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The Impact of Ethical Lapses on Auditor Independence in Nigeria: A Study of First Bank of Nigeria Plc

  • Project Research
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  • Table of Content: Available
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  • NGN 5000

Background of the Study

Auditor independence is a cornerstone of credible and reliable financial reporting. Ethical lapses, such as conflicts of interest, financial incentives, and undue influence, threaten the objectivity and impartiality of auditors. These lapses can compromise the integrity of audit opinions, leading to reputational damage and financial scandals (ICAEW, 2024).

First Bank of Nigeria Plc, one of Nigeria's oldest and largest financial institutions, operates in a highly regulated environment that demands strict adherence to ethical standards. However, the prevalence of ethical lapses within the auditing profession raises concerns about the independence of auditors and the reliability of financial reports. This study examines the impact of ethical lapses on auditor independence at First Bank of Nigeria Plc, providing insights into potential remedies.

Statement of the Problem

Ethical lapses among auditors undermine their independence and erode stakeholder trust in financial reports. Factors such as inadequate regulatory oversight, financial pressures, and personal relationships contribute to these lapses. Despite efforts to strengthen ethical standards, challenges persist, jeopardizing the credibility of audits.

This study investigates the relationship between ethical lapses and auditor independence, focusing on First Bank of Nigeria Plc, to identify solutions for enhancing ethical compliance in the auditing profession.

Objectives of the Study

  1. To assess the impact of ethical lapses on auditor independence at First Bank of Nigeria Plc.

  2. To identify factors contributing to ethical lapses in the auditing profession in Nigeria.

  3. To recommend strategies for mitigating ethical lapses and enhancing auditor independence.

Research Questions

  1. How do ethical lapses affect auditor independence at First Bank of Nigeria Plc?

  2. What factors contribute to ethical lapses in the auditing profession in Nigeria?

  3. What strategies can mitigate ethical lapses and enhance auditor independence?

Research Hypotheses

  1. H₁: Ethical lapses significantly undermine auditor independence at First Bank of Nigeria Plc.

  2. H₂: Factors such as financial pressures and inadequate oversight contribute to ethical lapses in the auditing profession.

  3. H₃: Enhanced regulatory frameworks and ethical training improve auditor independence in Nigeria.

Scope and Limitations of the Study

The study focuses on First Bank of Nigeria Plc, analyzing the impact of ethical lapses on auditor independence between 2023 and 2025. Limitations include reliance on secondary data and the sensitivity of ethical issues in audit practices.

Definitions of Terms

  • Ethical Lapses: Failures to adhere to established ethical standards and principles in professional conduct.

  • Auditor Independence: The objectivity and impartiality of auditors in conducting and reporting audits.

  • First Bank of Nigeria Plc: A prominent financial institution in Nigeria, known for its extensive banking operations.





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