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THE
PERFORMANCE OF AN AUDITOR AND AUDITING IN NIGERIA ECONOMY
ABSTRACT
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
CHAPTER ONE
INTRODUCTION
1.1 INTRODUCTION
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.
B. Nature of the duties, performed and the
extent of their independent.
C. The objective of their report.
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.
1.3.2 OPERATIONS
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)
DEPOSIT
1984
1985
1986
DEPOSITS
3,381,994
3,380,453
3,400,249
SHAREHOLDERS
173,497
206,882
299,715
LOANS&ADVANCE
1,678,444
1,676,191
2,142,694
INVESTMENT
3,214,000
5,469,000
5,469.00
QUOTED&UNQUOTED
PROFITABLE
TAX
57,078
81,153
103,777
EARNING PER
SHARE
53k
76k
99k
STAFF
STRENGTH
10,737
10,078
9,826
1.4 RESEARCH QUESTIONS
i. What are the functions of the inspections
department?
ii. How often does the staff of the inspection
department visit your branch per annum?
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.
1.5.2
LIMITATION
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.
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