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The Roles Of Auditor In Promoting Effeciency In Nigeria Banks
[A CASE STUDY OF UNITED BANK FOR AFRICA]
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CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Auditors derived their roles from some sources among which are: (a) Companies and Allied Matters Decree 1990 (CAMD 1990) (b) Bank and Other Financial Institution Decree (BOFID 1991). Number 2 of the decree states their functions. (c) Their roles are also specified in other financial disclosure requirement for the universal banking system in Nigeria.
The role of an Auditor can not be overemphasized in any organization.
An Auditor is a person whose job is to carefully check the accuracy of business records. Auditors can be either an independent auditor (auditors that are not affiliated with the company which they audit), or a captive auditor, some are elected public officials. The term auditor is sometimes synonymous with “comptrollerâ€. Auditor helps to ensure that forms are run effectively and their records are kept accurately, taxes paid properly and on time. Their main duties is to carry out an examination which enables them to determine whether a firm’s record has being properly recorded.
1.2 STATEMENT OF THE PROBLEM
Recently in Nigeria, banks were going into liquidation, acquisition, merger and recapitalization; and before any of these can take effect, an auditor is needed to give the financial stand of the bank. Part of these is what leads the researcher to the topic in order to enable the UBA (United Bank for Africa) and CBN (Central Banks of Nigeria) and all other financial institution involved to know the roles of auditors in banking system.
1.3 RESEARCH QUESTIONS
The research work is aimed at addressing the general roles of auditors in the banking system in Nigeria. Auditors reports are considered essential tools when reporting financial information to users particularly in business. Since many third party users prefers or even require financial information to be certified by an independent external auditor, many audited rely on auditors reports to certify their information in order to attract investors, obtain loans, and improve public appearance.
1.4 PURPOSE OF THE STUDY
This research work tries to examine the auditor’s roles in the Nigeria banks, since all banks (both UBA) and other are involved in the same monetary transaction.
The purpose of this research work is to:
(a) Determine the need for an audit system or an auditor in Nigeria Banks.
(b) To determine the role played in reliability of the financial statements of the universal banks.
(c) To reveal the impact of their roles to the bank customer (that is, the auditors role to the customer).
(d) To assess the problems of confronting auditors in the course of their assignment
(e) To examine the effectiveness of their report.
1.5 SCOPE OF THE STUDY
This research write-up examines the historical background of auditors, their roles to the United Bank for Africa (UBA) and the entire banking system. If also gives an in depth look into the impact of auditors on all commercial stakeholders.
The study is also centered on the Nigeria banking sectors and other financial institution. It also states the exemplary performances of auditors.
1.6 LIMITATION OF THE STUDY
Major constraint encounter in the prices of writing this research topic were during data collection. The data were collected from the UBA staff and it was given to the researcher under strict compliance with certain rules and regulation.
Also, the financial aspect of this project also demanded lot money were used during transportation to the bank and in buying stationeries. Time was also consumed in pursuing UBA staffs when searching for relevant data(s) and information.
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