WHAT FACTORS CHALLENGE EXTERNAL AUDITING PRACTICES IN SELLECTED MULTIPURPOSE COOPERATIVES IN ASSOSA WOREDA

Abstract

The main objective of this study is to explore how the selected multipurpose cooperatives audit practices looks like and identification of the main audit challenges that affect audit practices in multipurpose cooperatives in Benishangul Gumuz Regional State, Assosa Woreda. To this end, answers to the basic questions pertaining to the possible causes of audit challenges, audit practices and the performance of respondents in the contribution of audit practice and challenges sought for. The research methodology employed in this study was descriptive survey. In aggregate 100% of the questionnaires were properly filled in and returned, and data analysis made according to respondents response. Because the research is survey type, both method of data analysis was used (i.e. qualitative and quantitative data analysis methods was used in the study). The finding of the study showed that shortage of auditors, lack of due professional care, Absence of Uniform audit standards among auditors, Absence of adequate auditing manual, Lack of adequate audit training and Lack of Accountability and Responsibility to the society were the major challenges. The recommendation forwarded for the above challenges was; the regional or the woreda level office should prepare practically applicable training to audit staff & the committees in the woreda & should prepare guiding manuals to the woreda expertise, Auditors should maintain their professional integrity and ethical values and should follow uniform audit standard (GAAS) and an appropriate auditors should be employed in the woreda.