AN ASSESSMENT OF THE IMPACT OF COMMERCIAL BANK IN THE MANAGEMENT OF LIQUIDITY PROBLEM IN NIGERIA (A SURVEY STUDY OF SELECTED COMMERCIAL BANK IN NIGERIA

The major findings were that the Nigerian public does not have enough confidence in audit reports in Nigeria. In a one tailed test used, the Z score was 1.333 which is less than the standard score of 1.645. Another finding was that most members of the public have a wrong view of the true purpose of an audit, most of them thought that detection of fraud and errors are part of the main purpose of an audit. Another finding was that members of the public have seen the contents of an audit. It was also found that the public feels that auditors should be given more powers to enhance public confidence in audit reports in Nigeria. It was also found out that some factor enhance public confidence in audit reports in Nigeria. These factors include strict professional and legal rules guiding the conduct of audit auditors awareness of sanctions that could be imposed on them for compromising their integrity. On the other hand it was discovered that some factors militate against public confidence in audit reports in Nigeria. These factors include misconception of the purpose of audit, management attitude and general corruption in the society. It was also discovered that most of the respondents could preferably give suggestions for enhancing public knowledge of the purpose of audit and for enhancing the public image and level of public confidence in audit reports in Nigeria. Among the measures suggested for enhancing public awareness of the true perspective of an audit are public education and making audit compulsory for all organizations. Among the measures the suggested for improving the public image level of public confidence includes public education, prompt sanctions against erring auditors, publicizing audit reports and auditor religious compliance with professional and statutory regulation.