Auditing is the process of investigating into the financial records prepared in an organization to ascertain the correctness of the financial statement. Investigation can be described as an inquiry commissioned by a client for some of his purposes. The preparation of the accounts of small scale industries involves the bringing together of the control system.
The idea of auditing came into being when a series of company acts. Announcing in 1844 gradually developed and incorporated as a result of the need of examining the stewardship accounts by independent report annually the result of their findings.
This term paper is described to find out the need for auditing and investigation in small scale industries hence the following problems are stated.
Lack of adequate knowledge of accounting principles.
Lack of adequate auditing and investigation
Lack of professional personnel in the management.
Inadequate professional independence
Small scale industry are industries that manufactures on small scale basis.
Therefore, the successful operations of this system is a function of the operational efficiency which in itself depends on effective auditing and investigation.
It is the light of the above that this term paper work sought to find the following:
a.Whether the availability of adequate internal control system will affect the audit investigation operations.
b.The role of an effective auditing and investigation system in the survival of small scale industries.
c.How the activities of small scale industries can be improved through auditing and investigation.
The relevance of this study cannot be overemphasized as a successful completion of this study. The need for auditing and investigation in small scale industries is of great help to the proprietors of firms for the survival and substantial growth of the firm
TABLE OF CONTENTS
Title page ii
Table of contentsvi
2.1The need for auditing and investigation5
2.2Sole trader and purpose of auditing investigation7
Recommendation and conclusion14
Subscribe to access this work and thousands more