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Audit Quality Practices and Financial Reporting in Nigeria

Loveday A. Nwanyanwu ()

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2017, vol. 7, issue 2, 145-155

Abstract: This paper examined the influence of audit quality practices on financial reporting in Nigeria, drawing evidence from auditing firms. Data were collected through questionnaire. Univariate, bivariate and multivariate analyses were performed using descriptive statistic, Pearson Product Moment Coefficient of Correlation and stepwise multiple regression. Findings indicate a statistically significantly positively strong relationship between the measures of audit quality (auditor independence, technical training and proficiency and engagement performance) and financial reporting (measured in terms of reliability of financial report). Auditor independence has the highest explanatory power of variations in reliability of financial report of 47.9%. In addition, the regression model with only auditor independence produces the highest value of reliability of financial report. Given the existence of technical training and proficiency and engagement performance, auditor independence is a prime audit quality in financial reporting. Accounting practitioners should imbibe the ethics of independence to achieve credibility and reliability required of financial reports.

Keywords: Audit Quality; Financial Reporting; Nigeria (search for similar items in EconPapers)
Date: 2017
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