An Examination of Ethical Challenges in Auditing Practices in Nigeria: A Study of PwC Nigeria
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Background of the Study
Auditing practices are critical in ensuring financial transparency, accountability, and the integrity of corporate governance systems. However, ethical challenges within the auditing profession often compromise the reliability and credibility of audit reports. In Nigeria, these challenges are exacerbated by a combination of regulatory deficiencies, cultural norms, and economic pressures (Adekunle et al., 2024).
PricewaterhouseCoopers (PwC) Nigeria is a leading global audit firm operating in a challenging environment that combines evolving regulatory frameworks with the complexities of a developing economy. Ethical dilemmas faced by auditors, such as conflicts of interest, confidentiality breaches, and client pressure, have implications for the profession's trustworthiness.
Globally, auditors are expected to adhere to professional ethics and international standards, yet the effectiveness of these guidelines in addressing ethical challenges in the Nigerian context remains debatable. This study examines the ethical issues encountered by PwC Nigeria and their broader implications for the auditing profession in the country.
Statement of the Problem
Despite the critical role of auditors in promoting transparency and accountability, ethical challenges such as conflict of interest, fraud concealment, and undue influence from clients persist in Nigeria’s auditing landscape. Auditing firms, including PwC Nigeria, are often caught in a dilemma between maintaining professional ethics and meeting client demands.
There is limited empirical research on how these ethical challenges impact the quality of audit practices in Nigeria. Existing studies primarily focus on regulatory frameworks and audit quality, neglecting the ethical dimensions that underpin these issues. This research seeks to address this gap by investigating the ethical challenges faced by PwC Nigeria and their implications for the profession.
Objectives of the Study
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To identify the ethical challenges faced by PwC Nigeria in conducting audits.
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To evaluate the impact of these ethical challenges on audit quality and reliability in Nigeria.
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To propose strategies for addressing ethical challenges in auditing practices in Nigeria.
Research Questions
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What are the ethical challenges faced by PwC Nigeria in conducting audits?
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How do these ethical challenges affect audit quality and reliability in Nigeria?
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What strategies can be implemented to address ethical challenges in Nigerian auditing practices?
Research Hypotheses
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H₀: Ethical challenges do not significantly affect PwC Nigeria’s audit practices.
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H₀: Ethical challenges do not significantly impact audit quality and reliability in Nigeria.
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H₀: There are no effective strategies for addressing ethical challenges in Nigerian auditing practices.
Scope and Limitations of the Study
This study focuses on PwC Nigeria and its auditing practices between 2023 and 2025. It examines ethical challenges and their impact on audit quality, with recommendations for mitigating these issues. Limitations include limited access to confidential audit reports and potential biases in respondents’ disclosures.
Definitions of Terms
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Auditing Practices: Systematic examination of financial records to ensure compliance with standards.
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Ethical Challenges: Dilemmas or conflicts that arise from moral principles within professional contexts.
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PwC Nigeria: The Nigerian branch of PricewaterhouseCoopers, a global auditing and consulting firm.
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