The Role of External Auditors in Ensuring IFRS Compliance Among Nigerian Companies
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Background of the Study
The adoption of International Financial Reporting Standards (IFRS) has brought significant changes to financial reporting practices across the globe, including in Nigeria. As Nigerian companies transition to IFRS, the role of external auditors becomes critical in ensuring compliance with these new standards. External auditors are responsible for verifying the accuracy, transparency, and reliability of financial statements prepared under IFRS. Their role extends beyond checking compliance to also ensuring that companies adhere to the principles of fairness and transparency in their financial reporting. This study aims to explore the role of external auditors in ensuring IFRS compliance among Nigerian companies.
Statement of the Problem
While external auditors are tasked with ensuring that Nigerian companies comply with IFRS, there is often a challenge in interpreting and applying the standards correctly due to the complexities of IFRS. The quality of auditing practices varies among auditors, and companies may face difficulties in fully adhering to IFRS requirements. This study seeks to examine how external auditors ensure IFRS compliance and the challenges they face in the process.
Aim and Objectives of the Study
The aim of this study is to assess the role of external auditors in ensuring IFRS compliance among Nigerian companies.
The objectives are:
- To identify the responsibilities of external auditors in ensuring IFRS compliance.
- To examine the challenges faced by external auditors in the process of verifying IFRS compliance.
- To assess the effectiveness of external auditing in ensuring adherence to IFRS among Nigerian companies.
Research Questions
- What are the key responsibilities of external auditors in ensuring IFRS compliance among Nigerian companies?
- What challenges do external auditors face in ensuring IFRS compliance?
- How effective are external auditors in ensuring IFRS compliance among Nigerian companies?
Research Hypotheses
- External auditors play a significant role in ensuring that Nigerian companies comply with IFRS.
- There are challenges related to auditor expertise, interpretation of IFRS, and company resistance to adopting IFRS that impact the effectiveness of auditing practices.
- External auditors significantly enhance the reliability and transparency of financial statements under IFRS compliance.
Significance of the Study
This study will contribute to understanding the critical role external auditors play in ensuring IFRS compliance in Nigeria. The findings will be valuable to policymakers, regulatory bodies, auditors, and Nigerian companies as they seek to improve their IFRS implementation processes and compliance.
Scope and Limitation of the Study
This study will focus on Nigerian publicly listed companies that have fully adopted IFRS and are subject to external audits. Limitations include the availability of data on auditing practices and access to confidential company records.
Definition of Terms
- External Auditors: Independent professionals who examine financial statements to ensure they comply with accounting standards, including IFRS.
- IFRS: International Financial Reporting Standards, a globally recognized set of accounting principles.
- Compliance: The process of adhering to established rules, regulations, and standards, such as IFRS.
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