ABSTRACT

In recent times there has been much discussion about the independence of Auditors; the

leadership of the auditing standards board, the public oversight board, the

independence standards board, and most recently the proposed independence rules

promulgated by the Securities and Exchange Commission (SEC) have all attempted

to clarify and strengthen auditor role on the financial statement for good decision making. 

Also in the medieval era financial statements were not necessary and hence financial statements were not

 prepared either used to make decisions. But with the recent development every firm are expected to prepare financial statement 

in order to know the financial position of the organisation so that stakeholders can make decisions.

The criticism of auditors in Nigeria by users of audited financial statements has

stirred many a response both from the profession and statutes. It seems the

users have a different idea of what auditing should be. Auditing

took the entire stage after the industrial revolution since before this period,

transactions increased, precipitated by the development of large corporations, limited

liability companies, there became the need for divorce of ownership from

control. Hence mangers and shareholders became two different partners. Then it

became apparent for mangers to render accounts of their stewardship to those

who has pooled their resources together for the business .it is noteworthy that

an independent person be appointed to represent the interest of the

shareholders in reviewing the report of mangers to ensure accuracy and

transparency. This was how the emergence on the Role of Auditor in

organizational growth and development sprung up.

The major objective is to examine the role of auditor on organizational

performance of manufacturing firm. Other specific objectives aimed to

be achieved are to ascertain the extent to which Audit Department of the organization is being used as a financial tool for measuring organizational performances and Identify the duties and responsibility of an accountant in the organisation.

This study makes more insights into the differences in current

internal audit practices in the manufacturing sector and suggests useful

innovation for making necessary changes in both the organisation and

implementation into internal audit functions as it contains and obtains in the

studied company.

Five Chapters