An audit framework for Small and Medium Enterprises. Case study of selected SMEs in Bindura town.
- Author
- Mzezewa, Takunda
- Title
- An audit framework for Small and Medium Enterprises. Case study of selected SMEs in Bindura town.
- Abstract
-
Small and medium businesses are usually recognised as engines of global economic
development and progress. To support this idea, they must be evaluated and monitored as a
standard for improved performance and survival. The study's major goal is to provide an audit
framework for SMEs. The study's goals were to: i) identify the activities that constitute auditing
in SMEs, ii) investigate the impact of auditing on effective asset management in SMEs, iii)
identify the challenges that SMEs face in adopting auditing as a management practise tool, and
iv) develop an audit framework for SMEs. The study employed a descriptive research design.
A selection of 104 respondents was chosen using Yaro Yamane's method. Data was collected
via questionnaires using a five-point extent scale. The questionnaire's reliability and validity
were assessed, yielding a Cronbach rating of 0.715. The data was analysed using SPSS version
20. Descriptive statistics, frequency tables, correlation coefficient (r=0.516), and regression
with coefficient Beta of 0.603 were used to determine the statistical significance of the
components. The study found that all SMEs should prioritise having proper bookkeeping
processes, sound internal controls, and compliance with International Financial Reporting
Standards (IFRSs) to have audit assisted management. In addition, the majority of SMEs faced
obstacles in pursuing auditing operations due to a lack of finance and inexperienced staff,
according to the study. According to the findings, SMEs should undertake audits on a more
regular basis because they lead to more effective and efficient management systems by
guarding, avoiding, and eliminating fraud - Date
- June 2022
- Publisher
- BUSE
- Keywords
- SMEs
- Audit
- Supervisor
- N/A
- Item sets
- Department of Accountancy
Part of An audit framework for Small and Medium Enterprises. Case study of selected SMEs in Bindura town.