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Abstract: The concept “source document” is a familiar term with those involved in keeping accounting records or watch dogs of  limited liability  and public liability companies and organizations.  From time to time, most often on annual basis, the independent auditors call to review the accounting record kept by their clients this they do by studying and evaluating the internal control systems in the company.  This approach makes it possible for lapses, discrepancies, deficiencies and bottlenecks to be discovered if any do exist. However, most people do not really understand the role of the auditors in public practice.   To the layman, it’s a matter of detecting for fraud, which is more or less a secondary object of fraud. This research set out to review the role of the auditor in public practice, the statutory and regulatory frame work under which they operate and the procedures adopted in the course of their duties, to meet the standard required to them.  This task has been carried out with a special references to Thomas Gamble and Co.  charted Accountants a relatively small firm of charted accountants located at Bank  of the North Building, 6th floor, Ahmadu Bello way, Kaduna, Chapter one of this work, takes a critical loot at the background information relating to the concept of auditing and investigation  procedures in   auditing, while chapter two gives a detailed look at the concept of auditing and all other related issues under literature review.Chapter three, Research methodologies, reviews the procedures used in carrying out the research  with brief comments on the facts that could be deducted there- from. Chapter five look at the inferences drawn  from the analysis of data obtained, while the last chapter summarizes the results of research findings in more general terms.

TABLE OF CONTENTS

1. INTRODUCTION
2. THE FIRM
3. STATEMENT OF THE PROBLEMS
4. SOURCES DOCUMENT AND INVESTIGATION RELATED TO CAPITAL RESERVES , DIRECTORS AND WORK
5. SOURCE DOCUMENT AN INVESTIGTION  RELATED TO DEBENTURE  TAXATION, CREDITORS, AND ACCRUED CHARGE 
6. SOURCE DOCUMENT AND INVESTIGATION RELATED TO HP CREDITORS AND SHORT TERM LOANS
7. SOURCE DOCUMENT AND INVESTIGATIONS TO FIXED ASSET
8. SOURCE DOCUMENT AND INVESTIGATION RELATED TO CURRENT ASSET
9. SOURCE DOCUMENT AND INVESTIGATION RELATED TO GROUP AND ASSOCIATE COMPANIES
   1. SOURCE DOCUMENT AND INVESTIGATION RELATED TO PROFIT AND LOSS OR INCOME AND EXPENDITURE
   2. SCOPE AND LIMITATIONS
   3. DEFINITION OF  TERMS

 

CHAPTER TWO

LITERATURE REVIEW

1. `RELATIONSHPS BETWEEN AUDITING
2. LEGAL FRAMEWORK OF AUDITING
3. REGULATORY FRMAWORK OF AUDITING

CHAPTER THREE

1. RESEARCH METHODOLOGY

3.1    SOURCE OF  DATA

3.2    DETERMINATION OF SAMPLE SIZE

3.3    DESCRIPTION OF THE INSTRUMENT OF DATA COLLECTIONS

1. METHOD OF ANALYSIS

CHAPTER FOUR

1. PRESENTATION  AND ANALSIS  OF DATA

4.1    RESPONSES  TO THE QUESTIONNAIRES

CHAPTER FIVE

FINDINGS, RECOMMENDATION AND CONCLUSION

1. FINDINGS

5.1    RECOMMENDATIONS

5.2    CONOCLUSION

          BIBLIGRAPHY

          LETTER OF RESPONDENT QUESTIONNAIRE

 

CHAPTER  ONE

BACKGROUND INFORMATION

INTRODUCTION

RELEVANCE OF INVESTIGATION

          Every business entity, be nit  profitable for which they were established.  Example, most limited liability companies are established for profit optimization and chartable or non-profit organizations, example,  government parastatals are established  to subsidize costs to the governed.

          However, its pertinent to note here that whether established upon  profitable or non profitable basis, its relevant that accounting  is records must be maintained.  Accounting  is broadly defined as a process of recording, summarizing, analyzing and interpreting of business transactions in such a systematic and concise manners as t give full and detailed explanation to related parties who are interested in the financial statement.  In every business transactions  of the organization.  However, it this records  must be  kept,  it must follow norms, principles, conventions and standard set out by various professional accounting bodies.  In Nigeria,  the Nigeria Accounting standard  Board (NASB)  is in- charge of this  duty. 

          Subject to the forgoing, section 357 of the company and Allied Mattes decree, makes it mandatory for every limited liability company to appoint an auditor to examine its accounts.  This now brings us to the questions, who is an Auditor? With reference to Walter  W. Bigg, he sees an Auditor as  a person appointed by the directors (share holder authorize the directors to appoint) of a company to examine it’s book of account, and states whether it gives a true and fair view of the financial position of the entity, and also see that there is compliance  with statute, and that accounting standards are strictly adhered to.  In the light of the above, the auditor should be a professional and used in the accounting filed, with high integrity profile, and must be a member of a recognized professional body, and must be licensed to practice.  In Nigeria to day, the institute of chartered accountants of Nigeria takes care of this.  If the auditor  as a professional, is aware of the fact  that his work is relied upon by related third  parties,  he owes it a duty, so as not to expose himself to liabilities associated with negligence  out of misfeasance proceedings.  

          In the light of the above, for the auditor to accept assurances, or to  given an opinion, he must certify himself beyond all to him gives a true and fair view of the financial position of the entity  as at the date of this audit.  

          In these regards, he has access to al the company books, and has unreserved rights as to question any maladministration, and gather al such information that would assist him in his work.  However, for the auditor to formally accept assurances, his basis of acceptance must be dependent on the availability of reliable source of documents and explanations produced by the entity in question.  At diverse levels of investigation, Associates source documents checks, and test are applied, and evidences shown must be very authentic and satisfying.  For example, where Bank Balances are investigated, for the auditor to accept the stated figures, the certifying evidences should be, Bank statements, check stumps, cash books, authorization vouchers, etc and all such reconciliation that would enable him accept the presented to note that the presentation of  figures without satisfactory evidence, or source document, is like a student graduating without a certificated, and this brings us to one of the objective  of his text.

          The investigation process involves making independent confirmation, example, and circularization of debtors, creditors, and other related third parties to the entity in question.  Generally, so many factors which includes: cost consideration, time factors, unavailability of data, Distance, and prevailing socio –economic and political climate.  In as much as this factors  are highlighted and noted, the Auditor must  not fail to certify himself beyond all reasonable doubts.  This should be done by disclosing all lapses and discrepancies, and must not  fail to give qualifications when need be.  In all circumstances,  he, the auditor should try to avoid damages  associated with negligence’s as number of  cases related to auditors liability has been recorded.  Some of the cases includes.  CAPRO Industries Vickman (1989) see SCOH GROUP VMC Farlance (1972) see JEP Fastaners Vmarts Bloom & co (1981), also see security pacific Business Credit V PEAT MARWICK MAL & CO (1`992)

THE FIRM

          This study is designed to examine the activities, responsibilities and legal framework under which the auditor in public practice operate.  This is with the appraisal of a relatively small  firm of chartered accountants in Nigeria today, Thomas Gamble House, Floor 6, Kaduna, and other offices in Calabar, Lagos and Abuja.

          Thomas Gamble & co, is a relatively small firm of chartered Accountants, founded in Nigeria  in the year 1985 as a partnership between Thomas Ephraim I and I. J. Gamble.  The firm today has offices in about five states of the federations and offices are gradually being erected to cover other states.  In its early years, its main objectives, was centered on Audit and investigations, but today it has grown both in size and scope of services rendered.  It is interesting to know that the following range of services are now available at  Thomas Gamble and co Chartered Accountants:

a)      Audit and Business Advisory services

b)      Information Technical (management)

c)      Tax consultancy

d)      Financial Management consultancy.

STAFFING

          In each states, the firm is headed by

a)      Resident partner (a qualified Accountant) and two assistants also  qualified person

b)      5 Senior audit staffs

c)      7 Junior audit staff

c)      Corpers

e)      Industrial Trainees

f)       Office Assistants

          in the whole, the firm has  about 52 staffs, and efforts are on to recruit more employees to enable the firm meet with increasing clientship. 

Below, is the organizational chart of Thomas Gamble and Co.

                                                           Senior partner

 

 

 

 

 

1.3    STATEMENT OF THE PROBLEM

          As has been mentioned earlier, there is a legal dimension to the auditor job.  The duties of the auditors are outlined in section 360  (1) of the company and Allied Decree attracts a penalty.  Again the report of the auditor is an important document, not only to the shareholders of a company, but also to related third parties.  Cases have been recorded, where auditors have been convicted by courts of law for negligence resulting from misfeasance proceedings.  Consequently, it sis very important that an auditor should exercise due professional care in the discharge of his duties to minimize his exposure.

          The problems now faced by auditors in public practices, is how they can attain this standard required of them, and also the needs of others parties who may be interested in the financial statements they a re auditing.   This study aims at striking out the various source documents, Tests, and checks to be applied during the investigation on process.  So as to guarantee the completeness of the audit investigation, and the financial report there-on.

1. SOURCE DOCUMENTS AND INVESTIGATION RELATED TO CAPITAL, RESERVES, DIRECTORS AND STATUTORY WORK

OBJECTIVES OF THE AUDIT INVESTIGATION

          The objective is to form an opinion as to whether:

1.      The share  capital has been properly classified and described in the  accounts

2.    The Reserves have been properly described and only applied  for the purposes permitted by the company’s Articles, or companies Act.

3.      Movements on reserves and correctly shown and described

4.      Dividends paid and payable  are correctly stated in accordance with the appropriate resolutions.

5.      Directors remuneration in correctly disclosed in the accounts, and is in accordance with the articles, board  and members resolution or any services  agreements, that  is, (PPIB)

6.      The information required by companies act has been correctly recorded in the statutory books kept by the company for that purpose.

7.      Resol