ABSTRACT
The unmatured mind would ask
whether the auditor could not detect, forestall and report the impending failure
in some bank in the financial service industry. Who can detect? Some have even
gone further than to call the prosecution of the Statutory Auditors of those
effected banks. The problems facing the society which the researcher has taken
upon himself to provide answer is the failure of banks in Nigeria financial
service industry and the role of auditors in the failed banks. The purpose of
this researcher is ascertain the causes of banks failure detection and see if
any way the auditing , could said to embrace failure detection and prevention
and find out whether the auditing profession is still of relevance to the
Nigeria society in the facing of the distress of the they have audited and
okayed. During this researcher work, data were collected on some specific
purpose and research hypothesis were formulated and were tested to validity or
otherwise of such claims in the primary and secondary data. A careful use of
the data has been made of statistical analysis tools such as percentage, table,
and figures and more importantly chi-square (x2) tests in analysis the data collected.
The finding of the study revealed the union bank and Main s i eam bank plc were
undergoing adequate, timely, and thorough audit prior to their failure and
their auditors, base on the finding of statutory auditors a letters were given
to the management of this banks and the causes of failure were mainly due to
internal management abuses and unstable fiscal and monetary police climate in the
country. Finally the researcher recommended that the supervisory and regulatory
body's i.e. CBN and NDIC should be more alive to their responsibility of
monitoring the banking industry in other to check the incident of failure and
that xi auditors should be more empowered by the law to detect, forestall and
report impending failure or existing failure in their client companies and to
the public.
NWOKO, J (2021). Role Of Statutory Auditors In The Face of Increasing Bank Failures (A Study Of Two Selected Banks, Union Bank And Mainstream Bank Of Nigeria PLC). Mouau.afribary.org: Retrieved Oct 31, 2024, from https://repository.mouau.edu.ng/work/view/role-of-statutory-auditors-in-the-face-of-increasing-bank-failures-a-study-of-two-selected-banks-union-bank-and-mainstream-bank-of-nigeria-plc-7-2
J., NWOKO. "Role Of Statutory Auditors In The Face of Increasing Bank Failures (A Study Of Two Selected Banks, Union Bank And Mainstream Bank Of Nigeria PLC)" Mouau.afribary.org. Mouau.afribary.org, 30 Nov. 2021, https://repository.mouau.edu.ng/work/view/role-of-statutory-auditors-in-the-face-of-increasing-bank-failures-a-study-of-two-selected-banks-union-bank-and-mainstream-bank-of-nigeria-plc-7-2. Accessed 31 Oct. 2024.
J., NWOKO. "Role Of Statutory Auditors In The Face of Increasing Bank Failures (A Study Of Two Selected Banks, Union Bank And Mainstream Bank Of Nigeria PLC)". Mouau.afribary.org, Mouau.afribary.org, 30 Nov. 2021. Web. 31 Oct. 2024. < https://repository.mouau.edu.ng/work/view/role-of-statutory-auditors-in-the-face-of-increasing-bank-failures-a-study-of-two-selected-banks-union-bank-and-mainstream-bank-of-nigeria-plc-7-2 >.
J., NWOKO. "Role Of Statutory Auditors In The Face of Increasing Bank Failures (A Study Of Two Selected Banks, Union Bank And Mainstream Bank Of Nigeria PLC)" Mouau.afribary.org (2021). Accessed 31 Oct. 2024. https://repository.mouau.edu.ng/work/view/role-of-statutory-auditors-in-the-face-of-increasing-bank-failures-a-study-of-two-selected-banks-union-bank-and-mainstream-bank-of-nigeria-plc-7-2