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Fighting the Scourge of Audit Failures in Nigeria- the Search for Audit Quality

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  • Emma Okoye
  • C. Okaro Sunday
  • Gloria O. Okafor

Abstract

The objective of this conceptual study is to draw attention to the scourge of audit failures in Nigeria, its consequences for the capital market and suggest what is to be done to ameliorate the situation and enhance audit quality. Our literature search reveals that audit failure is a serious problem in Nigeria with dire consequences for the capital market and the auditing profession in Nigeria. We chronicle some of the suggestions made at various fora to tackle this problem. We recommend, among others, immediate mandatory introduction of Forensic audits for say every 5 years for public interest entities in Nigeria, strengthening of corporate governance institutions for more effectiveness, introduction of joint audits and tackling headlong cultural factors militating against audit quality in Nigeria.

Suggested Citation

  • Emma Okoye & C. Okaro Sunday & Gloria O. Okafor, 2015. "Fighting the Scourge of Audit Failures in Nigeria- the Search for Audit Quality," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 5(5), pages 105-114, May.
    • Handle: RePEc:hur:ijarbs:v:5:y:2015:i:5:p:105-114
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    References listed on IDEAS

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    1. Ojo, Marianne, 2012. "A global perspective on the changing perceptions of the role of the external auditor and the significance of audit developments," MPRA Paper 36471, University Library of Munich, Germany.
    2. Beattie, Vivien & Fearnley, Stella & Hines, Tony, 2010. "Factors Affecting Audit Quality in the 2007 UK Regulatory Environment: Perceptions of Chief Financial Officers, Audit Committee Chairs and Audit Engagement Partners," SIRE Discussion Papers 2012-29, Scottish Institute for Research in Economics (SIRE).
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    Cited by:

    1. Olawole, A., 2023. "Corporate Governance Attributes and Audit Report Lag in Nigerian Listed Commercial Bank," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(7), pages 1569-1582, July.

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