AUDIT INDEPENDENCE AND CREDIBILITY OF FINANCIAL REPORTING IN THE NIGERIAN BANKING SECTOR
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
In this study the independence of auditors was critically evaluated and the importance of auditors’ independence in financial statement credibility was analyzed. In order to make informed decision it is important for the financial statement to be credible. The auditors are expected to audit the financial statement of companies in order to present a true and fair view or otherwise of the financial statement. The study adopted a survey research design. The data used for this work were collected from primary sources. The relevant data collected were analyzed using descriptive statistics of mean and standard deviation and inferential statistics of regression and correlation. The results of the analysis show that auditor’s independence affects the understandability, reliability and faithful representation of financial statement in the Nigerian Banking sector. The reason why audit exists is because investors and creditors can make use of financial statement to make their decisions. The study concluded that auditors’ independence and the credibility of financial statement are to be significantly impaired when non-audit services are conducted and that there is a positive relationship between independence of an auditor and the credibility of financial statement, therefore the independence of an auditor is fundamental to the credibility of financial statement. Finally, the study recommends that there should be rotation of auditors to improve the auditors’ independence, implementation of peer assessment in other to ensure that audit are carried out with outmost professionalism and mutual respect and that auditors should not be allowed to provide audit client with any other advisory services.
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