Accounting Record Keeping

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ACCOUNTING RECORD KEEPING AND AUDITOR’S PERFORMANCE

Accounting (B.S.C) Chapters No of pages Price 1-5 130 pages N 5, 000

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www.grossarchive.com ABSTRACT

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This research work focused on accounting record keeping and auditor’s performance .The effects of inadequate accounting record keeping can never be over emphasized. Accounting records has its end point in the financial statements hence, management should ensure that the financial statements they prepare portray the true position of an organization. This can only be achieved when adequate accounting records have been kept. Using questionnaires we gathered data from primary source and secondary from text books, journals, internet etc. Data obtained were gathered using tables and analyzed using chi-square. Hypotheses were also tested using chi-square. Our findings indicates that accounting records play important role in the performance of auditor’s function and auditors need accounting records to carry out their work effectively.

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www.grossarchive.com CHAPTER ONE

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INTRODUCTION 1.1 Background to the study According to Punkett (1979) accounting is the oldest profession. Infact since prehistoric times families had to account for food and clothing to face the cold season. Later as man began to trade we established the concept of value and developed monetary system. Evidence of accounting records can be found in the Babylonian empire (4500bc) in pharaoh’s Egypt and in the code of Hammurabi (2250b.c). Eventually with the advent of taxation record keeping became a necessity for government to sustain social orders. The Italian renaissance brought the artistic accomplishment of man to new height. At this time Venice was the business cradle of Europe and it was here among merchants that double entry accounting was invented and practiced. However auditing started when ownership was separated from administration .this was first seen in Ancient Greece where government al accounting records (for the monarchs) were certified as true and fair only after a public hearing in which the account s were read aloud to the hearing of the people based on 4

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whose response (i.e. either affirmation or denial) the monarch either affirm by saying “I hear” or reject by being silent. According to Oladipupo (2005) the social relevance of auditing in this crude form was mainly to detect if such public officers have upheld their stewardship position and the basis of which their reappointment into earlier occupied position lies. From the Medieval times on through the industrial revolution audits were made to determine whether persons in position of fiscal responsibility in government and commerce were accounting and reporting in an honest manner. During the industrial revolution as manufacturing concern grew in size their owners began to use the service of hires managers. With this separation of ownership from management the absentee owners turned increasingly to auditors to protect themselves against the dangers of fraud by both manager and employees. In Nigeria or elsewhere in the world, the shareholders (owners) are separate...
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