Sir,       I propose to write on the efficient account and the formation of auditors opinion.  As far as business is concerned proper audit of account is required.  With the knowledge I have learnt so far from the past report, project and the prior research done before the approval of this project form the HOD. Audit is defined as an independent and evaluation of the authenticity and the reliability of an organisation on the business documents and records.  Also the recognition of a financial accounting is known or describes thus: it is the process at which the truth fullness, fairness and reliability of an accountant to trace on the work of a final account to achieve a better result.  Here the balance sheet of the company, the sales day book, purchases day book, profit and loss account are to be checked.That is why is said earlier that an auditor is in position of this thing mention but the few.  Based on the assumption, the auditor examines the books of the organisation.  Also compare the assets and liabilities of the said company.         Secondary, this project organized in such a five chapters in which the chapter one is the introduction, which presents the background of the study, objectives and statements of problems, relevant of the study, scope and the limitation of study.Thirdly specializes on the literature review. In this case will discuss about existing literature ad efficiency audit of final account and formation of auditors report that was reviewed from the sight of different authors. While chapter three discuss on the procedure for data collections and analysis, source and their locations used will be explained.Chapter four will deal on the presentation and analysis of data. More so determined the findings of the study such as the problem facing the audit of an account.  The fifth and the last chapter dealt with the recommendation such as solution to solve the existing problems, finally drawing conclusion and findings.
                                                      TABLE OF CONTENT
1.1       Introduction                                                                                                
1.2       Statement of problem                                                                                 
1.3       Statement oaf objective                      
1.4       Relevance of the study                       
1.5       Scope of the research                                                                                  
1.6       Limitation of the research                                                                           
1.7       Research hypothesis                                                                                   
CHAPTER TWO                                      
2.0       Literature review                                                                                        
2.1 Definition of final Accounts                                                                         
2.2. Balance sheet                                                                                               
2.3       Composition of a balance sheet                                                                  
2.4       Profit and loss Account                                                                              
2.5       Statement of Accounting Standard SAS (No 18)                                      
2.6       Definition of Auditing                                                                                      
2.7       Audit objectives                                                                                         
2.8       The formation of opinion by auditors
2.9       The basic principles of audit report    
2.10   Audit report for the relevant year       
2.11    Verification of current assets                                                                     
2.12    Verification of the existence of
            ownership and the valuation of fixed assets                                           
2.13    Depreciation                                                                                              
2.14     Investment                                                                                                
2.15     Verification of liabilities and equities                                                       
2.16    Reserves                                             
2.17    Taxation                                                                                                     
2.18    Detection of frauds and errors                                                                  
2.19    Compliance with statutory requirements                                                          
2.20    Share transfer audit                                                                                   
3.1       Procedure for data collection and analysis
3.2       Selection of data                                                                                         
3.3       Primary and secondary data                                                                       
3.4       Sample size and procedure for collection of data                                      
3.5       Questionnaires                                                                                            
3.6       Interview observation and inspection
3.7       Library research                                                                                          
3.8       Reliability of data                                                                                              
4.1       Presentation of and analysis of data   
4.2       Response to questions                                                                                
4.3       Efficient auditing of final accounts is essential for an                               
         auditor’s opinion on the statement of an enterprise                                          
4.4       Show that true financial position of a company                                         
4.5       Compliance with statutory requirements                                                    
5.1       Conclusion and recommendation       
5.2       Auditors opinion                                                                                         
5.3       Recommendation                                                                                        
5.4       Conclusion                                                                                                  
 1.1                                      INTRODUCTION
            Taking a look to the ancient way of computing accounts, one can understand that books of accounts say cash books ledger, receipts and payment and expenditure book, return inwards, valuation of fixed assets (depreciation accounts) were all kept just in written form.  The local officers or servants we4re required rendering the accounts for receipts and payment tot heir master.
            During the eighteen and nineteen and twentieth century, local shops, enterprises were expanded since the inception of computer factories involved the procession of finance fair in excess and required by the industry under the old fashioned methods. But to the level of our knowledge, it is relevant to mention that objective able to guide students to understand the procedure and test and postings involved in carrying out an audit of financial statements of the company registered under the companies and allied matters act No 1 of 1990 (as amended) on like the joint stock company that is a form of business organisation, the shareholders are body who delegates the management of under taking for board of directors.  Periodically, the board submits to the shareholders the account of the company in order/sequence tht the members may see the financial position and profit and loss of the undertaking in which they are interested.  The shareholders as the body may be satisfied that the accounts presented to their board of director, shows an objectives view of the financial position and the result of the company.  For this reason auditors were appointed to verify the accounts report to the shareholders.
            Audit is the making of inquirer to ascertain that he financial statement on which the auditors are reporting show the true and far view of the financial results for the year under review and true and fair view of the statement of fairs at the year end.  Also it is an independent examination and evolution of the correctness and reliability of an organization to their business documents account shows the examination of the goods of final entry and their documentary evidence.  It is essential to ensure that there is a reliable system of internal check and control in operation.  The auditor examines the books of the organisation taking note on the (facts) things that affect accounts and balance sheet items.  He will also compare the assets and liabilities accounts of the year of audit with that of previous years to ascertain the reason for any differences so as to enable him detect any error through accurate interpretation of accounts.  The auditor of financial document through verification of their existence and valuation by the auditors should have as well be capable of enabling the auditor to form and opinion on which financial statements as to the extent of their dependability and reliability.
            In any organization, human error is inevitable. It arises form error of interpretation, misunderstanding and perhaps carelessness.  These errors can affect the presentation of accurate account and the reliability or accounts.  The auditor may be satisfied after completing his substantive test, as to the authenticity of the transaction by which assets may have been acquires or liabilities incurred, but his examination may not have proved the existence of the actual items, not in the case f assets may that they are actually held by the body concerned.  Since an audit is closely related to the internal control system and the records of the organisation, it is easy for the auditor to lose sight of more practical aspect of the work by failing to verify the assets and liability of the company under consideration certain precautions have to be taken in order to ascertain that there is not main pulsation of assets to cover the absence of certain items.  Where assets are disposed of there is always a possibility that those having authority in any department might dispose their assets without authorization, to an outsider with whom an agreement must have been reached for the payment oaf a commission or private payment of part of the price.  Also most frauds occur on balance sheet items such as cash. Bank and other assets.  For a typical illustration, cash may be understated to detect fraudulent activities. Authorization approval and purchase of assets and the creation of liabilities can be manipulated.  Based on these problems, the research tends to discover the extend to which the already audited accounts of companies shows a true ad fair view of the financial position of the entity/business.
            One can see an audit as a practical examination of books, accounts and vouchers of an enterprise to =enable an auditor give his opinion on the financial position/statement of an enterprise or on the records available.  It also helps an auditor to determine whether the records represent a true and fair view of the company.  Audit of final accounts entails the examination of the records of assets and liabilities of an enterprise to ascertain an auditor’s opinion.
            So, the main objective of this research is to prove that efficient audit of final accounts is essential for an auditor’s opinion on the financial statement of a company.  This research also seeks to find the extent to which audited accounts are in agreement with the books of accounts and other supporting records.  Apart for that, it seeks to determine the extent to which the auditing of balance sheet fraud and error and coincide have with the prevention of error and fraud by the deterrent effect of the audit.
            Year’s back, small-scale business has envoloved into organisation of large size and scope with highly specializes technical operations and increased member of employees.  This growth of this business has made it impossible for management to exercise adequate control over the records kept on like day to day transactions of the organization.  Management and interested members of the public rely on personal observations as a means of assessing the financial position and operating results of companies which then depend on the record kept by their employees.
            More so, the information made available by the record cannot be completely rely on because of incompetence and manorial practices of most employees.  Banks investors and other rely on the information in companies financial statement/position in making loan’s granting credit and in buying and selling securities and they depend on the auditors to verify and dependability of information the statement contain.  An audit is therefore needed for a number of reasons that included the following:
(a)        Detection of errors
(b)        Disclosure of fraudulent activities
(c)        To uncover deliberately misleading records
(d)       To show loop holes in the disclosure of relevant information.
(e)        To ensure compliance with generally acce0pted accounting standards (G.A.A.S).
            The main components of an audit of final accounts especially a balance sheet audit are voucher and post audit, programmed, defeated checking, verification of asset and liabilities review of systems of internal control, verification existence, ownership and valuation of legal aspects and the persecution in accounts. This research work will review all there aspect of an audit and also determine whether audit helps ot detect error and fraud, whether the figures in the account represent the true financial position, whether the statutory requirements was complies with and finally whether satisfactory explanation was obtained for the variations in the records.
With reference to the main objectives of this research earlier stated, the following hypotheses have been draw;
H1: Efficient audit of final accounts is essential for an auditor opinion on ht financial statement of any enterprise.
H2:  Audit of final accounts verifies the correspondence of the final accounts with the books of original entry and other record.
H3: Audit of final accounts helps to ensure compliance with statutory requirements.
H4: It helps in the detection of frauds and errors.
H5: It is also shows and proves that the financial statement shows the true financial statement of any enterprise.
The validity of their hypothesis will be tested using data collected, questionnaire and interviews.  But do to the descriptive nature of the study, frequency distribution and percentages will be distribution and percentages will be discussed in the data analysis.


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