“Effect OfAuditing On Financial Performance OfAn Organization (A Study Of First Bank Of Nigeria Plc):- Onwuchekwa Bill C

ABSTRACT

 The study investigated the effect of auditing on financial performance of an organization. The major objectives of the study were; to determine the effect of auditing on fraud detection, prevention and control, to examine tire effect of auditing on accountability of an organization and to determine the effect of auditing on reliability of financial statement. To achieve the objectives ofthe study, survey research design method was adopted. The researcher adopted primary data in getting the required information. In testing the hypotheses, simple regression was used. The findings revealed that auditing has a significant effect on fraud detection, prevention and control. The findings further revealed that auditing has a significant effect on accountability of an organization. The researcher recommends that banks should consult auditors to audit their financial statement for proper management and investment decision. The study also recommends that independent auditors should demonstrate skill, care and competence in the discharge of their responsibilities, stakeholders expect auditors to perform beyond their statutory7 responsibilities due to their own perception. This scenario can be corrected through insurance of engagement letter that defines the auditor’s responsibilities