The Effect of IFRS on Audit Quality in Nigeria
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Background of the Study
The introduction of International Financial Reporting Standards (IFRS) has brought significant changes to financial reporting, with the expectation of improving the quality and reliability of financial information. For auditors, IFRS presents both challenges and opportunities. The quality of audits is heavily influenced by the framework within which financial reporting is conducted, and IFRS is intended to enhance this framework by promoting transparency, comparability, and consistency in financial statements. This study examines the effect of IFRS adoption on audit quality in Nigeria, focusing on whether the adoption has led to improvements in the auditing process, particularly in terms of compliance with auditing standards and the reliability of financial statements.
Statement of the Problem
While IFRS adoption aims to improve the quality of financial reporting, its impact on audit quality in Nigeria remains uncertain. There is a need to explore whether the adoption of IFRS has resulted in higher audit quality, especially given the challenges of auditing IFRS-compliant financial statements in an emerging economy. This study seeks to assess the extent to which IFRS has influenced audit quality in Nigeria and the factors that contribute to or hinder improvements in audit quality.
Aim and Objectives of the Study
Aim:
To assess the impact of IFRS adoption on audit quality in Nigeria.
Objectives:
To examine the relationship between IFRS adoption and audit quality in Nigeria.
To evaluate the impact of IFRS on auditors’ ability to identify material misstatements in financial statements.
To identify the challenges auditors face in performing audits of IFRS-compliant financial statements.
Research Questions
How has IFRS adoption affected the quality of audits in Nigeria?
What impact has IFRS had on auditors’ ability to detect material misstatements in financial statements?
What challenges do auditors face in auditing IFRS-compliant financial statements in Nigeria?
Research Hypotheses
IFRS adoption has significantly improved the quality of audits in Nigeria by providing a more transparent and consistent financial reporting framework.
Auditors are better able to identify material misstatements in IFRS-compliant financial statements.
The complexity and lack of training on IFRS are significant challenges that affect audit quality in Nigeria.
Significance of the Study
This study will contribute to understanding the relationship between IFRS adoption and audit quality in Nigeria. The findings will be valuable to auditors, regulatory bodies, and firms in assessing the challenges and benefits of IFRS adoption from an audit quality perspective.
Scope and Limitation of the Study
The study will focus on auditors and audit firms in Nigeria, particularly those engaged in auditing IFRS-compliant financial statements. Limitations may include the availability of detailed audit data and the potential reluctance of firms to disclose information about auditing challenges.
Definition of Terms
Audit Quality: The ability of an audit to detect material misstatements and ensure that the financial statements provide an accurate and true representation of the entity’s financial position.
International Financial Reporting Standards (IFRS): A set of globally recognized accounting standards that provide guidelines for preparing financial statements.
Material Misstatements: Errors or omissions in financial statements that could influence the decision-making of users of the financial information.
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