This seems to be a national issue. The increasing incidence of fraud, embezzlement and misappropriation of funds and property by accounting officers and chief executives in the public sectors of the Nigeria economy pose pertinent questions as to whether auditing plays any significant role towards ensuring proper accountability and judicious use of funds. 

Investors and other people concerned, therefore, deserved to be assured that the resources which they put at the disposal of those accounting officers are efficiently, effectively and economically managed, since it is known that not all of us are judicious in the management of our own private affairs and much less so, the public affairs assigned on to us. 

Accountability has dearly manifested itself as a principle to be pursued if the status quo is meant to be perpetrated. 

Various users can define accountability in many ways, thus, accountability as contained in Longman dictionary contemporary English is the condition or quality of being able to give an explanation for one’s actions. 

Accountability is also defined as the tendering off return on stewardship relating to the management of funds and other assets of which individuals or institutions had been custodians.         

Auditing is regarded as one of the more or recently established professions born out of the complexity of modern business world. It becomes relevant so as to discourage men from erring and to expose those who erred when they give account of how they managed the funds and property entrusted to them. 

This account is usually done by means of financial statement. In order to verify the true and fairness of this reports independence person – an auditor – will audit the account.