The Effect of IFRS Adoption on the Auditor’s Risk Assessment in Nigeria
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Background of the Study
The adoption of International Financial Reporting Standards (IFRS) by Nigerian companies has had significant implications on auditing practices, especially in terms of risk assessment. Auditors play a critical role in evaluating the financial health and reliability of a company’s financial statements, and IFRS adoption may influence the way auditors assess risks associated with financial reporting. This study seeks to explore the effect of IFRS adoption on the auditor’s risk assessment in Nigeria and its implications for audit quality.
Statement of the Problem
With the shift from local accounting standards to IFRS in Nigeria, auditors are faced with a new set of challenges, including adjusting their risk assessments to align with the international standards. Although IFRS is expected to improve the reliability and comparability of financial statements, it also introduces new complexities and risks that auditors need to account for in their assessment. The extent to which IFRS adoption impacts the auditor’s risk assessment in Nigeria is yet to be fully understood, prompting the need for this study.
Aim and Objectives of the Study
Aim:
To investigate the effect of IFRS adoption on the auditor’s risk assessment in Nigeria.
Objectives:
To analyze how IFRS adoption influences the risk assessment process of auditors in Nigeria.
To assess the challenges auditors face in conducting risk assessments under IFRS standards.
To evaluate the impact of IFRS adoption on audit quality and the effectiveness of the auditor’s risk assessment.
Research Questions
How has IFRS adoption affected the risk assessment process for auditors in Nigeria?
What challenges do auditors face in assessing risk under IFRS compliance in Nigeria?
How has IFRS adoption influenced the quality and effectiveness of audits in Nigerian firms?
Research Hypotheses
IFRS adoption has a significant impact on the risk assessment process of auditors in Nigeria.
Auditors face greater challenges in risk assessment due to the complexities of IFRS compared to previous local standards.
The adoption of IFRS has led to improvements in audit quality and the effectiveness of auditors’ risk assessments in Nigeria.
Significance of the Study
This study will provide insights into how IFRS adoption affects auditors’ risk assessment processes in Nigeria. The findings will help audit firms, regulators, and financial professionals understand the challenges and adjustments required in the audit process due to IFRS implementation.
Scope and Limitation of the Study
The study will focus on auditors who conduct audits for Nigerian companies that are required to adopt IFRS. Limitations may include the subjective nature of risk assessments and the difficulty in isolating the impact of IFRS from other external factors affecting audit quality.
Definition of Terms
IFRS Adoption: The process of transitioning from local accounting standards to the International Financial Reporting Standards for financial reporting.
Auditor’s Risk Assessment: The process by which auditors identify and evaluate risks that may affect the accuracy and reliability of financial statements during an audit.
Audit Quality: The degree to which an audit accurately reflects the true financial position of a company and provides stakeholders with reliable information.
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