Audit Quality

This study examined firm attributes and audit quality. The research aimed at assessing the impact of firm attributes on audit quality, identify key indicators of audit quality and evaluate the relationship between various variables of firm attributes and audit quality. Secondary data were collected from a target population which is made up of 13 deposit money banks that are currently quoted on the Nigeria Exchange Group for a period of 6years ranging from 2018 to 2023 using the annual report and accounts specifically the preliminary pages and financial statements. The study adopted a descriptive research design, with data analyzed using mean, median, standard deviation, skewness and urtosis.The analysis includes descriptive statistics, correlation analysis, and regression results to determine the nature and significance of the relationships among the variables. Based on the findings, the study concludes that firm attributes have limited influence on audit quality, as most of the independent variables were not statistically significant in the regression model. This suggests that other factors, such as corporate governance mechanisms, regulatory frameworks, and auditor independence, may play a more substantial role in determining audit quality. while firm size, leverage, and audit firm size showed some level of association with audit quality, the results were not strong enough to draw definitive conclusions. These findings align with some previous studies that suggest firm-specific characteristics may not be the sole determinants of audit quality. Instead, audit quality may be more influenced by external regulatory oversight, the ethical conduct of auditors, and industry-specific factors. The study highlights the need for a broader approach to improving audit quality, considering governance structures, audit standards, and stakeholder expectations.

This study examined the effect of audit quality on the financial performance of public sector institutions in Nigeria. Specifically, it investigated the relationships between audit independence, audit competence, compliance with auditing standards, and financial performance. A descriptive survey design was adopted, and primary data were collected through structured questionnaires administered to 384 respondents drawn from key public institutions, including the Federal Inland Revenue Service (FIRS), public universities, and government ministries and agencies. The data were analyzed using Ordinary Least Squares (OLS) regression to determine the direction and significance of the relationships among the variables. The findings revealed that audit independence had a positive but statistically insignificant effect on financial performance, while audit competence showed a negative and insignificant relationship. However, compliance with auditing standards exhibited a positive and statistically significant effect on financial performance, emphasizing the importance of adherence to professional guidelines in enhancing transparency and accountability. The study concluded that compliance with audit standards plays a vital role in improving the financial performance of public sector institutions. It recommended that government agencies strengthen auditor independence, enhance professional competence through continuous training, and enforce strict compliance with auditing standards to promote credible financial reporting and accountability in Nigeria’s public sector

Technology has advanced recently, and innovations such as blockchain, artificial intelligence (AI), and data analytics are predicted to have an impact on the auditing and accounting profession. The term "auditing" usually refers to the impartial review and assessment of a business's financial statements, which is often carried out by a third party called an auditor. According to auditor regulations, the auditor's duties include verifying that the financial statements submitted present a true and fair view and offering their opinions on the financial report. They must also provide their assessment of the firm's sustainability within a year of the audited report's date (Jeong, & Rho, 2004). Although the audit process has evolved since its inception, auditors still have to manually take samples of data and use that data to test the validity of the company’s financial statement which can be costly, draining and time-consuming. This method has also proved to be inefficient in this modern age of technology, giving room for manipulation of figures or a misleading audit report. In the past there have been cases of financial crises involving some large organizations such as Enron, WorldCom, and other elite businesses which have brought about some concerns regarding the quality of audit. Since many users of audited financial statements have different expectations of the audit function, the aftermath of these scandals has led to the identification of a perceived expectation gap in audit quality. This has resulted in a call for changes to the auditing profession in order to ensure improved audit quality (Kida, 1980). The world is 11 changing rapidly due to the presence of artificial intelligence (AI), and the field of auditing is no exception. Artificial Intelligence (AI) is defined as “the ability of a computer or machine to mimic intelligent human behaviour” and includes a broad range of methods such as robotics, computer vision, machine learning, and natural language processing (Russell & Norvig, 2016). Research is required to fully understand the promises and challenges of this revolutionary technology, which is upending established auditing processes. Artificial Intelligence has a wide-ranging and continuously growing impact on auditing. Some of the tasks for which AI-powered tools are being used for include; Data analysis, fraud detection, continuous auditing, and audit planning and reporting

This study examined the effect of audit quality determinants on financial statement accuracy of listed oil and gas firms in Nigeria. The study focused on audit tenure, audit committee size, audit committee meeting frequency, and audit firm size, while financial statement accuracy was proxied by return on assets (ROA). The research adopted an ex- post facto design using secondary data extracted from the annual reports of eleven listed oil and gas firms on the Nigerian Exchange Group (NGX) covering a ten-year period from 2015 to 2024. The data were analyzed using descriptive statistics, correlation analysis, and panel regression techniques conducted in SPSS and EViews 13. The diagnostic tests, including the Jarque-Bera normality test, Variance Inflation Factor (VIF), Breusch-Pagan test, and Durbin-Watson statistic, confirmed the absence of multicollinearity, eroskedasticity, and autocorrelation, indicating the reliability of the regression output. The findings revealed that audit tenure has a negative but insignificant efect on financial statement accuracy, while audit committee size, committee meeting frequency, and audit firm size exhibited positive but insignificant effects on financial statement accuracy. The overall regression model was not statistically significant, suggesting that the selected audit quality attributes do not meaningfully explain variations in the financial accuracy of the sampled firms. It recommends that firms and regulators shift focus from structural audit attributes toward strengthening auditor independence, audit committee expertise, and enforcement of corporate governance practices.