IDEAS home Printed from https://ideas.repec.org/a/dug/actaec/y2015i3p106-119.html
   My bibliography  Save this article

IFRS Adoption, Firm Traits and Audit Timeliness: Evidence from Nigeria

Author

Listed:
  • Musa Inuwa Fodio

    (Nasarawa State University)

  • Victor Chiedu Oba

    (Nasarawa State University)

  • Abiodun Bamidele Olukoju

    (Bursary Federal University Oye-Ekiti)

  • Ahmed Abubakar Zik-rullahi

    (University of Abuja)

Abstract

Audit timeliness is an important ingredient of quality financial reporting. Stale information might only benefit little to stakeholders in their decision making process. With the recent adoption of the International Financial Reporting Standards in Nigeria, the work of the auditor has seemingly become complicated. The question then emerges, if such adoption affects the timeliness of audit reports. This study empirically investigates the impact of IFRS adoption and other associated explanatory variables on audit timeliness in Nigerian deposit money banks for the period 2010 to 2013. Panel regression analysis reveals a positive significant impact of IFRS adoption on audit timeliness. Results also indicate that firm age, firm size and auditor firm type are significant predictors of audit timeliness in Nigeria deposit money banks. The study recommends that auditor firms should make stringent efforts to acclimatize with the complexities of the IFRS transition process so as to reduce audit report delays. Also reporting agencies should come up with regulations, deadlines and benchmarks for issuance of independent audit reports.

Suggested Citation

  • Musa Inuwa Fodio & Victor Chiedu Oba & Abiodun Bamidele Olukoju & Ahmed Abubakar Zik-rullahi, 2015. "IFRS Adoption, Firm Traits and Audit Timeliness: Evidence from Nigeria," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 11(3), pages 106-119, June.
    • Handle: RePEc:dug:actaec:y:2015:i:3:p:106-119
    as

    Download full text from publisher

    File URL: http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2513/2436
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Stephen Owusu-Ansah, 2000. "Timeliness of corporate financial reporting in emerging capital markets: empirical evidence from the Zimbabwe Stock Exchange," Accounting and Business Research, Taylor & Francis Journals, vol. 30(3), pages 241-254.
    2. Kenneth B. Schwartz & Billy S. Soo, 1996. "The Association Between Auditor Changes and Reporting Lags," Contemporary Accounting Research, John Wiley & Sons, vol. 13(1), pages 353-370, March.
    3. Bikki Jaggi & Judy Tsui, 1999. "Determinants of audit report lag: further evidence from Hong Kong," Accounting and Business Research, Taylor & Francis Journals, vol. 30(1), pages 17-28.
    4. Martin Hoogendoorn, 2006. "International Accounting Regulation and IFRS Implementation in Europe and Beyond -- Experiences with First-time Adoption in Europe," Accounting in Europe, Taylor & Francis Journals, vol. 3(1), pages 23-26, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Susana Escaloni & Mercedes Mareque, 2021. "Audit Report Lag. Differential Analysis between Spanish SMEs and Non-SMEs," Sustainability, MDPI, vol. 13(22), pages 1-21, November.
    2. Alexeyeva, Irina, 2024. "Does board composition impact the timeliness of financial reporting? Evidence from Swedish privately held companies," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 54(C).
    3. Yan Luo & Steven E. Salterio, 2021. "Toward an Archival Measure of the Likelihood of Auditor‐Client Management Negotiation: An Exploration of the Audit Lag Measures Conjecture†," Accounting Perspectives, John Wiley & Sons, vol. 20(1), pages 109-143, March.
    4. Wan-Hussin, Wan Nordin & Bamahros, Hasan Mohammed, 2013. "Do investment in and the sourcing arrangement of the internal audit function affect audit delay?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 9(1), pages 19-32.
    5. Zeinab Azami & Tabandeh Salehi, 2017. "The relationship between audit report delay and investment opportunities," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 7(3), pages 437-449, December.
    6. Srbinoska Dusica Stevcevska & Srbinoski Igor, 2021. "A study on audit report timeliness: The Macedonian Stock Exchange," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 57(3), pages 234-254, September.
    7. Beylem Çelik & Gökhan Özer & Abdullah Kürşat Merter, 2023. "The Effect of Ownership Structure on Financial Reporting Timeliness: An Implementation on Borsa Istanbul," SAGE Open, , vol. 13(4), pages 21582440231, November.
    8. Abernathy, John L. & Beyer, Brooke & Masli, Adi & Stefaniak, Chad, 2014. "The association between characteristics of audit committee accounting experts, audit committee chairs, and financial reporting timeliness," Advances in accounting, Elsevier, vol. 30(2), pages 283-297.
    9. Hua-Wei Huang & Mai Dao & Wen-Chi Sun, 2017. "The Timeliness of Financial Reporting and Fair Values: Evidence from U.S. Banks," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(01), pages 1-30, March.
    10. Awatif Hodaed Alsheikh & Warda Hodaed Alsheikh, 2023. "Does Audit Committee Busyness Impact Audit Report Lag?," IJFS, MDPI, vol. 11(1), pages 1-16, March.
    11. Hussein Ali Khasharmeh & Khaled Aljifri, 2010. "The Timeliness Of Annual Reports In Bahrain And The United Arab Emirates: An Empirical Comparative Study," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 51-71.
    12. Ishaq Ahmed Mohammed & Ayoib Che-Ahmad & Mazrah Malek, 2018. "Shareholder’s involvement in the audit committee, audit quality and financial reporting lag in Nigeria," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(2), pages 355-374, April.
    13. Wafa Al-Ghanem & Mohamed Hegazy, 2011. "An Empirical Analysis of Audit Delays and Timeliness of Corporate Financial Reporting in Kuwait," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 1(1), pages 73-90, June.
    14. Yuedong Li & Dong Zhang & Xingyu Wang, 2014. "The Influence Of Corporation Governance Structure On Internal Control Audit Report Lag: Evidence From China," Accounting & Taxation, The Institute for Business and Finance Research, vol. 6(2), pages 101-115.
    15. Chen, Ni-Yun & Liu, Chi-Chun, 2021. "The effect of repurchase regulations on actual share reacquisitions and cost of debt," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    16. Chan, Lilian H. & Chen, Kevin C.W. & Chen, Tai-Yuan & Yu, Yangxin, 2012. "The effects of firm-initiated clawback provisions on earnings quality and auditor behavior," Journal of Accounting and Economics, Elsevier, vol. 54(2), pages 180-196.
    17. Oradi, Javad, 2021. "CEO succession origin, audit report lag, and audit fees: Evidence from Iran," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 45(C).
    18. Bryan, David B. & Mason, Terry W., 2020. "Earnings volatility and audit report lag," Advances in accounting, Elsevier, vol. 51(C).
    19. Najihah Yaacob & Ayoib Che-Ahmad, 2012. "Audit Fees after IFRS Adoption: Evidence from Malaysia," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(1), pages 31-46, June.
    20. repec:mth:ijafr8:v:9:y:2019:i:1:p:450-461 is not listed on IDEAS
    21. Kimball Chapman & Michael Drake & Joseph H. Schroeder & Timothy Seidel, 2023. "Earnings announcement delays and implications for the auditor-client relationship," Review of Accounting Studies, Springer, vol. 28(1), pages 45-90, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dug:actaec:y:2015:i:3:p:106-119. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Daniela Robu (email available below). General contact details of provider: https://edirc.repec.org/data/fedanro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.