RESEARCH JOURNAL OF FINANCE AND ACCOUNTING
Sold By: Joe Project Store | Item Type: Project Material | Report this? | Attributes: 65 pages | 1-5 chapters | Amount: ₦5,000 | Marked useful: 4,526 times
Delivery: Within 24 hoursABSTRACT
The noble profession of accounting has been under pressure due to rising public expectation (Adesina, 2003). This is a result of a series of financial failures and the distress especially in the banking sector in Nigeria. Bank managers were sacked because they acted in a manner detrimental to the interest of their depositors and creditors as the banks were said to have given out huge amount of loans without following adequate measures or precautions. The Enron Corporation saga of 200 I which was the largest corporate bankruptcy filed in the United States of America was as a result of a series of disclosures about the restatements of the company’s financial statements. The presence of such errors that required the financial statements be restated brings into focus the importance of financial statements. Financial statements present quality information on the company’s position which will be useful to a wide range of users to make economic decisions. They are formal records of the financial activities of a business, person or other entity. Financial statements provide an overview of a business or person’s financial condition in both short and the long term. Even if it is assumed that the financial statements provided are not misleading, and are relevant and reliable to the management and other users, it follows that the certainty of their quality is pursued. Auditors are the main gatekeepers for financial probity, and audit failure is one of the most important reasons why financial errors occur. Although nominally speaking, shareholders appoint auditors; this is actually up to the public company’s management, who also structures the fees and assignments of auditors. This sort of relationship between the auditors and the management brings about a conflict of interest. The perception of the auditor’s conflict of interest (lack of independence) started with a host of high profile, highly publicized corporate failures and near failures like the Enron’s, WorldCom’s etc. The public auditor is a shareholder’s first line of defense to protect the shareholder’s interest from corporate wrongdoing and financial mismanagement. Historically, however, this has been a false perception of protection. One of the major corporate rating agencies, Weiss Ratings, Inc., has completed an exam of just how false this protection has been. A key finding of the Weiss study is that auditing firms almost universally failed to warn stockholders of accounting irregularities. In fact, audit firms gave a clean bill of health to 94% of public companies that were subsequently involved with accounting problems.
This material content is developed to serve as a GUIDE for students to conduct academic research
Delivery: Within 24 hours
Advertise Here
Not what you were looking for? Perform a search
What's your project topic?
Comment on Facebook:
Related Project Materials
- 1.
THE IMPACT OF FINANCIAL LITERACY ON THE PERFORMANCE OF SMALL SCALE ENTERPRISES IN CAMEROON
CHAPTER ONE INTRODUCTION 1.1 Background to the Study Small scale enterprises' (SSEs) contribution to the national economy should not be undervalued...More »
Item Type: Project Material | 54 pages | 1,393 engagements |
- 2.
THE EFFECT OF GOOD RECORD MANAGEMENT IN ORGANIZATIONAL PERFORMANCE IN CAMEROON
CHAPTER ONE INTRODUCTION Background of the study Since time immemorial, information has been considered an essential resource for all types of orga...More »
Item Type: Project Material | 54 pages | 660 engagements |
- 3.
A STUDY ON THE IMPLICATIONS OF ETHICS IN FINANCIAL REPORTING ON MONEY DEPOSIT BANKS IN LAGOS
CHAPTER ONE INTRODUCTION 1.1 Background of the Study The idea that an entity's financial statements are subject to a set of rules dictated by estab...More »
Item Type: Project Material | 54 pages | 772 engagements |
- 4.
AN APPRAISAL OF GLOBAL HEALTH INITIATIVE IN RESPONSE TO PREVENTION TO PANDEMIC DISEASE IN NORTH WEST...
CHAPTER ONE INTRODUCTION Background of the study The Global Health Initiative (GHI) aims to enhance the effectiveness and influence of all U.S. for...More »
Item Type: Assignment | 54 pages | 1,050 engagements |
- 5.
THE ROLE OF FINANCIAL ANALYSIS IN MANAGEMENT CONTROL
THE ROLE OF FINANCIAL ANALYSIS IN MANAGEMENT CONTROL CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY Financial analysis is the process of revi...More »
Item Type: Project Material | 60 pages | 0 engagements |
- 6.
THE ROLE OF AUDITORS IN A DEPRESSED ECONOMY (A CASE STUDY OF SELECTED BANKS)
THE ROLE OF AUDITORS IN A DEPRESSED ECONOMY (A CASE STUDY OF SELECTED BANKS) CHAPTER ONE 1.0 INTRODUCTION In the 60’s especially before the civil wa...More »
Item Type: Project Material | 53 pages | 2,577 engagements |