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Auditors Independence and Quality of Financial Reporting of Listed Manufacturing Companies in Nigeria
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Auditors Independence and Quality of Financial Reporting of Listed Manufacturing Companies in Nigeria
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Dissertation
Auditors Independence and Quality of Financial Reporting of Listed Manufacturing Companies in Nigeria
2020
Overview
Efficient financial management in the corporate world has become topical in the last two decades as a result of series of financial scandals that happened both at national and international levels. This has generated continual debates on the capacity of auditing firms globally and raised concern on the role of an external auditor in providing security against financial fraud and deliberate misrepresentation of financial reports. Prominentamong issues that are of concern in the public domain has been the incessant problems that have bedeviled the public companies in Nigeria in spite of the annual independent audit exercises. This study examined the effect of Auditors Independence on financial reporting quality of listed manufacturing firms in Nigeria. This objective was achieved by examining the effect of audit fee, audit firm’s size, provision of non-audit services and audit tenure on financial reporting quality of the listed manufacturing company in Nigeria. Ex-post facto research design was employed with the population consisting of Forty-Three (43) listed firms on the Nigeria stock exchange, out of which a sample size is Thirty-Nine (39) was selected. Descriptive and inferential statistic (random effect regression analysis with Panel least square) were employed in the analysis of the secondary data collected from the annual reports and accounts of the sample companies for the period of six years (2013-2018).The result of the study shows that: audit fee and audit firm size have a significant positive effect related to the quality of financial reporting practice of listed manufacturing companies in Nigeria at 5% significant level (t-value of 9.029 and 5.784 with p-value of 0.007 and 0.004 respectively). This implies that increase in audit fee and firm size will lead to an increase in quality of financial reporting. However, non-audit services have significant and negatively effect on quality of financial reporting (t-value of -3.107 with p-value of 0.0142). This implies that increase in non-audit service will reduce the quality of financial reporting, while audit tenure has insignificant influence on quality of financial report (t-value of -0.169 with p-value 0.866). The study thereby concluded that audit fee and audit firm size have a significant impact on financial reporting of listed manufacturing companies in Nigeria. Therefore, the study recommended that audit fee should be sustained current level so as to encourage higher level of quality financial reporting and management should make use of Big 4 audit firms to audit their financial statement.
Publisher
ProQuest Dissertations & Theses
Subject
ISBN
9798672190976
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