AUDIT PLANNING AND CONTROL: A STUDY OF THE PROCEDURE IN SOME SELECTED ACCOUNTING FIRMS

CHAPTER ONE

1.0            INTRODUCTION

This research work will be concentrating on audit planning and control and also represent an extensive study of audit procedure in some selected accounting firms for improving auditing concepts in practice.

1.1            OVERVIEW/ BACK GROUND OF STUDY

The practice of auditing in a primitive term can be said to be also as old accounting itself but auditing as it exist today was established only in a latter part of the nineteenth century (Holmes 1947 p.40). Attwood (1986 p. 120) saw the development as a result of competing of form of business which grew tremendously from the dominated by sole proprietors to that dominated by limited liability companies with the  separation of the providers of capital for  a business (shareholder) are  it is management (directors) there developed a need for an independent examination of account to safe guard shareholder interest which necessitated the passing of the first companies act in 1844 which was introduced by Gladstone culeys (1953 p20). Owing to the auditors qualification and independence the 1844 Act was preceded and replace by 1856 Act. The 1956 act introduced the idea that the auditor need not be a shareholder as well provided a set of model regularisation which a company was not found to adopt. The companies act 1877 made the appointment or the auditor compulsory for banking companies and this was finally extended to all companies through the  1990 act prior the 1992 the auditors reports was defended to cover profit and loss account while the 1984 Act extended it to profit and loss disclosure requirement. On the Nigeria front, the companies Act 1968 provides guidelines for auditor operation and was designed to regulate the affairs of the companies  industrial and commercial enterprises to promote corporate government and ensure accountability. The companies and Allied matter  decree 1990 (CAMD). The current Nigeria law in this content. the study intends to appraise audit planning and control through a study o  audit procedure of selected accounting firm.

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