The application of Information and Communication Technology ICTon accounting practice in Nigeria has become a subject of fundamental importance and concerns to all business enterprise and indeed a prerequisite for local and international competitiveness.
Business 4 pages, words The risk that the auditor gives an inappropriate audit opinion when the financial report is materially misstated. Audit risk refers to the chance of an error slipping through an audit, usually a financial audit, and resulting in a flawed audit report.
Generally, audit risk is represented by the following formula: In the formula, IR, or inherent risk, refers to the susceptibility of misstatement, assuming that there are no internal controls to counter that chance of misstatement.
Depending on the resulting percentage that results from the audit risk formula, the audit risk for a particular audit is often characterized as high, medium, or low. What percentage range constitutes a high audit risk is not absolute — it depends on the particular factors of a given audit.
Though this determination provides a definitive starting point in risk assessment, this tool is certainly not dispositive of actual audit risk.
Risk of material misstatement - Control risk, Revise the audit program to increase detection risk.
Establishment of an objective internal audit position Risk of material misstatement - Control risk, Revise the audit program to reduce detection risk.
Audit plans should consider all areas of the business and focus resources on those with the highest risk. Once you have assessed these risks, you can determine how often you perform audits and evaluate whether your staffing levels need adjustment.
Inherent risk can also be considered as Significant risks. Unlevered beta requires the ratio between the equity value and the value of the firm measured in market value terms. When a company has no debt, i.
An audit is an accounting procedure under which the financial records of a company or individual are closely inspected to make sure that they are accurate.
Many American taxpayers fear an Internal Revenue Service audit, while dishonest companies fear independent audits of their business practices which may reveal embezzlement and other misuses of funds.
An audit keeps a company honest and also reassures employees and investors as to the financial status of the organization. There are two primary types of audit: In finance, an audit report, also referred to as an evaluation report in the United Kingdom, is a summary or document generally submitted by either an external independent auditor or internal audit officer.
It contains the findings of an audit done on the financial records or accounts of a company. This report is a significant tool used in evaluating whether quality standards are met by the company.
Most audit reports contain the analytical and systematic review, assessment, and recommendations made by the auditor on the business matter.
It may also be done on a section, division, department, or on the entire business itself. An audit strategy can refer to a design to carry out an internal audit, or to a plan designed to handle an audit by an outside agency such as a tax bureau.
In both cases, proper planning, research, and organization can contribute to a faster, more efficient process.The Impact of Ict on Accounting Practice in Nigeria. The impact of ICT on accounting practice in Nigeria CHAPTER ONE Introduction Background of the study In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting .
This research into the impact of ICT on accounting practice covers a reasonable numbers of accounts and audit departments in Benue State, Makurdi. It will consist of accountants in the accounting and audit department of United Bank for Africa(UBA) Makurdi Branch, Benue State Ministry of Finance, Office of the Accountant General.
Due to the ambiguity of accounting practice in both big and small affirms across the country Nigeria, this research which looks into the impact of ICT on accounting practice will be streamlined tothe accountants and audit departmentsof First Bank of Nigeria PLC, Isolo Branch and Lagos State Ministry of Finance, nationwidesecretarial.com will consist of .
INTRODUCTION The purpose of this commentary is to explore how information and communication technologies (ICT) have forever changed many aspects of business and accounting practice and, as a result, offer new and exciting research opportunities to accounting professionals and academics.
The impact of ICT on accounting practice in Nigeria CHAPTER ONE Introduction Background of the study In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports.
THE IMPACT OF INFORMATION TECHNOLOGY ON THE ACCOUNTING PROFESSION IN NIGERIA By: Idongesit Efiong Utah ABSTRACT This research focuses on assessing the impact of information technology on the Nigerian Accounting profession by examining four areas: Impact on the public and private sector, the challenges and .