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IFRS Adoption and Its Effect on Internal Control Systems in Nigerian Corporations

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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:

  1. To assess the impact of IFRS adoption on the internal control systems of Nigerian corporations.
  2. To identify the challenges Nigerian corporations face in adapting their internal controls to meet IFRS requirements.
  3. To evaluate the effectiveness of internal control systems in ensuring compliance with IFRS in Nigerian corporations.

Research Questions

  1. How has IFRS adoption affected the internal control systems of Nigerian corporations?
  2. What challenges do Nigerian corporations face in adapting their internal controls to meet IFRS requirements?
  3. How effective are internal control systems in ensuring compliance with IFRS in Nigerian corporations?

Research Hypotheses

  1. IFRS adoption has led to significant changes in the internal control systems of Nigerian corporations.
  2. Nigerian corporations face challenges in redesigning internal controls to meet IFRS requirements.
  3. Internal control systems are effective in ensuring compliance with IFRS and improving the accuracy of financial reporting in Nigerian corporations.

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

  • Internal Control Systems: Processes and procedures implemented by a company to ensure the accuracy and reliability of financial reporting.
  • IFRS: International Financial Reporting Standards, a globally accepted set of accounting rules.
  • Adoption: The process of implementing and integrating IFRS into a company's accounting and financial reporting practices.

 





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