The Role Of Statutory Auditor In Government Owned Institutions

There is always the tendency for the owners to debt the content of the report presented to them. They fear that the report may contain errors, conceal fraud, deliberately misleading or lack in the information content.

To solve this problem of credibility in reports and accounts there is always the need to appoint an independent person to investigate the report on his findings.

Therefore, auditing can be defined as the independent examination of the books of account of individual organization etc with a view to conforming or refusing the assertion in the report. It is for the purpose that the professional bodies such as (ICAN) companies and Allied matters Decree 1990, stipulates the mode of appointment of auditors (sec. 357) (1) of 1990. And the qualification of auditors is to ensure a true and fair view of their report on financial matter to ensure that the financial position portray true and fair views, the auditor will enquire whether the institution is well ruled, in particular way.

The aim of the management audit is therefore to inquire into and report on how well the institution has fallowed the view of its member and carried them out completely. It is quite surprising, that irrespective of all the stipulated roles of statutory auditors, in controlling of fraud in government institution jet, misappropriations in government owned institution to extend that some of the establishment are put into bankruptcy.

The problematic question government of this structure and procedure in which the researcher would attempt to give some answer are:

The basic responsibilities of an auditor under companies and allied matters act (CAMD) of 1990 are to make report to the members on the financial statement audited.

The report should state whether:

The aim of this research project is to verify, enlightens and analyze express by the statutory auditor with respect to fraud. However, the auditor should recognize the possibilities of material misstatement or irregularities of fraud, which state of affairs shown by the financial statement.

The auditor should also see that errors, which could distort the trueness and fairness of the financial statement, are corrected. Therefore, a statutory auditor is said to a watchdog and not a blood hand.

Finally, the basic fraud on the management who may often obtain researcher assurance that the duties will be discharged by establishing an adequate system of internal control

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