EFFECT OF PUBLISHED FINANCIAL STATEMENT ON SHAREHOLDERS INVESTMENT DECISION (A STUDY OF GUINNESS NIGERIA BREWERIES LAGOS)

EFFECT OF PUBLISHED FINANCIAL STATEMENT ON SHAREHOLDERS INVESTMENT DECISION

(A STUDY OF GUINNESS NIGERIA BREWERIES LAGOS)


NUMBERS PAGES: 70         RESEARCH TYPE:- PROJECT         AMOUNT :- ₦2500

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1.0 INTRODUCTION
Each person like every business requires some measures of both financial position and financial performance in assessing his financial conditions. The financial position depicts one’s wealth at ascertain point in time while one’s financial performance describes once.
Financial statements according to Illoumezie (2006:33) are like compasses “which navigators use to locate their bearing and find direction”. People use them to gauge their financial positions at various points in their lives in order to judge their progress towards their financial goals.
Financial statements according to meigs and meigs (1981:28) refers to reports which summarize the financial position and operating results of a business (balance sheet and income statements). It referred to as genera purpose that satisfy the need of many groups generally called stakeholders. These groups are particularly concerned with the risk inherent in and returns provided by their investments, and who require accounting information to enable their assess the ability whether they should buy, hold and sell their investments.
According to Anayaogu (2002:14) financial accounting provides information to eternal decision makes such as shareholders government, creditors, employees etc, these are people with whom or from whom money is ultimately paid or received. Anayaogu (2002:20) also states that records of financial accounting includes various ledges accounts, profits and loss accounts, balance sheet and other financial records. These records are intended to show the strength, progress, portability, management effectiveness and stewardship.
Financial statement are the means of communicating to interested partners information or the resource, obligation and performance of the reporting enterprise in a simple, clear and understandable form to all its user with such attributer of relevance to decision reliability, consistency and comparability materiality efficiency and understandability.
According to information provides continuity in history as quality in monetary terms of economic activities resources and obligations of a business enterprises as well as the various activity that cause a change in the level of these resources and obligation. It is also serves as parameter for evaluating the performance of a business enterprise and as a measuring tool to both the management and decision markers and possible sale of shares by shareholder when actual results deviate from the target objectives. The importance attached to accounting information cannot only be related to management and the government but it also cuts across the cars of the various categories of creditors, employee, and other water cooperate bodies and potentials investors as well.
The annual report and accounts are said to be published owing to the fact. It is being printed and dispatched to each shareholder and any other unfrosted where person on request. The annual reports and accounts are the primary means of communicating vital economi c information in the cooperation’sresources and obligation to absentee owners and could be investor by the management. The published financial statement serve as a means of conveying business information to the equity investor groups (shareholders), the loans creditors group, the employee groups, the business contract group, the government and its agencies as well as the general public. It gives a concise and genuine picture of an enterprise profitability trend and its financial position. The information contained in the published financial statement act as a basis for which shareholder maker investment decisions.

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SIGNIFICANCE OF EXTERNAL AUDITOR’S ON THE EXAMINATION OF FINANCIAL STATEMENT (A STUDY OF FIRST BANK OF NIGERIA PLC)

SIGNIFICANCE OF EXTERNAL AUDITOR’S ON THE EXAMINATION OF FINANCIAL STATEMENT

(A STUDY OF FIRST BANK OF NIGERIA PLC)


NUMBERS PAGES: 72         RESEARCH TYPE:- PROJECT         AMOUNT :- ₦2500

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                                                                        ABSTRACT
This study was to assess the significance external auditor?s in the examination of financial statement of first Bank of Nigeria Plc., Enugu. The banking sector in Nigeria and elsewhere in recent times have become so diversified, challenging, highly competitive and has been characterized by persistent, fraud, errors and misappropriation of funds in the bank, the impact of which has undoubtedly shaken the whole economy of the nation. For this work to be effectively and efficiently carried out the use of primary and secondary methods was adopted for the collection of data, where in primary data, the researcher designed and advanced questionnaires to first Bank Enugu for collection of primary data while secondary data was gotten from textbooks, journals, manuals lecture notes, etc. the data collected from the questionnaire was analyzed in tables with simple percentage and interpreted for the understanding of the study the formulated hypothesis were tested using Z – test formula. The result of the study shows that, external auditors examination of first banks financial statement or records aids in checking and monitoring as well as stopping frauds errors, misappropriation of funds in the Banks. Recommendations were made to the management of First Bank of Nigeria Plc, Abuja.

TABLE OF CONTENTS
Approval Page i
Dedication ii
Acknowledgments iii
Abstract iv
CHAPTER ONE:
1.0 INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of the Problem 3
1.3 Objectives of the Study 4
1.4 Research Questions 4
1.5 Research Hypotheses 5
1.6 Significance of the Study 6
1.7 Scope/ Limitations of the Study 6
1.8 Definition of Terms 7
Reference 10
CHAPTER TWO
2.0 REVIEW OF RELATED LITERATURE 11
2.1 The Concept of Auditing 11
2.2 Extent of an Auditors investigation Responsibilities
of Audit organizations 17
2.3 Responsibilities of Audit Organizations 18
2.4 Evaluating the Significance of an External Auditors 19
2.5 External auditors Role in Detecting Fraud 20
2.5.1 Types of Fraud 22
2.5.2 Weakness in the Internal Control System and
Lack of Co-operation by Client Staff 32
2.5.3 Lack of Monitoring System in the Organization 35
2.5.4 Unexplained Discrepancies in Accounts 35
2.5.5 Tolerance of Accounting Errors and Differences 36
2.5.6 Document of Unique Reliance on the Staff 37
2.2.7 Chaotic Accounting System 37
2.6 External Auditors Role in Ensuring the
Keeping of Proper Accounts 38
2.7 The Significance of External Auditors in Reporting to
the Shareholders (Public Limited Companies) 39
CHAPTER THREE
3.0 RESEARCH DESIGN AND METHODOLOGY 42
3.1 Research Design 42
3.2 Sources of Data 42
3.3 Research Instrument 44
3.4 Reliability/Validity of Research Instrument 45
3.5 Population 46
3.6 Sample Size and Sample Techniques 46
3.7 Administration of Research Instrument 50
3.8 Method of Data Analysis 50
3.8 Decision criterion for Validation of Hypothesis 51
CHAPTER FOUR
4.1 Data Presentation and Analysis 52
4.2 Testing of Hypothesis 65
CHAPTER FIVE
5.0 SUMMARY OF FINDINGS, CONCLUSIONS
AND RECOMMENDATIONS 72
5.1 Summary of Findings 72
5.2 Conclusion 73
5.3 Recommendations 74
Bibliography 76
Appendix

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THE IMPACT OF PUBLISHED FINANCIAL STATEMENT ON SHAREHOLDERS INVESTMENT DECISION” (A STUDY OF GUINNESS NIGERIA PLC).

THE IMPACT OF PUBLISHED FINANCIAL STATEMENT ON SHAREHOLDERS INVESTMENT DECISION”

(A STUDY OF GUINNESS NIGERIA PLC).


NUMBERS PAGES: 65         RESEARCH TYPE:- PROJECT         AMOUNT :- ₦2500

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ABSTRACT

Each person like every business requires some measures of both financial position and financial performance in assessing his financial conditions. The financial position depicts one’s wealth at ascertain point in time while one’s financial performance describes once. Financial statements according to Illo umezie (2006:33) are like compasses “which navigators use to locate their bearing and find direction”.  People use them to gauge their financial positions at various points in their lives in order to judge their progress towards their financial goals.  Financial statements according to meigs and meigs (1981:28) refers to reports which summarize the financial position and operating results of a business (balance sheet and income statements). It referred to as genera purpose that satisfy the need of many groups generally called stakeholders. These groups are particularly concerned with the risk inherent in and returns provided by their investments, and who require accounting information to enable their assess the ability whether they should buy, hold and sell their investments. 

TABLE OF CONTENT

Approval page ii

Dedication- ii

Acknowledgement iii

Abstract iv

CHAPTER ONE

Introduction

1.1 Background of the study

1.2 Statement of the problem

1.3 Objectives of the study

1.4 Research questions

1.5 Hypothesis of the study

1.6 Significance of the study

1.7 Scope and limitation of the study

1.8 Definition of terms

References

CHAPTER TWO

Literature review

2.1 Statutory Imperative Of Published Accounts

2.2 Statement Of Accounting Policies

2.3 The Profit And Loss Account

2.4 Balance Sheet

2.5 Note Of The Financial Statement

2.6 Director’s Report

2.7 The Auditors Report

2.8 Statement Of Sources And Application Of Fund

2.9 The Value Added Statement

2.10 IMPORTANCE OF FINANCIAL STATEMENT

2.11 The Credibility Of Published Financial Statement

2.12 Information Source

2.13 Companies Financial Analysis

2.14 the published financial statement of guinness NIGERIA

References

CHAPTER THREE

Research design and methodology

3.1 Research design

3.2 Sources of data

3.3 Research instrument

3.4 Reliability /validity of research instrument 65

3.5 Population

3.6 Sample size / techniques

3.7 Administration of research instrument

3.8 Method of data analysis

3.9 Decision criterion for validation of hypothesis

References

CHAPTER FOUR

Data presentation and analysis

4.1 Data presentation

4.2 Testing of hypothesis

CHAPTER FIVE

Summary of findings, conclusions and recommendation

5.1 Summary of findings

5.2 Conclusions

5.3 Recommendations

Bibliography

Appendix

 

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THE EFFECT OF MISREPRESENTATION OF INFORMATION IN THE FINANCIAL STATEMENTS

THE EFFECT OF MISREPRESENTATION OF INFORMATION IN THE FINANCIAL STATEMENTS


NUMBERS PAGES: 75         RESEARCH TYPE:- PROJECT         AMOUNT :- ₦2500

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                                                                   Abstract
Purpose – The purpose of this paper is to show the public, in general, and auditors, in particular, that in the absence of control there is always a risk of fraud. Fraud can be done in various forms. Larceny may be the most obvious case of fraud, but fraud may be done in many other ways too. Balance sheet fraud or financial statements fraud is a broader issue; it is far-fetched than a few hundred dollars of a larceny case. In financial statement fraud, the deep down effect may be millions or billions of dollars. Design/methodology/approach – The paper has been designed based on a fraud theory. The author has observed the implications of a possible fraud in a real audit case. The fraud theory has been tested through financial analysis and audit tests. The theory has then been revised and the existence of a financial statement fraud has been proven. Findings – The paper explores that banks and group companies controlled by unreliable owners can lead to misuse of public’s funds in accordance with the directives of the owner. Public’s money can be transferred to other group companies in an illegal manner – in excessive amounts – and never returned to the bank by means of applying different accounting fraud techniques. Research limitations/implications – Auditors, who may audit group companies that include a bank or banks with deposit receiving and lending rights, should pay attention to the transactions between the group’s bank and the other group companies. The lending may be excessive in amount and/or never paid back and the financial statements would be misrepresented covering various fraud schemes. Originality/value – The case that the paper deals with reflects the author’s own audit experiences. The names of the companies have been changed but not the essence of the events. From this perspective, it sheds light onto the path of an auditor who happens to be in a similar situation.

TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgements
Abstract
Table of contents

CHAPTER ONE
Introduction
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Statement of the Objective
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significant of the Study
1.7 Scope of the Study
1.8 Limitation of the Study
1.9 Definition of Terms

CHAPTER TWO
Review of Related Literature
2.1 Concept of Financial Misrepresentation of Fraud
2.2 Historical Development of Auditing
2.3 Reasons for Auditing Financial Statement
2.4 The Nature of Misrepresentation of Fraud
2.5 Financial Reporting
2.6 Objectives of Financial Reporting
2.7 Users of Financial Report
2.8 Financial Regulations
2.9 Unethical Practices and Its Effect in First Bank
2.10 Professional Ethics/Punishment for Offenders
2.11 Misrepresentation Identification and Presentation in Banks
2.12 Effect of Misrepresentation
2.13 Misrepresentation of Information in a Financial Statement
2.14 Factors That Lead To Misrepresentation of Information in a Financial Statement
2.15 Misrepresentation, a Tool for Liquidation, Insolvency and Failure in Banks and Organizational Operations
2.16 Ways to Reduce Misrepresentation Of Information In The Financial Statement

CHAPTER THREE
Research Methodology
3.1 Research Design
3.2 Method of Data Collection
3.3 Area of Study
3.4 Population of the Study
3.5 Sample and Sampling Techniques
3.6 Reliability of the Instrument
3.7 Validity of the Study Instrument
3.8 Method of Data Analysis

CHAPTER FOUR
Presentation and Analysis of Data
4.1 Presentation and Analysis of Questionnaire
4.2 Testing Of Hypotheses

CHAPTER FIVE
Summary of Findings, Conclusions and Recommendations
5.1 Summary of Findings
5.2 Conclusion from the Study
5.3 Recommendations
Bibliography
Appendix

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