The Challenges of Comprehensive Account Auditing and the Rampant Use of Accounting Software (Published)
This study determined the challenges of comprehensive account auditing and the rampant use of accounting software. Specifically, the study determined the effect of accounting software over efficient bookkeeping and documentations as regards to sufficient audit evidence after comprehensive account auditing. The study also ascertained the effect of complacency in filing and bookkeeping common with firms that rely on accounting software in relation to misstatement, accounting error, fraud and corruption among the top managers and accountants. Finally, the study shall throw a spot light on accounting efficiency among firms. Three research questions guided the study. The design adopted for this study was descriptive survey and correlational research design. The study population comprised76 accountants in the 19 ministries in Anambra State. Mean and standard deviation were used to analyze the research questions. The instrument was validated by experts in accounting and Cronbach Alpha was used to determine the reliability of the instrument which obtained an overall reliability coefficient of 0.79. The study concluded that quality audit reveals the true profitability nature of a company in relation to its total assets, business transactions are lacking in source documents often called business paper due to the use of accounting software, absence of sufficient audit evidence from source documents has negative implications during software accounting audit; and auditors lack sufficient audit evidence from source documents during software accounting audit. The study therefore recommended proper book keeping, documentation and utilization of source documents to check mate system entries, constant periodic internal audit, which help to check the duties and activities of the staff. The study also recommended that constraint should be placed on the accessing of the software according to specific job descriptions, constraint should be placed on amendments and modifications of entries except on authorization and must be manned from the IT department and a manual record of all signed and approved amendments and modifications done, must be kept for reference purposes and during audit.
Keywords: Accounting, Auditing, accounting software, audit process, source documents
An Investigation of Performance Audit Role on the System of Government Revenues(Iraq Case) (Published)
There are many controls bodies auditing government revenue in Iraq. These control bodies have created by the parliament such as the Commission of Integrity and the General Ministry Inspectors in addition to the Board of Supreme Audit (BSA). The study covers defining the accountability, audit of revenues, performance audit, taxation policy, and the sources of governmental income. This research considers how governmental revenues depend on oil revenue totally on oil revenues (about 92% in 2015). The situation has deteriorated since 2003, when Iraq has first occupied, in spite of increased revenue from taxation. The Study highlights that the State should increase its role from different organizations to control all expenditures and develop revenue streams in other sectors. Although there is an emphasis on financial and budgetary measures for financial auditing, the use of non-financial measures in determining outcome accountability is increasing.
Keywords: Accountability, Auditing, Control Bodies, Government Revenues Systems, Performance Audit
Auditing and Ethical Sensitivity: Resolving the Dilemma (Published)
In recent times corporate failures and accounting scandals have shaken the foundations of investor confidence. This has brought the transparency, integrity and accountability of corporations and capital markets under serious scrutiny. The public has been disquiet about the role professional auditors and audit firms played in these corporate scandals. The consequences for many of the players in the market for financial information have been enormous; reputations both of key individuals and organizations have been ruined, jobs lost, and pension funds have been eroded. The economic and social damage has been incalculable, and the implications far-reaching for corporate management, company directors, audit firms and the investing public. The accountant including the auditor played a major role in these events. The issues behind these failures may be complex but it is generally believed that a lack of ethical behaviours played a significant role in all these failures. This paper therefore attempts to address the role ethical sensitivity play with regards to auditing and tries to proffer resolutions where dilemmas exist. On the whole we concluded that auditors /accountant do face ethical dilemmas in the course of carrying out their professional duties. However it was recommended that auditor ought to have high ethical awareness while the firm and the profession monitor strict compliance with ethical and professional standards by the auditor.
Keywords: Auditing, Corporate failures, Dilemma, Ethical Sensitivity, Ethics, Integrity