Background of the Study
The adoption of International Financial Reporting Standards (IFRS) requires companies to make significant changes to their accounting and reporting practices. As a result, internal control systems, which ensure the accuracy, reliability, and efficiency of financial reporting, must also evolve. IFRS adoption may necessitate the redesign of internal controls to accommodate the increased complexity and transparency required under the new reporting framework. This study seeks to examine the effect of IFRS adoption on the internal control systems of Nigerian corporations.
Statement of the Problem
The adoption of IFRS may lead to challenges in maintaining or enhancing effective internal control systems in Nigerian corporations. The new accounting requirements may demand greater documentation, new systems for financial reporting, and adjustments to existing control procedures. This study aims to assess the impact of IFRS adoption on internal control systems in Nigerian corporations and identify the areas of improvement or challenges faced.
Aim and Objectives of the Study
The aim of this study is to examine the effect of IFRS adoption on the internal control systems in Nigerian corporations.
The objectives are:
Research Questions
Research Hypotheses
Significance of the Study
This study will provide valuable insights into the effects of IFRS adoption on the internal control systems of Nigerian corporations. The findings will help companies, auditors, and regulators understand the challenges and benefits associated with strengthening internal controls as part of the IFRS implementation process.
Scope and Limitation of the Study
The study will focus on Nigerian publicly listed companies that have adopted IFRS. Limitations include the availability of relevant data on internal control systems and the subjective nature of assessing the effectiveness of these systems.
Definition of Terms
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