CHAPTER ONE
1.0 INTRODUCTION
“Business without auditing stifles public confidence and auditing without law is force”
(Emile wolf)
Auditing occupies a very critical position in the business life of any society both industrialized and non industrialized countries like Nigeria and other west African countries. This implies that auditing plays a critical and improtant role in the economic development of any nation.
This is more importance as business, which is the mainstay/ bedrock of the economy is fast growing. It has grown beyond what may be described as “purely personal management that were common in the olden days. Such business establishments are small in size personally owned financed and managed by the owner.
However there is changed situation in this modern time. The hallmark of most business is no longer owners management. The owner and financers are separate person (shareholders and investors) and controlled by outsiders (director and managers) because of the increase in size and company of business activities. This practice is know as “stewardship” the entrails as its foundational feature that shareholders and other parties to the business will like to know how their resources entrusted in the care of management are being used to achieve the corporate aim. This is therefore done by employing the services of person’s who are professionally qualified and referred to as independent public auditors to attest on the effective utilization or otherwise of the financial resources after examining the account prepared by the management. It was this motive that gave rise to the birth of the profession auditing with vital role and heavy responsibilities.
It would be right to stress that the down auditing era is the wake into consciousness and disciplines in business operations the quest to maintain sanctity in the conduct of business.
But to have auditing profession void of legal backing is a despicable attempt to accord the practice a persuasive influence but not authoritative status.
Auditing without the law is a force a contraction on terms. To this extent the law become a fundamental aspect of the profession and practically speaking too bears conspicuous implications. For example in performing the attest
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