Presented To

Department of Accountancy


The efficient audit of final account and the formation of auditor opinion, a valued audit opinion state that the financial statement should give a true and view of the state of affairs of the company under review.

Since audit permeate all aspect of every organization audit techniques have been developed to suit various management objectives like management audit, personal audit, cost audit, efficiency audit etc.

Furthermore development of business and other organization and the credence lent & financial statement by users coupled with incessant fraud and defalcation have warranted that techniques of audit should be mastered by accountants.

Finally this project is to ascertain the basics use of auditors Opinion in the financial statement of the true and view of the state of the affairs of the organization & detection of fraud and errors by auditors.


Title page

Approval page




Table of content


1.0 Introduction

1.1 Statement of the Problem

1.2 Objective of the Study

1.3 Significance of the Study

1.4 Scope of the Research

1.5 Limitation of the Research


2.0 Definition of Final Account

2.1 Composition of Final Account

2.2 Definition of An Audit

2.3 Audit Objective

2.4 Internal Control

2.5 Audit Working Paper

2.6 Financial Analysis

2.7 Detection of Fraud and Errors


3.0 Summary of Finding

3.1 Conclusion

3.2 Recommendation




The practice of public accountability can be traced back to ancient time. In ancient grace all local officers a servant were required to reader accounts for receipts and expenses to their masters.

During the nineteen century, industry enterprise was greatly expended and the evolution of the mechanized factories involved the provision of finance for in excess of that required by industry under the joint stock company form of business organization. The shareholders as a body delegated the management of the undertaking to the board of directors and provincially, the board submits to the shareholder the accounts of the company in orders that the meneben to see the financial position and the profit and of the accounts.

Thus the need arise for some means by which the shareholder no body mighty be satisfied that the account presented to them by their board of directors, did show an objectives view of the financial position and result of the company. For this reason, Auditors were appointed to verity the account of the directors a companies, organizations and to reports of the shareholders.

All simply means an independent examination and evaluation of the authenticity and therefore the reliability of an organizations of the authenticity, and therefore the reliability of an organizations business elopements and records.

The auditor are required to prepare the financial statement of a company or organization. If it given a time and fair view of financial result for the year ended.

The alert of final account through verification of their existences and valuation by auditor should therefore be capable of enabling the auditor to form a opinion on the financial statement is to the extend of their dependability and reliability.


In any organization, human error is inevitable human our arises from error of inter operation, concerned and misunderstanding, there error can effect the presentation of accurate and reliable account.

The auditor my be satisfied after completing his substantially cert, as to the authenticity of the transaction by which asset may have been acquired, or liabilities incurred but his examination this will not have proved the existence of the actual item, not in the case of assets, that they are actually held by the body concerned.

Based on these problems this research lend to discover the extern to which the already audited accounts of companies show a true view of the financial position of the entity.


An audit is an examination of it books, enchant are vouchers of an enterprise to enable an auditor give two opinion on the financial statements of an enterprise or on the record available . It also help an auditor to determine whether the records represent a trace and far view of the financial statement of the companies.

The man objectives of this research is to prove that efficient audit of final account as essential for an auditor opinion on the financial statement of an organization. Also seek find the extend to which the audited account are in agreement with the book of account and other supporting record.


The significance of the study is to achieve a great success in contributing the little the researcher can. If not a great deal in solving the audit final account and the formation of auditor opinion, which will in turn bring about an immense cash value.

It is as well hoped that this research work will definitely enlighten the staff and management of the company. In addition, it will bring about more noticeable contribution and improvements to both headquarter and other branch to know their problem and limitation.

Furthermore, then study will serve as a means to tackle most of the inherent problem effectively, again help the auditor to be on the favourable side.

Finally; through the research restricted the study to a particular firm (Company) the result of the finding will be of immense benefit in finding the financial statement give a true and far view of the state of affairs of the company under review.


The main components of an audit of final accounts, especially in balance sheet audit one voched and post audit. Programme, defiled checking, verification of asset and liability review of system of internal control verification existence ownership and ululation and legal aspect presentation in the account.

This research work was review all these aspect of an audit and also determine whether the figures in the accounts represent the true financial position of the organization.

1.5 LIMITATION OF THE RESEARCH The main constraints of this research work are divided into three parts.

They include:- Time, Human and financial constraints, these constraints we determine the carrying out of this research exhaustively.

Firstly the time period under which then research will be carried out is obviously too short but nevertheless it will not militate against the exhaustiveness of the research work.

Secondly the HUMAN aspect Corcoran itselfs with lack of personal in staff to give the required information that will be used for this research work, without basis, fear or favour.

Thirdly FINANCIAL CONTRAINT as a student there was not enough capital (Money) to spend in transportation to fact finding and borrowing of necessary literature that would have helped in the writing of this research work.

All this problem not withstanding did not prevent or stop the continuation of the research work ("Efficient audit of final account and the formation of auditors opinion".)

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