THE ROLES OF EXTERNAL AUDITORS AND BANK INSPECTORS IN THE DISTRESS CONDITION OF BANKS EVIDENCE FROM ZAMFARA STATE, NIGERIA
Authors:
Tayo Awe & Muhammad Usaini
Abstract:
Banks were liquidated due to poor capital base, insider abuse and mismanagement. Also, other problems ravaging banks are forgeries, frauds and financial indiscipline etc. this posed great challenges to management. Here the work of the auditors set in; the primary duty of the auditor is to report on truth and fairness of the financial statement. The paper focuses on the role of auditor’s and inspectors reviving the true banking culture. The researcher adopted a survey method of data collection. Data required were collected through the distribution of the questionnaire, personal interview, oral interview from respondents and a sample size of 18. The statistical tool used for this work is chi-square. The researcher finds out that the distress conditions of banks today is due to the fact that Auditors and Inspectors had failed in their duties and Banks does not keep to the GAAAP in their daily transactions. The researcher recommended that Implementation of recommendation report, insurance training from banking instructors, enhancement of welfare scheme, commensurate remuneration for external auditors and use of technology should be used to carry out their duties effectively