AUDIT QUALITY AND QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION OF DEPOSIT MONEY BANKS LISTED IN NIGERIA

Lawal Babatunde A., Oyetunji Oluwayomi T., Kilani Babatunde A. and Lawal Busayo O. ()
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Lawal Babatunde A.: Department of Accounting & Finance,, Postal: McPherson University,, Ogun State, Nigeria., https://jted.citn.org/
Oyetunji Oluwayomi T.: Department o Accounting & Finance, Postal: McPherson University,, Ogun State, Nigeria., https://jted.citn.org/
Kilani Babatunde A.: Department of Accounting, Postal: University of Ibadan, Oyo State, Nigeria., https://jted.citn.org/
Lawal Busayo O.: Company Accountant, Oyo State Small Scale Industries Company Limited,, Postal: Ibadan, Oyo State, Nigeria.,, https://jted.citn.org/

Journal of Taxation and Economic Development, 2023, vol. 22, issue 1, 97-114

Abstract: In recent years, the quality of accounting information has been a global concern to stakeholders in the financial institution. The incidence and phenomenon of business failure is prevalent across the globe and Nigeria is not an exception or insulated against it. The objective of the study was to investigate the relationship between audit quality and qualitative characteristics of accounting information of deposit money banks listed in Nigeria. The study employed ex-post facto research design. The population of this study was the 13 listed deposit money banks in Nigeria as at 31st Dec 2022. Convenience and purposive sampling technique was used to select 10 on the premise of data available from 2012-2021. The data were analyzed using descriptive and inferential statistics. The result showed that audit quality (AFS, AT, AF) has no significant effect on relevance of accounting information. Findings also reveal that there exists a significant relationship between audit quality (AFS, AT, AF) and faithful representation of accounting information. The study concluded that audit quality exerts significant relationship on the quality of accounting information. The study recommended that since lack of proper quality reduces the quality of financial reports, standard setters and regulators as well as those responsible for the preparation of reports should ensure that reports possess the required quality in the use of judgments and managerial discretions in the contents of the reports as to possess the relevance characteristics.

Keywords: Audit Quality; Faithful Representation; Investors; Predictive Value; Quality of Accounting Information & Stakeholders; Relevance (search for similar items in EconPapers)
JEL-codes: G21 M42 (search for similar items in EconPapers)
Date: 2023
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