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Effect Of Auditing And Prevention Of Fraud In An Organization
[A CASE STUDY OF COCA-COLA BOTTLING COMPANY, ILORIN]
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1.3 OBJECTIVES OF THE STUDY
The objectives of this work are as follows:-
• To know the procedure to be followed by the system of internal control in discharging its responsibilities in relation to fraud and errors.
• To know the conditions that increases the possibility of the existence of irregularities within the enterprises.
• To determined the conditions of arrangement in operation and defection fraud.
• To ensure the importation of quality control policies and procedure design to ensure that all audits are conducted in accordance with relevant national standard.
• To determine the means of achieving internal control
1.4 SIGNIFICANCE OF THE STUDY
The significance of this project work amongst others hall be as follow:
• To know how the internal audit committee of the organization beep the internal control system of the organization to entrance efficiency and reliance on the audit work
• To help the organization adapt ways of keeping asset physically secured, by the verification.
• To ensure that the controls are designed to ensure that transactions are currently calculated, recorded and proceed.
• To ensure segregation of duties within the organization that is, no single individual should be responsible for all aspect of the transaction from the beginning to the end.
• To help the organization ensure that documentation takes the form of:
a) Internal control questionnaire.
b) Written narratives.
c) Flow charts.
• To ensure information are obtained about the internal control bys
a) Inquiry of appropriate client personnel.
b) Inspecting the organizations documents and records.
c) Observing and control activities and operations as they are performed.
Auditors and company owners also failed to see auditing as a vital tool for ensuring efficiency and accountability in an organization
It is commonly, and mistakenly through that the purpose of an auditor is to detect errors and fraud.
This might be the case when investigation of a set accounts and supporting documents are conducted, but this is not the main purpose of an audit. The main purpose of an audit is to give an opinion of the truthfulness and fairness of the financial statement.
The main of this study is to the know the method of auditing and prevention of fraud in coca-cola bottling company Plc in line with public accounting system procedure.
1.5 SCOPE OF THE STUDY
This project work covers auditing and prevention of fraud in the case of (the coca-cola bottling plc). The researchers have tried as much as possible to clearly define and explain what auditing and fraud means and their relevance in auditing and fraud control or prevention in coca-cola bottling company plc.
Due to the nature of the topic, the researcher has limited their finding and study to the auditing department of the place chosen as a case study from the year 1995/1996.
1.6 LIMITATION OF THE STUDY
The most obvious limitation to this study is the size of sample.
More samples could be used to yield more significant result but because of time and financial constrains, this was impossible.
Similarly, reluctance in giving information is another limitation.
Despite the fact that the researchers introduce themselves as students of kwara state polytechnic, most of the respondents were still very skeptical about the motives behind the study.
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