Pub Date : 2024-01-15DOI: 10.37745/ejaafr.2013/vol12n15673
I. Akinadewo, M. Dagunduro, Bankole O. Osaloni, Jeremiah O. Akinadewo
There has been a misconception among certain stakeholders regarding the principal responsibility of auditors concerning financial statements. This misconception revolves around the belief that statutory auditors bear the responsibility for detecting fraud and errors within an organization, aligning with the concept known as the "policeman's theory." This research aimed to investigate the impact of the policeman's theory on contemporary auditing practices in Nigeria. The study employed a combination of primary data collection through structured questionnaires and secondary data from extant literature. Findings revealed that the roles and responsibilities of external auditors have undergone significant evolution over the years, among others. As a result of these findings, it is recommended that statutory auditors should prioritize the implementation of robust quality control measures in their audit engagements.
{"title":"Policeman Theory and Contemporary Auditing in Nigeria: An Empirical Investigation of Past and Present","authors":"I. Akinadewo, M. Dagunduro, Bankole O. Osaloni, Jeremiah O. Akinadewo","doi":"10.37745/ejaafr.2013/vol12n15673","DOIUrl":"https://doi.org/10.37745/ejaafr.2013/vol12n15673","url":null,"abstract":"There has been a misconception among certain stakeholders regarding the principal responsibility of auditors concerning financial statements. This misconception revolves around the belief that statutory auditors bear the responsibility for detecting fraud and errors within an organization, aligning with the concept known as the \"policeman's theory.\" This research aimed to investigate the impact of the policeman's theory on contemporary auditing practices in Nigeria. The study employed a combination of primary data collection through structured questionnaires and secondary data from extant literature. Findings revealed that the roles and responsibilities of external auditors have undergone significant evolution over the years, among others. As a result of these findings, it is recommended that statutory auditors should prioritize the implementation of robust quality control measures in their audit engagements.","PeriodicalId":475294,"journal":{"name":"European journal of accounting, auditing and finance research","volume":"26 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139529019","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-15DOI: 10.37745/ejaafr.2013/vol12n11734
Evans Kelvin Gyau
Audit expectation gap has generated quite a number of research papers. In this the author uses a qualitative approach to find out what audit firms and standard setters can do to reduce the audit expectation gap. The result of the study shows that improved stakeholder consultation, stakeholder education, setting clear and unambiguous standards, broadening scope of work are some of the things that standard setters and audit firms can do to reduce the audit expectation gap.
{"title":"The Role of Standards and Audit Firms in Reducing the Expectation Gap: A Qualitative Approach","authors":"Evans Kelvin Gyau","doi":"10.37745/ejaafr.2013/vol12n11734","DOIUrl":"https://doi.org/10.37745/ejaafr.2013/vol12n11734","url":null,"abstract":"Audit expectation gap has generated quite a number of research papers. In this the author uses a qualitative approach to find out what audit firms and standard setters can do to reduce the audit expectation gap. The result of the study shows that improved stakeholder consultation, stakeholder education, setting clear and unambiguous standards, broadening scope of work are some of the things that standard setters and audit firms can do to reduce the audit expectation gap.","PeriodicalId":475294,"journal":{"name":"European journal of accounting, auditing and finance research","volume":"16 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139529682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-15DOI: 10.37745/ejaafr.2013/vol12n191107
Ibiam Eze Eze, Oliver Ikechukwu Inyiama
Crude oil theft in Nigeria has attained dimensions hitherto unimaginable. Monthly losses to government is said to be over one billion Dollars. Attendant social cost of crude oil theft which includes environment pollution, health and living condition of the people of the Niger Delta high. The Nigerian Federal Government has tried a number of options to ensure peaceful environment but not much has been achieved. Social audit which involves partnership between the operators in the Niger Delta region, the federal Government and the Communities in the region has been successful in creating harmonious relationships in places where they are deployed. It is concluded that it will assist in ending or at least significantly reducing the level of crude oil theft and its impact in the Niger Delta region. It is recommended that steps be taken to enforce it the oil producing communities.
{"title":"Social Costs, Crude Oil Theft and Social Audit: The Case of Niger Delta Region of Nigeria","authors":"Ibiam Eze Eze, Oliver Ikechukwu Inyiama","doi":"10.37745/ejaafr.2013/vol12n191107","DOIUrl":"https://doi.org/10.37745/ejaafr.2013/vol12n191107","url":null,"abstract":"Crude oil theft in Nigeria has attained dimensions hitherto unimaginable. Monthly losses to government is said to be over one billion Dollars. Attendant social cost of crude oil theft which includes environment pollution, health and living condition of the people of the Niger Delta high. The Nigerian Federal Government has tried a number of options to ensure peaceful environment but not much has been achieved. Social audit which involves partnership between the operators in the Niger Delta region, the federal Government and the Communities in the region has been successful in creating harmonious relationships in places where they are deployed. It is concluded that it will assist in ending or at least significantly reducing the level of crude oil theft and its impact in the Niger Delta region. It is recommended that steps be taken to enforce it the oil producing communities.","PeriodicalId":475294,"journal":{"name":"European journal of accounting, auditing and finance research","volume":"19 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139529101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-15DOI: 10.37745/ejaafr.2013/vol12n1116
Thomas Maduabuchi Ani, A. O. Igwe, Anthony Okorie Nwabuisi
The study is to determine the effect of Nigeria debts on social infrastructure in Nigeria. This study utilizes ex-post facto research design. Secondary data were used and were extracted from the Annual Report and Statement of Accounts drinking companies in Nigeria. The variables tested were external debt, internal debt, debt service, are independent variables while expenditure on education and expenditure on health are dependent variables. The model is multiple regression analysis used in determining the extent of the effect on expenditure on education and expenditure on health. The relative statistical tool regression was employed for analysis and results obtained. The results of the analyses showed that there was positive (Cf = 0.163238) significant (0.05 < 0.0059) relationship between government external debt and expenditure on education in Nigeria while there was negatively non-significant (Cf = -0.026210; 0.05 > 0.7492) relationship between external debt and expenditure on health in Nigeria. Government internal debt has positive (0.043553) non-significant (0.4556) effect on expenditure on education in Nigeria and internal debt has negative (-0.114673) and non-significant (0.2171) effect on expenditure on health in Nigeria and Growth of Nigeria's expenditure on education was positively (0.500242) significant (0.0000) effect by debt service fees as well as expenditure on health (Cf = 0.185590; 0.05 > 0.0399). The study recommended that in order to guarantee that the education sector receives accurate funding allotted, policymakers should develop and put into effect suitable policies that will make the money allocated to it transparent. The government should make sure that only authentic medications and equipment are purchased and maintained, and health officer staff members should be motivated to carry out their duties with efficacy and efficiency. Doing so will significantly boost the amount of health development in the nation and raise productivity. Politicians and other policymakers must make sure that Nigeria's debt is not taken on for personal gain or political gain, but rather to boost the country's economy and guarantee that loan payments are made on schedule and in full.
{"title":"Government Debt and Social Infrastructural Development in Nigeria","authors":"Thomas Maduabuchi Ani, A. O. Igwe, Anthony Okorie Nwabuisi","doi":"10.37745/ejaafr.2013/vol12n1116","DOIUrl":"https://doi.org/10.37745/ejaafr.2013/vol12n1116","url":null,"abstract":"The study is to determine the effect of Nigeria debts on social infrastructure in Nigeria. This study utilizes ex-post facto research design. Secondary data were used and were extracted from the Annual Report and Statement of Accounts drinking companies in Nigeria. The variables tested were external debt, internal debt, debt service, are independent variables while expenditure on education and expenditure on health are dependent variables. The model is multiple regression analysis used in determining the extent of the effect on expenditure on education and expenditure on health. The relative statistical tool regression was employed for analysis and results obtained. The results of the analyses showed that there was positive (Cf = 0.163238) significant (0.05 < 0.0059) relationship between government external debt and expenditure on education in Nigeria while there was negatively non-significant (Cf = -0.026210; 0.05 > 0.7492) relationship between external debt and expenditure on health in Nigeria. Government internal debt has positive (0.043553) non-significant (0.4556) effect on expenditure on education in Nigeria and internal debt has negative (-0.114673) and non-significant (0.2171) effect on expenditure on health in Nigeria and Growth of Nigeria's expenditure on education was positively (0.500242) significant (0.0000) effect by debt service fees as well as expenditure on health (Cf = 0.185590; 0.05 > 0.0399). The study recommended that in order to guarantee that the education sector receives accurate funding allotted, policymakers should develop and put into effect suitable policies that will make the money allocated to it transparent. The government should make sure that only authentic medications and equipment are purchased and maintained, and health officer staff members should be motivated to carry out their duties with efficacy and efficiency. Doing so will significantly boost the amount of health development in the nation and raise productivity. Politicians and other policymakers must make sure that Nigeria's debt is not taken on for personal gain or political gain, but rather to boost the country's economy and guarantee that loan payments are made on schedule and in full.","PeriodicalId":475294,"journal":{"name":"European journal of accounting, auditing and finance research","volume":"30 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139529399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-15DOI: 10.37745/ejaafr.2013/vol12n1108125
Sunday Zibaghafa, Mathew Okpolosa
This study examined International Public Sector Accounting Standards (IPSAS) adoption and challenges of implementation in Nigeria. The study employed review of literature of prior studies using institutional theory as the anchor. The review of prior studies revealed that the adoption of International Public Sector Accounting Standards (IPSAS) in Nigeria is faced with several challenges such as political-will towards full IPSAS implementation; statutory adjustment, inadequate funding and institutional commitment, poor IT infrastructure, change management issues amongst others. The study recommended amongst others that professional accountancy organisations such as the Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN) should consider what rolethey can play in growing consciousness of the need for transparent financial reporting in the public sector entities, including but going beyond providing training on accounting standards. Also governments should introduce plans for smooth and quick migration to full accrual-based IPSAS in all public sector entities in Nigeria so as to maximize the perceived benefits associated with accrual basis of IPSAS.
{"title":"International Public Sector Accounting Standards Adoption and Challenges of Implementation in Nigeria","authors":"Sunday Zibaghafa, Mathew Okpolosa","doi":"10.37745/ejaafr.2013/vol12n1108125","DOIUrl":"https://doi.org/10.37745/ejaafr.2013/vol12n1108125","url":null,"abstract":"This study examined International Public Sector Accounting Standards (IPSAS) adoption and challenges of implementation in Nigeria. The study employed review of literature of prior studies using institutional theory as the anchor. The review of prior studies revealed that the adoption of International Public Sector Accounting Standards (IPSAS) in Nigeria is faced with several challenges such as political-will towards full IPSAS implementation; statutory adjustment, inadequate funding and institutional commitment, poor IT infrastructure, change management issues amongst others. The study recommended amongst others that professional accountancy organisations such as the Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN) should consider what rolethey can play in growing consciousness of the need for transparent financial reporting in the public sector entities, including but going beyond providing training on accounting standards. Also governments should introduce plans for smooth and quick migration to full accrual-based IPSAS in all public sector entities in Nigeria so as to maximize the perceived benefits associated with accrual basis of IPSAS.","PeriodicalId":475294,"journal":{"name":"European journal of accounting, auditing and finance research","volume":"12 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139529150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-15DOI: 10.37745/ejaafr.2013/vol12n17490
A. O. Igwe, Oliver Ikechukwu Inyiama
The study investigated effect of government recurrent expenditure on economic prosperity in Nigeria. The specific objectives of the study were to examine effect of administration expenditure, economic services expenditure, and social and community services (which are proxies for government recurrent expenditure) on gross national product (proxied by economic prosperity) in Nigeria. The study adopted ex-post facto research design and secondary data were extracted from the CBN Statistical Bulletin for the period 1981 – 2022. The multiple regression was used for the test of hypotheses. Findings showed that, recurrent expenditure on administration (GREA) have a statistically non-significant positive effect on Gross National Product (GNP) in Nigeria with a t-statistic of -0.710148 and p-value of 0.4821. On the other hand, recurrent expenditure on economic services (GREES) has a statistically significant positive effect on GNP in Nigeria with a t-statistic of 2.106309 and p-value of 0.0420. In line with recurrent expenditure on administration, recurrent expenditure on social and community services (GRESCS) have a statistically non-significant positive effect on GNP in Nigeria with a t-statistic of 1.835944 and p-value of 0.0744. This implies that only recurrent expenditure on economic services can be used to predict economic prosperity in Nigeria. The study recommended that administrative efficiency should be improved through the reduction of unnecessary costs and streamlining of processes, supported by regular performance evaluations and the adoption of modern technology. Secondly, investments should prioritize critical infrastructure projects like transportation, energy, and telecommunications, aiming to stimulate economic growth and job creation. Lastly, targeted social programs are encouraged to address specific challenges such as poverty reduction, healthcare access, and education, ensuring adequate funding and effective reach to beneficiaries, while also investing in healthcare infrastructure and supporting community development projects that reduce inequality and promote social stability, resulting in long-term benefits for citizens' well-being.
{"title":"Effect of Government Recurrent Expenditure on Economic Prosperity in Nigeria","authors":"A. O. Igwe, Oliver Ikechukwu Inyiama","doi":"10.37745/ejaafr.2013/vol12n17490","DOIUrl":"https://doi.org/10.37745/ejaafr.2013/vol12n17490","url":null,"abstract":"The study investigated effect of government recurrent expenditure on economic prosperity in Nigeria. The specific objectives of the study were to examine effect of administration expenditure, economic services expenditure, and social and community services (which are proxies for government recurrent expenditure) on gross national product (proxied by economic prosperity) in Nigeria. The study adopted ex-post facto research design and secondary data were extracted from the CBN Statistical Bulletin for the period 1981 – 2022. The multiple regression was used for the test of hypotheses. Findings showed that, recurrent expenditure on administration (GREA) have a statistically non-significant positive effect on Gross National Product (GNP) in Nigeria with a t-statistic of -0.710148 and p-value of 0.4821. On the other hand, recurrent expenditure on economic services (GREES) has a statistically significant positive effect on GNP in Nigeria with a t-statistic of 2.106309 and p-value of 0.0420. In line with recurrent expenditure on administration, recurrent expenditure on social and community services (GRESCS) have a statistically non-significant positive effect on GNP in Nigeria with a t-statistic of 1.835944 and p-value of 0.0744. This implies that only recurrent expenditure on economic services can be used to predict economic prosperity in Nigeria. The study recommended that administrative efficiency should be improved through the reduction of unnecessary costs and streamlining of processes, supported by regular performance evaluations and the adoption of modern technology. Secondly, investments should prioritize critical infrastructure projects like transportation, energy, and telecommunications, aiming to stimulate economic growth and job creation. Lastly, targeted social programs are encouraged to address specific challenges such as poverty reduction, healthcare access, and education, ensuring adequate funding and effective reach to beneficiaries, while also investing in healthcare infrastructure and supporting community development projects that reduce inequality and promote social stability, resulting in long-term benefits for citizens' well-being.","PeriodicalId":475294,"journal":{"name":"European journal of accounting, auditing and finance research","volume":"14 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139530015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-01-15DOI: 10.37745/ejaafr.2013/vol12n13555
I. Akinadewo, Oluwagbemi E. Oke, Jeremiah O. Akinadewo, M. Dagunduro
AI has gained significant traction as an innovative tool for automating tasks, enhancing data analytics, and reducing the risk of errors in auditing processes. This study investigated the impact of adopting artificial intelligence (AI) on the quality of audit practice in Nigeria, focusing on data mining, machine learning, and image recognition as proxies for the independent variable. Population was 251 accounting firms in southwest Nigeria, with a sample size of 159, purposively determined. The study utilized structured questionnaires for data collection, with regression analysis, and correlation matrices adopted for the analysis. The findings revealed a significant positive relationship between data mining and image recognition with the quality of audit practice in Nigeria. Machine learning, however, showed an insignificant negative relationship. This suggests that AI, particularly data mining and image recognition, can enhance audit quality in Nigeria. As a result, the study recommended that Nigerian audit professionals and firms should consider incorporating data mining techniques into their audit processes to improve effectiveness and error detection.
{"title":"In What Way Does Artificial Intelligence Influences Audit Practice? Empirical Evidence from Southwest, Nigeria","authors":"I. Akinadewo, Oluwagbemi E. Oke, Jeremiah O. Akinadewo, M. Dagunduro","doi":"10.37745/ejaafr.2013/vol12n13555","DOIUrl":"https://doi.org/10.37745/ejaafr.2013/vol12n13555","url":null,"abstract":"AI has gained significant traction as an innovative tool for automating tasks, enhancing data analytics, and reducing the risk of errors in auditing processes. This study investigated the impact of adopting artificial intelligence (AI) on the quality of audit practice in Nigeria, focusing on data mining, machine learning, and image recognition as proxies for the independent variable. Population was 251 accounting firms in southwest Nigeria, with a sample size of 159, purposively determined. The study utilized structured questionnaires for data collection, with regression analysis, and correlation matrices adopted for the analysis. The findings revealed a significant positive relationship between data mining and image recognition with the quality of audit practice in Nigeria. Machine learning, however, showed an insignificant negative relationship. This suggests that AI, particularly data mining and image recognition, can enhance audit quality in Nigeria. As a result, the study recommended that Nigerian audit professionals and firms should consider incorporating data mining techniques into their audit processes to improve effectiveness and error detection.","PeriodicalId":475294,"journal":{"name":"European journal of accounting, auditing and finance research","volume":"118 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139530114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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