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) has redefined the financial reporting environment in many countries, including Nigeria. For auditors, the shift to IFRS represents a significant change in the way financial statements are prepared and evaluated. IFRS-compliant financial statements may contain new risks for auditors due to the complexity of the standards, changes in accounting estimates, and the recognition of new financial instruments. As a result, auditors must reassess their audit risks and modify their audit approach accordingly. This study investigates the impact of IFRS adoption on auditors’ risk assessment in Nigeria, focusing on how the new standards influence audit procedures, risk identification, and overall audit quality.
Statement of the Problem
The transition to IFRS has significantly altered the financial reporting landscape in Nigeria, and it is unclear how this change has affected the way auditors assess risk. IFRS introduces new complexities and requirements that auditors must address, which may lead to changes in audit risk assessments. However, there is limited research on how IFRS adoption has specifically influenced the risk assessment process for auditors in Nigeria. This study aims to fill this gap by investigating the impact of IFRS adoption on auditors' risk assessment practices in Nigeria.
Aim and Objectives of the Study
Aim:
To examine the effect of IFRS adoption on the auditor’s risk assessment in Nigeria.
Objectives:
To evaluate how the adoption of IFRS has influenced auditors' identification of financial reporting risks.
To investigate the changes in audit procedures and techniques due to IFRS adoption in Nigeria.
To assess the overall impact of IFRS adoption on the quality of audits and the effectiveness of auditors' risk assessments.
Research Questions
How has the adoption of IFRS affected auditors' ability to identify financial reporting risks?
What changes have occurred in audit procedures as a result of IFRS adoption in Nigeria?
How has IFRS adoption influenced the overall quality and effectiveness of auditors' risk assessments in Nigeria?
Research Hypotheses
The adoption of IFRS has significantly influenced auditors' ability to identify financial reporting risks.
IFRS adoption has led to significant changes in audit procedures and techniques in Nigeria.
IFRS adoption has improved the quality and effectiveness of auditors' risk assessments in Nigeria.
Significance of the Study
This study will provide a deeper understanding of how IFRS adoption affects the audit process in Nigeria, particularly in terms of risk assessment. The findings will be valuable for auditors, regulatory bodies, and firms seeking to optimize their audit procedures in the context of IFRS.
Scope and Limitation of the Study
The study will focus on auditors operating in Nigeria, particularly those involved in auditing IFRS-compliant financial statements. Limitations include potential challenges in obtaining comprehensive data on audit risk assessments and the complexity of measuring the quality of audits.
Definition of Terms
Audit Risk: The risk that an auditor may issue an incorrect opinion on financial statements due to errors or omissions.
IFRS Adoption: The process of transitioning from local accounting standards to the International Financial Reporting Standards.
Risk Assessment: The process by which auditors identify and evaluate the risks of material misstatements in financial statements.
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