CHAPTER ONE
1.0 INTRODUCTION
In the 60’s especially before the civil war in Nigeria cash crops from Agricultural sectors mining and a few others provide much of the foreign exchange earnings. In this period 70 percent (70%) of the nation’s labour price was on agriculture and this contributed to about 70 percent of the gross domestic product (GDP) this contribution of agriculture to GSP saw a decline in the agricultural sector led the nation into important of food this means a compete reverse in trend of averts. However the decline is attributable to the over dependence of the economy on oil revenue in the 70’s and early 80’s this was know as the era of oil boom. When the oil gut of the 80’3 hit the world, the revenue according to the government declined sharply and this revenue declining continued despite all efforts made by successive government to diversify the sources of revenue. This era was known as the oil-boom in Nigeria. This oil boom compelled many individuals company. Small-scale industrial large scale and many corporate organizations to either completely close down their operations or reduce their operations to about one- third or less of their capacity. There is a great pressure in the industrial sectors to develop new strategies if they are to remain in business. One sector of the economy that portrayed an interesting scenario was the banking industry. The economy today is bad that saving has become difficult for majority of the populace that the things those who can afford to see want to hear of is economic depress. It has therefore become necessary to study the whole phenomenon of depress as to ascertain empirical evidence of its causes and proper solutions.
Our intention is that the efficiency of auditing system particularly in a developing economy like ours depends on the extent to which auditors role is effectively and efficiently discharged in terms of the achievement of economic goals of the country. But when the auditors role is not properly discharged in terms of achieving the economic goals this will definitely lead a nation into “economic depression” An economy can be seeing as any specified collection linter-related set of marketed and non- marketed productive activities (LIPSEY 1983).