REDUCING AUDIT EXPECTATION GAP? THE ADOPTION OF INTERNATIONAL STANDARDS ON AUDITING (ISA 700) IN NIGERIA.
Journal Title: Advance Research Journal of Multidisciplinary Discoveries - Year 2018, Vol 31, Issue 31
Abstract
The International Standards on Auditing 700 (ISA 700) has been widely adopted in many developed countries. However, in developing and emerging economies, the adoption is still at its early stage. This paper discusses whether the adoption of such standards could possibly reduce the issue of audit expectation gap (AEG) in Nigeria.This paper reviews previous literature on AEG and adoption of ISA 700 in the context of globalization of financial reporting practices. The paper concludes that ISA 700 increases the understanding of users of financial statements with regards to the function of an audit and the responsibility of auditor and management. The review also indicated that ISA 700 has a significant influence in reducing the AEG in Nigeria. It is expected that the Financial Reporting Council of Nigeria (FRCN) and the Institutes of Chartered Accountants of Nigeria (ICAN) as the regulatory bodies will provide adequate measures for policy deliberations on the adoption of ISA 700 in auditing reporting with a likelihood of success in reducing the AEG problems in Nigeria.
Authors and Affiliations
Safiyanu Sule, Nor Zalina Mohamad Yusof, Ku Maisurah Ku Bahador
Keywords
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