office was opened in Lagos in 1917 and subsequently expended into the up-country where it established offices in Jos, Kano and Port Harcourt.
In 1925, Barclays Bank concluded an agreement with the well-known Colonial Bank and result gave birth to the Barclays bank (Nigeria Limited). It continued under the name until March 12, 1979 when the name Union Bank of Nigeria Limited was adopted.
The federal government now owns substantial par to the equity share capital of the bank amounting to 5.67% whilst Nigeria shareholders have equity holding of 28.33%, Barclays Bank International holds an equity of 20% and loans policy has also been carried into the management this the executive management of the Bank is now finally in the hands of Nigeria.
1.3.1 ORGANIZATION STRUCTURE
The Bank is divided into four divisions for ease of control and monitoring of performance. These administrative divisions are administration and services operations – Lagos district, operations up country and finance and planning each of these divisions are handed by an executive director who is directly responsible to this managing director. The managing director is the chief executive and also an ex-officio member of the board of directors, in the bank. In view of his load of responsibilities a special assistant is aiding him.
Major policies are established and important decisions are taking by the executive committee but where necessary they are referred to the board of director for ramification. The committee comprises the managing director, the executive director; all the assistant general managers, the chief inspector and the advance controllers policies and decision which are passed down the line for implementation include advances, representation, business development capital and recurrent expenditure, remune rations and services conduction’s and appointment of staff to mention a few.
Four official are directly responsible to the executive director (administration and services). They are the assistant general managers, local (company secretary/Legal adviser). Assistant general manager premises, the assistant general manager (Staff) who takes charge of all staff matters and finally the general manager’s assistant, administration.
The executive director operation (Lagos) has an assistant general manager (Lagos) reporting to him and same applies to the executive director, up country operations.
The advances controllers, however, reports directly to the managing director and other executive directors depending on the issue at stake. The work of the chief inspector and assistant general manager, financial and planning are coordinated by the executive director for financial and planning.
Under the head officer general management there are ten area offices each of which is headed by the area management his responsibility is to ensure that executive decisions are carried out in his area. They have authorities over their areas and can make basic decisions regarding staff and their movements and others daily operations within the area. Where the need arises they are responsible to their line assistant general manager be it for Lagos or up country.
The branches, 204 in numbers are headed by branch managers who are responsible for the daily running of their branches and maintenance of staff under them.
Following the acquisition of majority shares of equity capital of the bank by the federal government of Nigeria attempts are being made to make loans investment and other management policies of the bank comfort with borrowing requirements of the Nigeria Economy.
The banks see up in 1917 a business advisory service to assist company in improving the management and financial control of their businesses.
Profit wise, the bank has shown continuous and steady growth as could be seen from the computation form the annual report (1984 – 1986).
MEASURE OF GROWTH (N 000S)
EARNING PER SHARE
1.4 RESEARCH QUESTIONS
iii. Is the visit of the inspection department useful to the branch? iv. Does their review of your branch work cover all the operation of the branch?
What is your opinion of the inspection reports? VI. Is the inspection department adequately staffed?
vii. Does the inspection department undertake investigation only when there is suspicious?
viii. Is there any possibility of collusion between the inspection department staff and any member of staff?
1.5 SCOPE AND LIMITATION OF STUDY
1.5.1 There are about fifty- four (54) banks in Nigeria. Out of these banks there are thirty-six (36) commercial banks, thirteen (13) Merchant banks and five (5) development banks the study was restricted to union bank of Nigeria Limited which is one of the largest there commercial banks in Nigeria.
The greatest obstacle of this study is the ignorance of a change number of staff of union bank of Nigeria Limited about the purposes of research work, as a result many of the staff members were unwilling to assist while a good number had to be persuaded to answer oral questions. It is hoped that as time goes by bankers will become aware of the purpose of research projects and be ready to render assistance to the researcher.
1.6 SIGNIFICANT OF STUDY
It is hoped that this study, will be of importance to students (of Accounting, Banking and Finance) staff and management of union bank of Nigeria Limited in particular and the Banking profession and the union bank of Nigeria Limited shareholders the students are made to be aware of the important role being played by an auditor in the banking profession by instilling financial discipline in both management and staff.
The study will make staff and management of Union Bank of Nigeria Limited to be alert to their responsibilities and accept the fact that the auditor (inspection) department’s functions are independent and objective appraisals of the work performed by all sections of the bank so as to reduce wastage, curtail fraud as well as introduce better and modem system to assist both staff and management in the better performance of their duties.
The banking profession is kept by consistent checks carried out by the inspection department, which sometimes detects fraudulent practices, which promptly reported to the managing director who thereafter takes appropriate steps to rid the bank of dishonest staff members.
Furthermore, through the study, shareholders of the bank are assured that there is a “watch dog” department, which is all out to ensure that there is adequate and effective control over all the operation of the bank.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5,000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) after we receive bank alert
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420