DESIGN AND IMPLEMENTATION OF A COMPUTER –BASED FINANCIAL AUDIT SYSTEM FOR A MANUFACTURING ORGANIZATION (A CASE STUDY OF ANAMMCO LTD ENUGU)

ABSTRACT

We are in a dynamic world where nothing remains the same for too long. Information storage and retrieval was done manually decades ago. Today, it has been phased out gradually in all areas of our day-by-day activities. Everything is undergoing computerization, so there is need for auditing firm to undergo this process.

The documentation management system in most audit firms no doubt, has a difficult task in today’s competitive auditing industry hence there is the need for a fast, more efficient and effective processing system.

Taking Anammco Ltd Enugu as a case study, client’s files cannot be assessed quickly, and many difficulties are experienced in the updating, verifying and other auditing jobs.

The work is geared towards the computerization of the existing system of processing data as well as identifying the various problems which are encountered in the manual and mechanical methods of data processing in the auditing of a clients financial statement of account and to recommend a first class solution to these problems which is to computerize the auditing/processes in an organization.

Finally, the thesis was concluded with the implementation, programming, text run and changeover process of the new system.

CHAPTER ONE/INTRODUCTION

BACKGROUND TO THE STUDY

According to Weber (2011), “Computerized accounting system (CAS) involves the use of computers in processing accounting data into information to facilitate quick decision making through timely preparation of financial reports and financial reporting in this case refers to the way in which financial information is recorded, processed and conveyed to the end users of this information in particular”. Accounting system use to be manual process using paper, books and documents for business information, however accounting in the recent past has been computerised i.e. it involves the use of computers to process the financial transactions.

Advances in information communication technology (ICT) have generated substantial changes in the field of business operations in conjunction to software in accounting. It has been proved that a computerized accounting system has several advantages such as speed, accuracy and reliability of financial information compared to a manual accounting system Osmond (2011).

Before the advent of ICT in accounting practice, these bookkeeping practices were being executed manually. Nevertheless, nowadays several certified public accountant and data capturing clerks choose to use accounting software to record, report and analyse their organisation’s financial information. This information is collected from transactions and is compiled into financial reports (Weber, 2011).

It is against this backdrop the study was undertaken to  Design and implement  Computer Based Financial Audit System For A Manufacturing Organization

STATEMENT OF THE PROBLEM

Auditing is an activity or exercise that implies an indept examination of a set of financial statements and their underlying records and documents, so as to form an objective opinion which is expressed in the form of an audit report on the truth and fairness of view expressed in the financial statement about the transaction of a business organization.

Prior to the introduction of computers, auditing was done manually. And due to the increasing activity of expansion in business and organization, it become increasingly difficult and cumbersome to accelerate auditing processing files and documents containing information about the business or organization being audited increased in a number and also was hard to keep as they occupy space. Auditors suffered tremendously because of this.

This came with the intervention of computers, widely used today in all areas of human and be it in production, manufacturing, finance, purchasing, auditing, resources among others. The incessant increase in the use of computer in the police and private sectors of the world economics is a clear manifestation of the efficiency of the operations in achieving results.

However, the ways of auditing manually in recent has been confronted with the problems of error traceable to human mistakes and shortcomings.

This overcoming these problems with computer is what the researcher is going to consider in this research work.

 PURPOSE OF STUDY

I am not claiming that this work is enough to make me a philosopher’s stone, but suffice it to state here that this work or study is vital in various ways to be number of people including the businessmen, firms, organizations, companies, both private and government owned companies in the field of auditing. This will be of immeasurable benefit to auditors from time to time.

But on the other hand, organizations will know the measure to take in order to alleviate the problems, which are associated with manual auditing and if when confronted with these problems they would be in a position to find a suitable solution as the case may be.

With the use of computer in auditing, most firms may be secured against dubious minded managers as well as faulty and unreliable information.

 AIMS AND OBJECTIVES

In order to keep auditing abreast of unreliable record, then there should be the thirst for reliability and credibility of information and records that facilitate capital business operations, firms and organizations proceed to establish and implement computerized measures and alternative to the present auditing. The aims and objectives that are involved in investigating on the alternative to manual auditing operations as well faulty and unreliable records.

This work will also reduce human error in auditing it will also make an auditing to be more reliable, acceptable and understandable to compare with the manual auditing.Download Full Material-N5000

EFFECT OF MARKETING COMMUNICATION ON THE MARKETING OF FINANCIAL INSTITUTIONS SERVICE IN NIGERIA . A STUDY OF FIDELITY FINANCE COMPANY LTD AKWA IBOM, UYO

CHAPTER ONE/INTRODUCTION

1.1 Background to the Study

Marketing facilitates an exchange process and the development of relationship by carefully examining the needs and want of consumers, developing a product or service that satisfies the needs, offering it at a certain price, making it available through diverse channels or channel of distribution and developing a programme of promoting it to create awareness and interest.

Every organisation expects to achieve financial growth, both in the short and long runs, in the face of market competition. According to Kotler & Armstrong (2010), marketing is essential because a sustainable financial performance is not possible without a firm’s adoption of suitable marketing practices. Meanwhile, a sustainable financial performance is the primary target of the management of every business. Meanwhile, a business’s service quality, custo mer satisfaction and customer loyalty is dependent on its marketing communication practice (Frimpong, 2014; Manisha, 2012; Rawal, 2013).

Marketing communication is generally considered an efficient business model for achieving desired financial growth through service quality, customer satisfaction and loyalty. This is because it serves as a major tool for serving and relating to customers, who are practically the most valued asset of the business. Assuming a business’s customers cannot be communicated with there is no possible means of generating sales. In view of this, Frimpong (2014: 38) argues that marketing communication plays a vital role in financial performance. Besides, other empirical, theoretical and practical evidences support this argument.

Based on a study conducted in a Ghanaian context, Frimpong (2014) posits that each item of the marketing communication mix is relevant to service quality achievement in a financial firm. Wellman & Molander (2008) also provide related empirical evidence in a developing country context, with support from Rawal (2013). At the level of theory, Schultz et al. (2007) and Porcu et al. (2012) conceptualise a model that points to the significant effect of each aspect of marketing communication mix on service quality, customer satisfaction and customer loyalty. In most of the empirical studies (e.g. Frimpong, 2014; Wellman & Molander, 2008; Rawal, 2013), advertising is identified as one of the most dominant elements of the marketing communication mix in terms of effect on service quality, customer satisfaction and customer loyalty. Yet, it is admitted by Schultz et al. (2007) that empirical studies focused on the effect of marketing communication mix on business performance in terms of service quality, customer satisfaction or customer loyalty are few.

A personal survey of related academic literature shows that researches on marketing communication mix and its effect on businesses have been conducted at the qualitative level, with most being merely literature reviews. Schultz et al. (2007) and Porcu et al. (2012) particularly focused on the development of models and theoretical frameworks that argue the effect of marketing communication mix on service quality and customer satisfaction and loyalty. Schultz et al. (2007) is of the view that their theoretical frameworks and conceptual models need to be tested in the context of empirical research. Currently, there is a huge gap in the literature of the subject because few empirical studies are identifiable on it.Download Full Material-N5000

CHAPTER ONE/INTRODUCTION

Graphical tools such  as paint are imported from elsewhere in the world, and they are expensive. Most students can barely afford them. Hence, the execution of their class works are either hindered or slowed down depending on when they can buy paints. As Irivwier(2009 p.10) a lecturer in the Department of Fine and Applied Arts, Delta state University, Abraka, Delta State, pointed out: With the increasing cost of foreign exchange, the importation of some art materials is limited. At the same time, most art schools mandate that students who have reached the specialized stage in painting use oil colours for most of their class assignments, increasing the burden on these students. Besides lacking painting materials, most painting studios in our art school lack easels, assigning up to 3 students to an easel.

Furthermore, it is sad to note that this problem is not limited to students of painting. Some sculpture studios lack such common tools as a vise. Similarly, the ceramic units of some art schools either lack or have few throwing wheels on which students are expected to work. Lack of equipment is also exacerbated by the unstable power supply. This means that students in metalwork cannot rely on using welding equipment when they need to use it, that pottery students cannot rely on electrically powered potter’s wheels or electric kilns. Further, the textile unit is no

exception as students do not have access to tap water with which to produce tie and dye and other forms of fabric designs; this problem is caused by either of the followings: lack of stable electric power with which to pomp water, poorly maintained taps and water pipes or lack of water storage tanks. If both equipment and materials are problematic, then the future of art production or at least the practical teaching of fine and applied arts is at risk.

Methods and materials is a course aimed at training students on how to experiment with materials available in order to achieve their desired needs. Students  learn from how to build stretchers to the production of paint; moreover, students are taught how to fabricate brushes, pallet knives and so on with the locally available materials. But not all art teachers agree with the idea of materials research. When interviewed, some art teachers were of the view that artists (whether student artists or professionals) have no business seeking the alternative to art materials, rather, they should make do with what is available from other parts of the world.Download Full Material-N5000