AN ASSESSMENT OF AUDITING PROCEDURE IN THE BANKING INDUSTRY
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TITLE PAGE
AN ASSESSMENT OF AUDITING PROCEDURE IN THE BANKING INDUSTRY
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "an assessment of auditing procedure in the banking industry" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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This study aims at evaluating and investigating the effectiveness of the internal auditing procedures in the Jordanian commercial banks through evaluating auditing procedures used in the commercial banks in Jordan and evaluating the role of the board of directors in achieving this effectiveness. Moreover, this study aims at investigating the internal auditing program used in the banks to check the availability of the risk –based auditing program and sufficient degree of independence for the internal auditor in these banks.The study’s main hypothesis was: “the internal auditing procedures in the Jordanian commercial banks do not include the effectiveness of the internal auditing profession” and there were other four sub-hypotheses. The descriptive approach was used. A questionnaire consisted of 48 items was prepared and distributed to 130 internal auditors in the commercial banks representing 248 internal auditors. Only 104 questionnaires were valid for analysis out of 120 questionnaires that were retrieved.Data were collected and analyzed statistically. Results revealed that the internal auditing program used in the commercial banks included procedures that achieve internal auditing procedures and the role of the board of directors ensured the effectiveness of the internal auditing in the information technology. Additionally, results showed that the internal auditing program included risk based auditing program and the internal auditing procedures ensure the internal auditor’s independence. The study recommended the necessity to enhance the current procedures followed in the internal auditing implementation for its effectiveness and the necessity to clarify the internal controls and its levels to ensure the success of the auditing program.
TABLE OF CONTENTS
CHAPTER ONE
1.1 Introduction
1.2 Statement of the problem
1.3 Research Question
1.4 Objective of the study
1.5 Research Hypothesis
1.6 Significance of the study
1.7 Scope of the Study
1.8 Definition of terms
1.9 Plan of the study
CHAPTER TWO
Literature review
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Source of Data
3.2 Population of the study
3.3 Sample Size
3.4 Methods of data collection (Instruments)
3.5 Method of Data Analysis
3.6 Limitation to Methodology
CHAPTER FOUR
Data presentation, Analysis and Interpretation
CHAPTER FIVE
Summary, Conclusion and Recommendation
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
Reference
CHAPTER ONE
1.1 INTRODUCTION
Audit itself is a Latin word from the word Audire i.e. to “Hear” in those ancient times, the account of an estate domain or manor prepared by managers are to be head to the owner in the presence of an outside know as auditor.
According to the auditing standards, auditing is defined as the expression of opinion on the financial statement and understanding records of an enterprise by an appointed auditor in pursuant of the audit objectives and in compliance with his appointment and any relevant statutory obligation like laws and regulation.
Also in this modern time, an audit is a process carried out by a suitable qualified auditor who has undergone a professional examination by a professional body well known and recognized in the country, and also who has been given license to practice as an auditor where by the accounting record of a business entity are selected to scrutiny in such a way that will enable the auditor to form an opinion, the embodied in an audit report addressed to those interested parties who commission the audit or whom the auditor is responsible to under the status.
1.2 STATEMENT OF THE PROBLEM
Evidence has shown that the banking industry facing a lot of problems through unqualified or incompetent auditor, a competent auditor should be able or capable to assessing of auditing procedure in the banking industry, well, there should be suitable qualified auditor who has undergone a professional examination by a professional body well known and recognized in the country, in which the financial statement of the bank industry will be audit well.
Also another problem facing in assessment of auditing procedure in banking industry is the management, if the management are not well informed there will problem if they cannot provide a well qualified external auditor not internal auditor.
1.3 RESEARCH QUESTION
In order to give his research work some degree of validity the following question were formulated
- To establish whether the procedure can reduce the degree of errors.
- To ascertain the practically of standard auditing in banking industry.
- To investigate the bank’s accountings systems of internal control and the impact of audit on this.
- To establish whether the introduction of audit had aids to detect all kind of fraud in the banks accounts.
- And finally, to find out the importance and standard of auditing in banking industry.
1.4 OBJECTIVE OF THE STUDY
In the early history, it is popularly believed that the primary purpose of auditing was to detect errors but with development of a new intellect about the primary objectives of auditing, the purpose is report which includes the following.
The question of fraud and implementation of account have been a major problem in the banking sectors today. How far has the respond to curb this?
- To examine the auditing procedures being practiced or being carried out in the bank.
- To examine the problem areas such as “ bottle neck” on the part of the bank, in achieving their desired goals examine area such as internal control system of the bank and how strong it is.
- Computerization of bank transaction common errors in the bank account and many others.
- Finally, to evaluate the performance of the bank and make contribution to knowledge as regards operation.
1.5 RESEARCH HYPOTHESIS
The research hypothesis used in this project is as follows:
Ho: An assessment of auditing procedure in the banking industry is very vital
Hi: An assessment of auditing procedure in the banking industry is not very vital
1.6 SIGNIFICANCE OF THE STUDY
The auditing procedure is very significance in the sense that the need for an independent audit arose principally from the separation of ownership from management and the consequent need to safeguard the interest of the owners of the company making in the management.
It protect the interest of investing public provides that company in incorporated under the decree which is the company and allied company (CAMD) and finally to ensure the shareholder that the directors have fulfilled their statutory for keeping book and account and safeguarding of asset.
1.7 SCOPE OF THE STUDY
The study is intended to carried on keystone bank Nigeria limited the geographical limit is intended to be only at Ilorin branch, so the study will not cover the population of bank keystone.
The study will be confirmed to a particular section which is the financial report for a period of six (6) years which are divided into two, firstly (1985-1988) and secondly (1988-1990) which will give us an insight into how the bank has fared over the years.
1.8 DEFINATION OF TERMS
1. INTERNAL CONTROL: This is said to be whole system of controls financial and otherwise established by management in order to carry on the business of the enterprises in an order and efficient manner, ensure adherent to management policies safeguard secure as far as possible the completeness and accuracy of the record.
2. INTERNAL CHECKING: This is defined as the check on the day to day transaction which operates continuously as part of the routine system where the work of one person is proved independently or is seen to be complimentary to that of another the objective is the prevention or early detection of fraud and errors.
3. INTERNAL AUDITS: This is defined as an independent appraisal of activities within the organization for the review of operations as a service management. Internal audit is normally conducted by the company’s own specially assigned staff.
4. AUDITOR REPORT: This is said when an auditors has finished his audit work, there must be a report by him which will be the end product of work done such as a standard report should be expressed in fairly uniform language and depending on circumstance, may be two, three or more paragraph length.
1.9 PLANS OF THE STUDY
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "an assessment of auditing procedure in the banking industry" is also available. Order full work to download. Chapter two of "an assessment of auditing procedure in the banking industry" consists of the literature review. In this chapter all the related work on "an assessment of auditing procedure in the banking industry" was reviewed.
CHAPTER THREE: The complete chapter three of "an assessment of auditing procedure in the banking industry" is available. Order full work to download. Chapter three of "an assessment of auditing procedure in the banking industry" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "an assessment of auditing procedure in the banking industry" is available. Order full work to download. Chapter four of "an assessment of auditing procedure in the banking industry" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "an assessment of auditing procedure in the banking industry" is available. Order full work to download. Chapter five of "an assessment of auditing procedure in the banking industry" consist of conclusion, recommendation and references.
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