THE IMPORTANCE OF AUDIT RECORDS IN AN ORGANIZATION (A CASE STUDY OF ENUGU ELECTRICITY DISTRIBUTION COMPANY (EEDC)

ABSTRACT This research was carried out to examine the importance of Audit Record in an organization, using power holdings, as a case study. The study was meant to project the gainful impact of audit record on the performance of business, as a tool that bridges the credibility gap between management and shareholders, and indeed all other user. The study utilized the survey method as the method of research design. The sample size of the research was based on eighty-five staff at the EEDC. As a single working hypothesis formulated and tested, using the ANOVA statistics to determine the significant relationships of the variables. The result of analysis showed that there is a significant relationship between Audit Record and Business Performance and that audit report is effective in business operations. Based on the findings, audit report has an impact on business performance on the company under study. Most notable areas that are weak are the insufficient understanding of financial reports by users, and the assessment of the performance mainly on profit. It was recommended that the company should report their financial statements to the understanding of the users and create awareness of responsibility of every user, whereby distributable profit no longer be the prime indicator of performance.