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The Relevance of Statutory Audit in Evaluating Performance in Nigeria

Author

Listed:
  • Aliu Momodu Muhammed

    (Department of Accountancy, School of Business Studies, Auchi Polyectnic, Auchi, Nigeria)

  • Ehimi Ojemen Celestina

    (Department of Accountancy, School of Business Studies, Auchi Polyectnic, Auchi, Nigeria)

Abstract
This research work examines the relevance of statutory audit in evaluating performance in an organization. The researchers adopted survey research method. Questionnaires were designed and administered. Chi-square (x2) was used to analyze the data and test the hypothesis. From the analysis of data, it was discovered that the charges paid as fees are not adequate; the need for the review of the Act and Auditors to be appointed by the regulatory bodies; and the implication of these findings has resulted to fraud; abuse of office and corruption by the auditors and management of various entities. It also led to lack of confidence and accuracy on the financial report and the problem of independence of the auditors. The researchers recommends the establishment of financial reporting council; the encouragement of joint audit competition and proper training of audit staff. In conclusion, audit committees of public companies in Nigeria must rise to the challenge of strengthening the independence of their auditors.

Suggested Citation

  • Aliu Momodu Muhammed & Ehimi Ojemen Celestina, 2014. "The Relevance of Statutory Audit in Evaluating Performance in Nigeria," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 2(9), pages 387-393, September.
    • Handle: RePEc:ijr:journl:v:2:y:2014:i:9:p:387-393
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    More about this item

    Keywords

    Auditing; Audit; Auditor; Audit report; True; Fairview;
    All these keywords.

    JEL classification:

    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration

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