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As a result of the good performance of the African Banking Corporation in 1894, the bank of British West African (now known as first Bank of Nigeria Plc) opened its branch office in Lagos. The bank was registered in London in 1892 with an authorized share capital of 100,000 pounds. The Bank enjoyed monopoly over banking business in Nigeria until 1916 the bank (BBWA) was the sole agent for the custody and distribution of British silver currency in West African as issued by the West African currency Board which was established in 1912.
During the era of indigenization in Nigeria 1970 to 1977, the indigenization of Nigeria Banking and 1973 the federal government took 40% ownership in the three biggest foreign bans, which are union Bank Plc, UBA and First bank Plc. The second indigenization excuse which took place in 1976 federal government increases is shows to 60% and also took 60% share in other foreign banks to achieve 60% indigenous ownership to these banks.
The first Bank of Nigeria Plc which was then are among the three biggest foreign banks in Nigeria, which is able to withstand all the predicaments imposed on it by the federal government during the time of 1952 ordinance and 1973-1976 indigenization exercise and the name first bank of Nigeria was originated.
From the industrial revolution up to the turn of the 19th century, the intricacies and exigencies of human business interaction have given rise to the need for accountability. This process has assigned a formable dimension and is today profession and description of notable impact.
Accountability can be defined as presenting information in a clear form which would give the users a ready understanding of the organization financial position and performance and enable them to see at a glance how the performance is composed with that comparable organization.
Accountability is the process of identifying and analyzing, classifying, interpreting and communicating of financial information to permit or enable informal judgement of the users of the information.
Auditing therefore, is one of recent professions established as a result of complexity of modern business people have entered into contractual relationship with one another the desire to ensure and accuracy and reliability of the financial statement has always existed the divagation of public treasure and the collapse of business being to create doubt as to the effective nears of audit report and its contribution to economic development. Being a feedback information, the averting now is whether an audit report does actually, have some effects on the users of financial statement of the first bank of Nigeria Plc.

It is not surprising that in many cases of performance evaluated there is always a general expression of dissatisfaction after examination and investigation of an organizational record the auditor expresses opinion as to the credibility of the financial statement but my aim will be on the following:
1. How reliable is an audit report to the users of the financial statement?
2. Who does audit report satisfy the desire of its users?
3. Who effective is audit report on the growth of the economy?
4. Does audit report show a true and fair view of the organization?
5. Does audit report have any effect on the users of the financial statement?

As regard to our economy, there is need for us to evaluate the impact or effect of audit report on the uses. If there are no effects whatsoever why is the situation like this in the country in general and first Bank Plc in particular the success of the auditor lies in how effectively he discharges his public trust. The researcher is desirous to find out of the quest for materialism affect the integrity of the auditors and in turn economic development.

Knowledge and facts form this study will help the research to perform as a good auditor and to recommend to other in the profession, the need for the credibility and reliability of an audit report such as to satisfy the needs of the users and thus create positive impact on the users decisions.
A good audit report contributed to prudent management of available resources, greater accountability and control auditor report should create greater confidence in the auditing profession of the members of the public (users) since the report is a made of recommendation between the entity and the external parties.
Both management and external users of financial statement attach values to unqualified audit report because it assures them of the future prospects of the organizations.

HI: Audit report will help in the economic development of an organization especially in banking industry.
H0: Audit report will not help in the economic development of an organization especially in banking industry.
H1: Audit report will influence banking system in Nigeria.
H0: Audit report will not influence banking system in Nigeria.
H1: Audit report prevent fraud and error in the organization
H0: Audit report cannot prevent fraud and error in the organization

a How can audit report influence banking system in Nigeria?
b To what extent will audit report improve the standard of our economy?
c Will audit report help in the economic development of an organization especially in banking industry?
d Do you think that users make use of audit report ?
e Do you think external audit do not influence fraud prevention and control which may also result improve accounting records?
f Does shareholders used audit report to know the standard of the organization?

Since a nation economy is not more than the aggregation of the individual entities within it the overall financial condition of the bank should determine the health of its economic affairs it is the researcher intension to reach as many users of financial statement as possible both in the public and private sector since the growth of the banking economy is a joint contribution of the individual and banks.
It is my view that, it a leviable audit report are produced uses will take better economic decisions that will help in review the present economic situation of the banks.
Thus, our economic growth and stability is heavily dependence upon reliable economic information on which decision should based upon.
It is impossible to interview all the users of financial statement due to time and financial conditions. Despite the above mentioned problems, it is hoped that the study will cover a representative of users of the report in managerial and customers held interview with the management and employees of first bank of Nigeria Plc some customers were also interviewed.
This study involved gathering data within specifies time limit. This situation tended to make the researchers work obstructive since he could not accept long appointment or delayed meetings with officials.
Accounting standard: This is a rule or set of rules which prescribes the method(s) by which accounts should be prepared and presented. They may be referred o as “working regulation” and are issued by a national or international body of accounting profession.

Auditing: Is an independent examination of financial statement or books of account to ascertain that they present the truth and fairness of the transaction of an organization within the audit period.
Audit Report: Is an account of an independent examination of and expression of an opinion on the financial statement of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any legal or statutory obligation.
Financial statement: Are part of a company annual report the purpose of which is to communicating information about the company to those who have a right to receive it. They provide an indication of the organization performance and of aspect of its financial position at a particular date example profit and loss account, balance sheet cash flow statement and others.

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