Skip to main content

AUDIT COMMITTEE AND FINANCIAL REPORTING IN NIGERIA

 

 

ATTENTION:

BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

 

INFORMATION:

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

 

 

AUDIT COMMITTEE AND FINANCIAL REPORTING IN NIGERIA

ABSTRACT

Out of the worries ignited by the incessant occurrence of organisations failure and liquidation in Nigeria, even with the presence of audit committees in these organisations, this project topic was born. A topic aimed at evaluating audit committee and financial reporting Nigeria. In carrying out this investigation, the likert-scale questionnaire was drawn to extract correct and direct data from respondents in some randomly selected firms. Data extracted were presented, analyzed and interpreted. Hypothesis were tested using chi-square with five percent (5%) level of significance, indicating ninety five percent (95%) assurance or confidence on the accuracy reliability and validity of the data collected and information gathered therefrom. After rigorous research and study, it was revealed that audit committees have contributed immensely to the financial reporting in Nigeria, though at some point they just exist without making any considerable impact in the financial reporting system in the firm they are established. It was recommended that it is not enough for companies to establish audit committees because the law, CAMD 1990, says so but that the company and its board of directors must show full commitment to accountability by providing a conducive environment in which their audit committees can discharge their responsibilities effectively and efficiently.

TABLE OF CONTENT:

 

CHAPTER ONE

INTRODUCTION

1.1     Background of the Study

1.2     Statement of the Research Problem

1.3     Objectives of the Study

1.4     Significance of the Study

1.5     Research Questions

1.6     Research Hypothesis

1.7     Conceptual and Operational Definition

1.8     Assumptions

1.9     Limitations of the Study

CHAPTER TWO

LITERATURE REVIEW

2.1     Sources of Literature

2.2     The Review

2.3     Summary of Literature Review

CHAPTER THREE

RESEARCH METHODOLOGY

3.1     Research Method

3.2     Research Design

3.3     Research Sample

3.4     Measuring Instrument

3.5     Data Collection

3.6     Data Analysis

3.7     Expected Result

CHAPTER FOUR

DATA ANALYSIS AND RESULTS

4.1     Data Analysis

4.2     Results

4.3     Discussion

CHAPTER FIVE

SUMMARY AND RECOMMENDATIONS

5.1     Summary

5.2     Recommendations for Further Study

Bibliography

 

CHAPTER ONE

 1.1     INTRODUCTION

One mechanism that has been widely used in worldwide organizations to monitor the financial reporting process is the establishment of an audit committee comprising a majority of independent directors. The existence of an audit committee could improve the monitoring of financial reporting and internal control. This could be done by bridging the communication gap between the auditors and management and through strengthening the role of the internal auditors. Although audit committees have been in existence for decades, there are criticisms of the practices of audit committees and a large amount of research have been undertaken to identify an ideal audit committee that would act in the interest of shareholders (Abbott and Parker, 2000; Krishnan, 2005).

Audit committees serve as a bridge in the communication network between internal and external auditors and the board of directors, and their activities include review of nominated auditors, overall scope of the audit, results of the audit, internal financial controls and financial information for publication (FCCG, 1999). Indeed, the existence of an audit committee in a company would provide a critical oversight of the company’s financial reporting and auditing processes (FCCG, 1999; Walker, 2004).

Audit committee could also enhance auditor independence. Knapp (1987) discovered that an audit committee is more likely to support the auditor rather than management in audit disputes and the level of support is consistent across members of the committee, regardless of whether the member is in a full-time or part-time position, such as  managers, academicians and retired partners.

In addition, audit committees could play a role in selecting auditors, determining their remuneration and in the dismissal/retention of auditors. Goldman and Barlev (1974) pointed out that audit committees could observe the financial reporting process and provide recommendations in the selection of auditors, negotiation of fees and termination of external auditors, which would ultimately diminish management’s power over the auditor. An audit committee is anticipated to ensure that a business organization has sufficient internal controls, proper accounting policies, and independent external auditors that will prevent the incidence of fraud and promote high quality and timely financial statements. 

1.2     STATEMENT OF RESEARCH PROBLEM

Audit committees are by reference to relevant Sections of CAMA 1990 expected to bridge the expectation gap in providing a means by which the opinion expressed by auditors on a firm’s financial statement can be seen to be unbiased and independent. It is argued that the presence of Audit Committees is likely to lead to unnecessary rift between shareholders and directors as well as management and auditors. Also, were the managing director is a very influential member in the board and succeeds in hijacking authority from others, the audit committee would have no choice but to dance to his tune, given the composition of the audit committee of equal number of directors and representatives of the shareholders of the company subject to a maximum of six (6) members. This makes the appointment of the committee unnecessary.

In view of the above, the study intends to find answers to the following questions:

1.          How relevant is the establishment of audit committee to the financial reporting of organisations in Nigeria?

2.          Does the frequency of audit committee meetings in a given financial reporting year determine to a large extent, the effectiveness of that audit committee?

3.          How effective are audit committee composition of equal number of directors and representative of shareholders?

1.3     OBJECTIVES OF THE STUDY

        The basic objective of this study among others is to evaluate audit committees to financial reporting in contemporary Nigeria. Moreso, for the purpose of clarity, simplicity and avoidance of ambiguity, this study intends to;

1.          Find out the relevant of the establishment of audit committee to the financial reporting of organisations in Nigeria.

2.          Examine whether the frequency of audit committee meetings in a given financial reporting year determine to a large extent, the effectiveness of that audit committee.

3.          Verify how effective are audit committee composition of equal number of directors and representative of shareholders.

1.4     RESEARCH HYPOTHESIS

The following hypotheses have been formulated to serve as a base for this research;

Hypothesis I

Ho:   The establishment of audit committee is not relevant to financial reporting of organisations in Nigeria.

H1:   The establishment of audit committee is relevant to financial reporting of organisations in Nigeria.

Hypothesis II

Ho:   The frequency of audit committee meetings in a given financial reporting year does not determine to a large extent, the effectiveness of that audit committee.

H1:   The frequency of audit committee meetings in a given financial reporting year determines to a large extent, the effectiveness of that audit committee.

Hypothesis III

Ho:   There is no significant relationship between audit committee composition of equal number of directors and representative of shareholders.

H1:   There is a significant relationship between audit committee composition of equal number of directors and representative of shareholders.

1.5     SCOPE OF THE STUDY

This research work is an empirical study of audit committees to financial reporting in Nigeria. The population of the study is Nigeria, while the sample is some selected companies in Benin City, Edo State. This study will involve assessing the effectiveness of audit committees and financial reporting in Nigeria. It will also look at the performance of audit committees in Nigeria.

1.6     SIGNIFICANCE OF THE STUDY

This research work on its conclusion, together with whatever solution or findings that may arise, will prove useful to some particular group of persons or otherwise for various reasons in accordance with their varying needs.

Beneficiaries

-             Stakeholders: This study will be important and beneficial to stakeholders of organisations to know the essence of the audit committee and financial reporting in Nigeria.

-             The Government: It will acquaint the government of the importance of audit committee and financial reporting and how it should be properly managed.

-             The public: This study will help to restore the lost confidence of the public as regard audit committee and financial reporting in Nigeria.

-             Academic/future researcher: Both academic and other future researchers in this similar subject matter will find it a useful source of learning and research.  

 

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

 

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

 

OR

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 3139283609

Bank: FIRST BANK

 

 

 

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

 

 

AFFILIATE LINKS:

myeasyproject.com.ng

easyprojectmaterials.com

easyprojectmaterials.net.ng

easyprojectsmaterials.net.ng

easyprojectsmaterial.net.ng

easyprojectmaterial.net.ng

projectmaterials.com.ng

googleprojectsng.blogspot.com

myprojectsng.blogspot.com.ng

https://projectmaterialsng.blogspot.com.ng/

https://foreasyprojectmaterials.blogspot.com.ng/

https://mypostumes.blogspot.com.ng/

https://myeasymaterials.blogspot.com.ng/

https://eazyprojectsmaterial.blogspot.com.ng/

https://easzprojectmaterial.blogspot.com.ng/

 

 

 

 

 

Comments

Popular posts from this blog

EDUCATION ADMINISTRATION AND PLANNING PROJECT TOPICS AND MATERIALS

EDUCATION ADMINISTRATION AND PLANNING PROJECT TOPICS AND MATERIALS ATTENTION: BEFORE YOU READ THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU! NOTE: WE WILL SEND YOU THE ABSTRACT, TABLE OF CONTENT AND CHAPTER ONE OF YOUR APPROVED TOPIC FOR FREE. CHOOSE FROM THE LIST OF TOPICS BELOW. SEND YOUR EMAIL ADDRESS AND THE APPROVED PROJECT TOPIC TO ANY OF THESE NUMBERS-08068231953, 08168759420 WE WILL THEN SEND THE ABSTRACT, TABLE OF CONTENT AND CHAPTER ONE FOR FREE NOTE ALSO: WE CAN ALSO DEVELOP THE FULL PROJECT WORK CALL: 08068231953, 08168759420 EDUCATION ADMINISTRATION AND PLANNING PROJECT TOPICS AND MATERIALS INFLUENCE OF PARENTAL INVOLVEMENT AND PEER GROUP ON THE ACADEMIC PERFORMANCE OF STUDENTS: CASE STUDY OF SOME SELECTED SCHOOLS IN IJEBU-ODE LOCAL GOVERNMENT AREA OF OGUN STATE AN ANALYSIS OF THE RELATIONSHIP BETWEEN CLASS SIZE AND ACADEMIC PERFORMANCE OF STUDENTS  INFLUENCE OF SCHOOL ENVIRONM

THE FACTORS RESPONSIBLE FOR PUPILS LATENESS TO SCHOOL IN PRIMARY SCHOOL

ATTENTION: BEFORE YOU READ THE PROJECT WORK, PLEASE READ THE INFORMATION BELOW. THANK YOU! TO GET THE FULL PROJECT FOR THE TOPIC BELOW PLEASE CALL: 08168759420, 08068231953 TO GET MORE PROJECT TOPICS IN YOUR DEPARTMENT, PLEASE VISIT: www.easyprojectmaterials.com www.easyprojectsolutions.com www.worldofnolimit.com THE FACTORS RESPONSIBLE FOR PUPILS LATENESS TO SCHOOL IN PRIMARY SCHOOL ABSTRACT This study was designed to find out those factors that are responsible for pupils lateness to school in Agabi primary school in Orhionmwon Local Government Area of Delta State. The incessant occurrence of chart and some time criminal behaviour not only by the audit population, but also the students of this country in recent times has since began to give cause of concern, particularly to parents, government and school administrators. Questionnaires from a sample of four

PROBLEMS AND PROSPECT OF REARING POULTRY

ATTENTION: BEFORE YOU READ THE PROJECT WORK, PLEASE READ THE INFORMATION BELOW. THANK YOU! TO GET THE FULL PROJECT FOR THE TOPIC BELOW PLEASE CALL: 08168759420, 08068231953 TO GET MORE PROJECT TOPICS IN YOUR DEPARTMENT, PLEASE VISIT: www.easyprojectmaterials.com www.easyprojectsolutions.com www.worldofnolimit.com PROBLEMS AND PROSPECT OF REARING POULTRY ABSTRACT Poultry production has in no small way helped to develop- the community and people of IkpobaOkha Local Government Area, mostly in Idogbo the local government headquarters. This study however, examined the prospects and equally analysed the problems and finally came to a conclusion that with the various findings which include the outbreak of various diseases, inadequate capital and finance, and the increasing nature of the cost of poultry feed jointly hinder the progress of poultry production in Id