Mandating Joint Audits in Nigeria: Perspectives and Issues
Journal Title: International Journal of Academic Research in Business and Social Sciences - Year 2018, Vol 8, Issue 3
Abstract
This paper reviews the benefits and costs of joint audits (audits in which financial statements are audited by two or more independent auditors), and ascertains the perceptions of stakeholders (Nigerian accountants, auditors, and accounting academics) as an important determining factor as to whether Nigeria's government should make joint audits mandatory. Accountants, auditors, and accounting academics were surveyed in Nigeria using a Likert-type questionnaire. Responses to the questions were analyzed using simple percentages and independent t-test statistics. Clarifications were also sought from partners of accounting firms. The study revealed little agreement among stakeholders on the desirability of mandated joint audits in Nigeria, although there was general agreement that the benefits outweigh the costs involved. The open-ended questions, and the clarifications provided by some accounting practitioners shed further light on the issues surrounding the use of joint audits in Nigeria. This study contributes to the current debate in Nigeria, on whether joint audits should be mandated, by eliciting the opinions of three important stakeholder groups. This study adds to the current literature on joint audits, and highlights avenues for further research, both in Nigeria, and in other developing countries.
Authors and Affiliations
Sunday C. Okaro . , Gloria O. Okafor . , Grace N. Ofoegbu .
Keywords
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- EP ID EP560532
- DOI 10.6007/IJARBSS/v8-i3/3943
- Views 71
- Downloads 0
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