THE IMPACT OF REGULATORY COMPLIANCE ON PUBLIC ACCOUNTING FIRMS
ABSTRACT
The objective of this study is to evaluate the impact of regulatory compliance on public accounting firms, focusing on operational efficiency, financial performance, and client satisfaction. A survey research design was chosen to collect data from public accountants and firm managers, providing a comprehensive understanding of the effects of regulatory compliance. Using Taro Yamane’s formula, a sample size of 375 was determined from a population of 9,500 accountants in Lagos, ensuring the accuracy of the findings. Lagos was selected due to its concentration of public accounting firms. The survey instrument’s reliability coefficient score was 0.88, indicating high reliability. Results indicate that regulatory compliance enhances operational efficiency and client satisfaction but imposes significant costs on firms, affecting their financial performance. The study recommends streamlining regulatory processes and offering financial incentives to offset compliance costs, thereby balancing the benefits and burdens of regulatory adherence.
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