The Effect of IFRS on Audit Quality in Nigeria
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Background of the Study
Audit quality is critical for ensuring the credibility and reliability of financial statements, especially in emerging economies like Nigeria. With the adoption of International Financial Reporting Standards (IFRS), audit firms are required to adjust their processes to ensure that financial statements comply with IFRS. This study aims to examine the effect of IFRS adoption on audit quality in Nigeria, focusing on whether the implementation of IFRS has influenced the thoroughness, transparency, and effectiveness of audits in the country.
Statement of the Problem
Although IFRS adoption aims to enhance the quality and transparency of financial reporting, the effectiveness of audits in Nigerian firms under these standards is still a matter of concern. There is limited empirical evidence on the actual effect of IFRS on audit quality in Nigeria, making it essential to assess whether the standards have improved or hindered audit practices.
Aim and Objectives of the Study
The primary aim of this study is to examine the effect of IFRS adoption on audit quality in Nigeria.
The specific objectives are:
- To assess the impact of IFRS adoption on the thoroughness and accuracy of audits in Nigerian firms.
- To evaluate the role of audit firms in ensuring compliance with IFRS.
- To determine how IFRS adoption has influenced the auditors' responsibility in Nigeria.
- To explore challenges faced by auditors in conducting audits under IFRS.
Research Questions
- How has IFRS adoption affected audit quality in Nigeria?
- To what extent have auditors improved their practices to comply with IFRS requirements?
- What challenges do auditors face in ensuring compliance with IFRS in Nigerian companies?
- How does IFRS adoption influence auditors' independence and objectivity in Nigeria?
Research Hypotheses
- IFRS adoption has significantly improved audit quality in Nigerian firms.
- The adoption of IFRS has enhanced auditors' thoroughness in evaluating financial statements.
- Auditors in Nigeria face significant challenges in adapting to IFRS requirements, affecting audit quality.
Significance of the Study
This study will provide valuable insights into the role of IFRS in improving or hindering audit quality in Nigeria. It will help regulators, audit firms, and policymakers understand the effect of IFRS adoption on audit practices, leading to better regulatory frameworks and training programs for auditors.
Scope and Limitation of the Study
The study will focus on auditors who are involved in auditing IFRS-compliant Nigerian firms. Limitations may include access to audit reports and potential bias from auditors or firms reluctant to disclose challenges.
Definition of Terms
- IFRS: International Financial Reporting Standards, a set of accounting standards that guide the preparation of financial statements to ensure consistency and transparency.
- Audit Quality: The extent to which an audit accurately and thoroughly evaluates the financial health of a company and ensures compliance with accounting standards.
- Audit: The independent examination of financial statements to ensure their accuracy, transparency, and compliance with applicable accounting standards.
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