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PROJECT TOPIC: AUDITING EFFICIENCY AS A TOOL FOR IMPROVING COMPANYS PERFORMANCE (A Case Study Of Nigerian Breweries Plc 9th Mile Enugu)

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CHAPTER ONE

 INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The management of the economy in the past has been characterized by corruption and financial mismanagement which made the country to have persistent balance of payment problems. This financial mismanagement was more pronounced during the civilian administration of 1979- 1983 and the dictatorial government of general Sani Abacha of 1993 to 1998.The performance of the economy in the past therefore suggest that our economic  problem today are the bye product of unpatriotic, uncommitted, selfish and corrupt leadership.In the face of glaring corruption financial impropriety over invoicing and other facets role the auditors of repute have been playing in a bid to build a virile nation. The purpose of accountability in any society is to showing how well organization and people in position of trust of public and private funds and property have performed. The accounting profession requires of its members integrity transparent honesty independence and objectivity to accepted professional conduct.During the decade 1970 and beyond the Nigerian economy completely lost its direction. The glory which the economy attained during its pre- and post independence era soon began to dwindle due to the mono-cultural dependence on oil which the country developed as a result of the unexpected rise in oil prices. The need for integrity oneness of purpose, effective and efficient financial control which enhance profitability at this stage can not be over emphasized in a bid to channel the surplus funds to prioritized areas.Even the surplus funds could not be used for the development of man power in the area of science and technology for the country consequently there is a total dependence on the foreign sector for technical support. The company under review is a case in point since the production of its marketable product can not be carried out without the assistance of technical partners.However, the company provides goods and services to the public generate employment opportunities as well as contributing substantially to government revenue.There is a requirement that all registered limited liability companies must have their financial records audited annually by a firm of auditors so appointed.The law complies as above for the auditor to express an opinion on such financial statement and for the opinion to be authoritative the auditor must seen to be independent. In an attempt to ensure improve profitability various devices and method such as internal control are used.Since companies differ both in degree and circumstances depending on the nature of business and commercial environment it operates reliance on certain factors. Paragraph (5)_ of the auditors operational standards and guideline state that if the auditor wishes to place reliance on any internal control he should ascertain and evaluate those controls and perform compliance test on their operation this is to ensure completeness and accuracy of all financial record and transaction.As we go further in this study the relevant ingredients will be dealt with in order to arrive at the conclusions based on empirical test.


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