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Application of Auditing Standards and Financial Reporting Among Selected Organizations in Central Region, Uganda
Author: Abanis Turyahebwa, Makanga Christopher, Yahaya Ibrahim, Sunday Arthur, Kasai Ndahiriwe, Byamukama Eliab
Publisher: Research Journal of Finance and Accounting ISSN 2222-1697
Published: 2013
Section: College of Economics and Management
Abstract
The study investigated the level of compliance with
auditing standards in selected organizations in Kampala, Uganda. The specific
objective of the study was to determine the level of compliance with auditing
standards. The study used a quantitative, ex-post facto, descriptive,
comparative, cross-sectional and correlational survey design. Using a self made
questionnaire, data was collected answering specific questions on a four point
Likert scale. Data analysis by means of frequencies, percentages and means was
done, using SPSS. It was revealed that majority of auditors and accountants are
University graduates, in the 20 to 39 years age bracket and most of them are
men. There is a high level of compliance with auditing standards (general
average mean = 3.54) in the selected organizations in Kampala. It was
recommended that auditors evaluate team members’ competence before deployment
of teams for audit, conduct audits from clients’ premises and issue timely
audit reports. There is also need to emphasize follow up of audit findings and
recommendations from previous audits by auditors or Audit Committees.
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