THE ROLE OF AUDITORS IN BANK FAILURE IN NIGERIAN BANKS
CHAPTER ONE
Introduction
1.1 Background Of The Study
Bank’s managements are saddled with the responsibility of preparing the accounts and financial statements of a bank. An Audit is expected to be carried out annually to ensure that the statements of accounts that have been prepared and presented as required by law. (CAMA 1990)
According to Webster’s English Dictionary, an Audit is “an examination intended to serve as a basis for an expression of opinion regarding the fairness, consistency, and conformity with accepted accounting principles of statements prepared by a corporation or other entity for submission to the public or to other interested parties”.
In another way, an Audit is defined as “an independent examination of the books and records of an entity in order to express an opinion as to whether the accounts and financial statements represents a true and fair view of the state of affairs of the entity” (Clinton, 2006). From these definitions, it is clear that an Audit is an independent examination and expresses an opinion on the fairness, conformity and truth about the statements as to the state of affairs of an entity.
The Auditor therefore plays a fiduciary role in the running of a bank, as such; they owe the bank and its stakeholders a duty of care in the performance of their duties. The Nigerian law made giant strides in guaranteeing the independence of the Auditors which is important for his position as a trustee. Such strides have been made in the area of Appointment, Remuneration, Rights, Powers and renewal of tenure section 359, 360, 361, and 363 respectively of company and Allied Matters Act (CAMA 1990) .
Auditing in Nigeria is regulated by various statutes and standards of Accounting and Auditing. But inspite of this, accusations has been made against the professional Auditor as to it failure to express a truly independent opinion as to the true and fail view of financial statement of banks presented before her. The veracity of these allegation is the object of this study.
1.3 In The Light Of The Above The Research Questions Are
- Do the existing laws permit the auditors to do what the stakeholders expect of them?
- Have banks auditors actually contributed to the distress and failure of their client banks?
- To what extent may an auditor be held responsible for a banks failure?
1.4 Objective Of The Study
The objective of this study is to establish an independent opinion on the argument that banks auditors have contributed to the failure of their client banks
- To examine the effect of fraud on a bank performance
- To find out the effect of managers exploitation on the investors in bank..
- To determine policies, laws and institutions necessary to regulate and sanitize the Nigeria banking industry
- To Ascertain whether the auditors have any role to play in checking the abuse of powers and ensuring efficient reporting Ascertain whether auditors collaborates in bank failure
1.5 Statement Of The Research Hypothesis
Hypothesis one
- H0:it is not true that auditors have collaborated to the distress and failure of their client banks
- H1: it is true that auditors have collaborated to the distress and failure of their client banks
Hypothesis two
- H0 it is not true that auditors have contributed the failure of their client banks
- H1 it is true that auditors have contributed the failure of their client banks
Hypothesis Three
- H0: The relationship between auditor and bank management enhances bank failure.
- H1: The relationship between does not enhance bank failure.
1.6 Scope Of The Study
The study examines the existing legal provisions in Nigeria on auditing particularly. (CAMA 1990, NDIC Decree of 1998 and BOF1A 1991 as amended to date). The study questionnaire is administered on owners and depositors within Benin metropolis to ascertain their opinion on the allegation against the auditors
Secondary data on bank distress from the NDIC publications are used in the study
1.7 Relevance And Significance Of The Study
The significance of this study are numerous. The result of the study could be useful to the following due to the accompanying reasons;
The result of the study will assist professional like ICAN, BOFIA and CBN in drawing up more stringent codeof ethics and robust professional requirements for members.
The professional accountants will find the outcome of the study helpful in that he will become fully aware of the consequences of his actions or inactions on his integrity more so as me ac- a is now a global village. If the assertion is found true, it will help to improve their supervisory efforts and place less reliance on auditors report.
These set of stakeholders will be enabled to evaluate the existing legal provisions and make necessary amendment or enactment of further law if necessary
1.8 Limitation Of The Study
The limitations of this study reveal certain problems that wasencountered during the information gathering process to problem of the data itself. They include
- Insufficient and scare related materials to make the work more robust
- Time constraints: there was equally the problem of time constraints which inhibits the period of study or investigation ought to have been done.
- Un co-operative and intimidating attitude of respondents during the course of interview militated against the speed of time
- Absence of uniformity in financial year endings of financial institutions is another constraints
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Role of Auditors in Bank Failure in Nigerian Banks" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Role of Auditors in Bank Failure in Nigerian Banks" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
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