ABSTRACT
The choice of topic
"problems and prospects of auditing small and medium scale enterprises in
Nigeria was derived from the fact that the problems facing audit of small and
medium scale has eaten deep into the fabric system of small and medium scale enterprises
and are yet to be tackled. Some of these are varieties of problems faced by
auditor while auditing small and medium scale enterprises; the absence of good
internal control, Separating business from ownership form management,
identifying person to be the accountant who prepares the financial statement
and also the auditor of the enterprises. The objective of the study are to find
out if there is any economic importance attached to the auditing of small and
medium scale enterprises. To identify those factors militating against the
preparation of financial statements of small and medium scale enterprises.
Analyzing the hypothesis which is Auditing of small and medium scale enterprise
has no economic importance, there are no factors militating against the
preparation of annual financial statements and there are no provisions of the
law authorizing the auditing of small and medium scale enterprises. Due to the
complexity of the topic, the researcher used random sample method to select
some of the enterprises to study. The researcher used statistical formular in
the determination of the sample size with a fairly population of Fifty seven
(57) as was pointed out in the study. Questionnaire was the instrument used for
this study. consisting of Twenty four (24) items formulated in both closed and
open ended form. The essence was to allow the respondents give their views on
some important issues. Having stated the methodology of the research question
clearly and understandably as possible, the main work analysis, presentation
and interpretation of all the data collected was done, which yield the results
expected. Finally, the researcher draws conclusion and stated his findings base
on the major problems which include; there are factors militating against the
preparation of annual financial statements, there are no provisions of the law
authorizing the auditing of small and medium scale enterprises and auditing of
small and medium scale enterprises has some economic importance. Based on the
findings, the researcher therefore made some recommendation that will be useful
to the research study which includes; Effective internal control unit should be
established in every small and medium scale enterprises, proper management to
avoid missing some important information in the financial statement and finally
employment of qualified personnel.
ENWERE, E (2021). Problems And Prospects Of Auditing Small And Medium Scale Enterprises In Nigeria. Mouau.afribary.org: Retrieved Nov 27, 2024, from https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-small-and-medium-scale-enterprises-in-nigeria-7-2
E, ENWERE. "Problems And Prospects Of Auditing Small And Medium Scale Enterprises In Nigeria" Mouau.afribary.org. Mouau.afribary.org, 15 Jul. 2021, https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-small-and-medium-scale-enterprises-in-nigeria-7-2. Accessed 27 Nov. 2024.
E, ENWERE. "Problems And Prospects Of Auditing Small And Medium Scale Enterprises In Nigeria". Mouau.afribary.org, Mouau.afribary.org, 15 Jul. 2021. Web. 27 Nov. 2024. < https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-small-and-medium-scale-enterprises-in-nigeria-7-2 >.
E, ENWERE. "Problems And Prospects Of Auditing Small And Medium Scale Enterprises In Nigeria" Mouau.afribary.org (2021). Accessed 27 Nov. 2024. https://repository.mouau.edu.ng/work/view/problems-and-prospects-of-auditing-small-and-medium-scale-enterprises-in-nigeria-7-2