The Relevance of Statutory Audit in Evaluating Performance in Nigeria

Aliu Momodu Muhammed () and Ehimi Ojemen Celestina
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Aliu Momodu Muhammed: Department of Accountancy, School of Business Studies, Auchi Polyectnic, Auchi, Nigeria
Ehimi Ojemen Celestina: Department of Accountancy, School of Business Studies, Auchi Polyectnic, Auchi, Nigeria

International Journal of Economics and Empirical Research (IJEER), 2014, vol. 2, issue 9, 387-393

Abstract: This research work examines the relevance of statutory audit in evaluating performance in an organization. The researchers adopted survey research method. Questionnaires were designed and administered. Chi-square (x2) was used to analyze the data and test the hypothesis. From the analysis of data, it was discovered that the charges paid as fees are not adequate; the need for the review of the Act and Auditors to be appointed by the regulatory bodies; and the implication of these findings has resulted to fraud; abuse of office and corruption by the auditors and management of various entities. It also led to lack of confidence and accuracy on the financial report and the problem of independence of the auditors. The researchers recommends the establishment of financial reporting council; the encouragement of joint audit competition and proper training of audit staff. In conclusion, audit committees of public companies in Nigeria must rise to the challenge of strengthening the independence of their auditors.

Keywords: Auditing; Audit; Auditor; Audit report; True; Fairview (search for similar items in EconPapers)
JEL-codes: H83 (search for similar items in EconPapers)
Date: 2014
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