The Role of External Auditors in Ensuring IFRS Compliance Among Nigerian Companies
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Background of the Study
External auditors play a critical role in ensuring that companies adhere to relevant accounting standards, including the International Financial Reporting Standards (IFRS). As Nigeria transitions to IFRS, the role of external auditors in promoting and verifying compliance becomes increasingly vital. This study examines how external auditors contribute to ensuring that Nigerian companies comply with IFRS requirements and the challenges they face in the process.
Statement of the Problem
While the adoption of IFRS has been mandated for Nigerian companies, there are concerns about the effectiveness of external auditors in ensuring full compliance. Some firms may struggle with implementing IFRS properly, leading to discrepancies in financial reporting. This study seeks to investigate the specific role of external auditors in ensuring that Nigerian companies adhere to IFRS and the effectiveness of their efforts in this regard.
Aim and Objectives of the Study
Aim:
To explore the role of external auditors in ensuring IFRS compliance among Nigerian companies.
Objectives:
To analyze the contributions of external auditors to IFRS compliance among Nigerian firms.
To assess the challenges faced by external auditors in ensuring IFRS compliance.
To evaluate the impact of external audit on the overall quality of financial reporting in Nigerian companies post-IFRS adoption.
Research Questions
How do external auditors ensure that Nigerian companies comply with IFRS?
What challenges do external auditors face in verifying IFRS compliance in Nigerian companies?
How does the involvement of external auditors influence the quality and accuracy of financial reporting under IFRS in Nigerian firms?
Research Hypotheses
External auditors significantly contribute to ensuring IFRS compliance among Nigerian companies.
The involvement of external auditors improves the quality of financial reporting and reduces discrepancies in IFRS compliance.
External auditors face significant challenges in ensuring full IFRS compliance in Nigerian companies.
Significance of the Study
This study will provide a comprehensive understanding of the vital role that external auditors play in ensuring IFRS compliance. The findings will assist auditors, regulators, and policymakers in enhancing the auditing framework and improving the quality of financial reporting in Nigeria.
Scope and Limitation of the Study
The study will focus on Nigerian companies that are mandated to adopt IFRS. Limitations may include the availability of data on auditor performance and the challenges related to measuring the effectiveness of auditing in ensuring IFRS compliance.
Definition of Terms
External Auditors: Independent professionals responsible for reviewing and verifying a company’s financial statements for accuracy and compliance with standards.
IFRS Compliance: Adherence to the International Financial Reporting Standards in the preparation of financial statements.
Audit Quality: The accuracy, reliability, and thoroughness of the auditing process in ensuring the correctness of financial reporting.
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