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THE IMPACT OF COMPUTERIZATION ON AUDITING

ABSTRACT

 The financial statements of a business entity are very crucial to both internal and external parties interested in its economic history, current financial health and prospects for the future. The preparation and presentation of these statements are major functions of the accounting system. Prior to the presentation, sections 359-360 of CAMA 1990 mandate the auditors to carryout such examinations and investigations to enable them form an opinion. These examinations and investigations for many decades were done manually. However, the advent of computers used in the processing and production of accounting information created a number of challenges for the auditors. It is against this backdrop that this study appraised the impact of computerisation on auditing. The researcher employed both primary and secondary sources of data collection and the techniques of analyses utilized in this study are the Z-score and the Pearson Product Moment Correlation Coefficient. Eleven (11) audit firms out of a population of nineteen (19) recognized by both ANAN and ICAN for the audit of quoted companies in Nigeria were studied based on judgmental sampling. The period covered was five (5) years from 2001-2006. Results of the study showed that computer application to auditing does not affect the duties of the auditors. Secondly, computer application to auditing greatly enhanced effectiveness and reliability of evidence collection and evaluation. Thirdly, there is a significant relationship between computer application and the incidence of loss of audit trail. Consequently, the following recommendations are made: The application of computer packages should be broadened to enhance more effective and reliable decisions. Secondly, auditors should be actively involved in the design and installation of audit packages in computer systems. Again, training and re-training of auditors should be re-intensified to enhance effectiveness and efficiency of computer auditing. Audit firms in Nigeria should initiate research programmes for new and improved audit methods and packages for automatic retrieval of audit trail and the Departments of Accountancy in our higher institutions of learning should have computer laboratories packed with audit softwares for practical teaching and acquisition of knowledge in this vital area.

Project detailsContents
 
Number of Pages93 pages
Chapter one Introduction
Chapter two Literature review
Chapter three  methodology
Chapter  four  Data analysis
Chapter  five Summary,discussion & recommendations
ReferenceReference
QuestionnaireQuestionnaire
AppendixAppendix
Chapter summary1 to 5 chapters
Available documentPDF and MS-word format


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