ABSTRACT

This study was embarked on to determine the existence of problems or gaps in auditing joint ventures in the Nigerian oil industry. In carrying out this work the research proposed some hypotheses in the null form, that there is no significant relationship between heavy computerized systems and ineffectiveness in auditing joint ventures; there is no significant relationship between technical nature of the oil industry and ineffectiveness in auditing the joint ventures; and there is no significant relationship between poor ascertainment of sales actual payment makes and ineffectiveness in auditing the joint ventures. Owing to the nature of this research study, the researcher adopted a question experimental research design to gather the data was needed. The data collected from the accessible population was analyzed using mathematical percentage and the hypotheses were tested using the chi-square (X2) test and measured the extent to which an observed set of data filled an expected set. With the analysis of the data collected, the researcher discovered that there is a significant relationship between the factors or problems mentioned above, and the ineffectiveness of auditing of joint ventures in the Nigerian Oil Industry. It was thus concluded that factors or problems mentioned above are related to the ineffectiveness in auditing the joint venture in Nigerian Oil Industry. And thus, there is a gap/problems affecting auditing of joint ventures in the Nigerian Oil Industry. Recommended therefore to solve the problems are: Enough training to be given to the auditors, to enhance their knowledge on the much used computers. The auditor/accountants are better abridged with the information on all the activities involved in the oil industry. There should be more control given to the auditors to enhance verification and check on the system’s controls. That is, the purchasing system’s control and the sales system’s control.