Select Currency
Translate this page

ENHANCING PUBLIC CONFIDENCE IN FINANCIAL REPORTING, THE ROLE OF CORPORATE GOVERNANCE

Format: MS WORD  |  Chapter: 1-5  |  Pages: 72  |  2865 Users found this project useful  |  Price NGN3,000

  DOWNLOAD FULL PROJECT

CHAPTER ONE

INTRODUCTION

1.1    Background of the Study

Effectiveness of financial reporting is one area in accounting that is recognized as the power house of financial dealings and management (Howard, 2002). Financial report constitutes the climax of all the planning and operation in the corporate governance. The audit reputation may then depend upon the contents of its report. In essence this implies that effectiveness of financial report is justified only if it is able to repose confidence in the curiosity of its teeming shareholders.

According to section 259 of company and Allied matters Act (CAMA) 2004, the financial report prepared by an auditor may include “A report to its members the accounts examined by them and in every become sheet and profit and loss account, and on all group financial statements, copies of which are to laid before the company in a general meeting during the auditors tenure of office”.

Recognizing the importance attached to the final report, the auditing practice committee sponsored by the six major accounting standards and guidelines have made suggestions and provided a member of example of audit report to apply in various circumstances (Alvin, 2007). The importance of a corporate financial report cannot be overemphasized as the auditor may be held responsible to a great extent of what he states or does not state as his opinion to the trueness and fairness of company’s financial statement. And his responsibility may extend not only to his immediate client (Milky, 2008).

This study seeks to ascertain how public confidence in financial reporting can be enhanced and the implications it has on corporate governance. It also aimed at ascertaining how it influences the decision of external users of company’s financial statement. The external users include shareholder’s government and potential investors.

1.2    Statement of Research Problem

Financial reporting cannot be considered effective unless the report is timely provided. This may form the culmination of a great deal of deterred work and effort over a long period and yet may be summarized in a few lines. This study seeks to find answers to the following research questions:

i.  Is financial reporting relevant in corporate governance?

ii.  Do financial reporting help organizations in achieving their corporate objective?

iii.  Does the incorporation of corporate governance help in building public’s confidence in financial report?

1.3  Objective of the Study

The objective of this study is to evaluate the role of corporate governance in enhancing public confidence in financial report. The research study also has the following interrelated objectives:

i.  To ascertain the relevance of financial reporting in corporate governance.

ii.  To determine the extent which financial reporting helps organizations in achieving their corporate objective.

iii.  To find out whether the corporate governance help in building public’s confidence in financial report.

For reports to have an impact in any organization, it requires the truth of these assumptions. The impact of this report would be examined for the purpose of conveying information, reporting, finding, putting forward ideas and making recommendations.

1.4   Scope of the Study

This study is restricted to financial reporting in corporate governance with particular reference to Consolidated Breweries Nigeria Plc. The research work is designed to look into audit report in corporate governance to have an accurate investigation of information in different categories of workers in various department of Consolidated Breweries Plc. The period of coverage is between (2006- 2011) five years.

1.5    Statement of Hypotheses

Hypothesis is a tentative statement about relationship that exists between two or among many variable to prove their validity. Therefore, the hypotheses formulated for consideration are as follows:

Ho:  Financial reports have not significantly improved the process of corporate governance in Nigeria.

Hi:  Financial reports have significantly improved the process of corporate governance in Nigeria.

Ho:  Effectiveness of financial reporting does not significantly improve corporate objectives

Hi:  Effectiveness of financial reporting significantly improves corporate objectives

H0:  Corporate governance does not enhance public confidence of financial reports.

H1: Corporate governance help enhance public confidence of financial reports.

1.6       Significance of the Study

It is expected that the findings of the, research study in conjunction with findings of similar research studies on the subject enhancing public confidence in financial reporting and the implications for corporate governance  would be useful to the public and private sector. A significance result of this study would be to find out of the objectives of the financial reporting one being achieved and if these objectives have furthered the growth of the corporate governance in Nigeria.

1.7       Limitation of the Study

In carrying out this study, the researcher strictly limit himself with the case study. This is because of time constraint in conducting the research work. Lack of adequate finances of transportation of fathering data collection and they expanded in the case of the research work.

The computation of information used for the preparation of their research work has not been easy. Another noticing problem is the unwillingness of some executive officers to give information and have a direct interview with them. Finally, the researcher also limits himself on the role of financial reporting and corporate governance in Nigeria as it affects public confidence of corporate reporting. 

1.8      Definition of Terms

In carrying this research the following important terms were used and their definitions are seen below:

Financial report: These consist of the balance sheet, profit and loss account, sources and application of fund, value added statement five years financial summary etc. it is the statement which communicates information about the company to those who have a right to receive it, e.g. the shareholders, loan creditors etc. It provides an indication of the company’s trading or operational performance and give a fixed point, snap-short of its financial position at a particular date (section 331 CAMA).

Audit: audit is a Latin word meaning to “hear” it is a process carried out by qualified parsons called auditor on the account prepared by management of organizations, parastatals and establishment to ensure adherence to laid down rules or policy. The auditing standard Board defined audit as “the independent examination of opinion on the financial statement of an enterprise by an appointed auditor in accordance to the term of his engagement and compliance with any relevant statutory obligation and professional requirements.

Audit report: This is a statement made by an independent auditor expressing his opinion as to the true and fairness of the financial statement examined by him and whether or not it is in compliance with the relevant act.

Internal control: This is defined by the Auditing Standard Board as the system of control,  financial or otherwise established by management in order to carry on the business of the enterprise or company in an orderly and efficient manner and ensuring adherence to management policies, safeguard the asset and secure as far as possible the completeness and accuracy of records.

Financial institutions: In this study shall be taken for the banks that are into commercial activities, that is commercial banks, having branches across the federation.

Auditing guideline: Auditing guidelines are intended to give guideline on: (a) Procedure by which the auditing standards may be applied. (b) The application of auditing standard to specified items appearing in the financial statement of enterprises. (c) The application of auditing standards to particular sector, industries or service organizations. (d) Other matters relating to the proper performance of audit work.

Corporate Governance: Is an all- encompassing concept that seeks to guarantee and institute credible bedrock governance standards, in the creation of wealth, in the light of the primacy that corporations have come to assume in privately- led economies.

  DOWNLOAD FULL PROJECT

Not What You Are Looking For?



For QUICK Help Call Us Now!

+234 813 292 6373


Here's what our amazing customers are saying

JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about iprojectmaster.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent
Merry From BSU
I am now a graduate because of iprojectmaster.com, God Bless you guys for me.
Excellent
Samuel From Ajayi Crowther University
You guys just made life easier for students. Thanks alot iprojectmaster.com
Excellent
Musa From Ahmadu Bello University
Thank you iprojectmaster for saving my life, please keep it up and may God continue to bless you people.
Excellent

HOW TO GET YOUR COMPLETE PROJECT INSTANTLY

  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on 0813-292-6373 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.

FREQUENTLY ASKED QUESTIONS

How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: (+234) 813-292-6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!