THE IMPACT OF AUDIT INDEPENDENCE ON FINANCIAL REPORTING: EVIDENCE FROM NIGERIA

Abstract

This research was carried out in order to examine the impact of audit independence on financial reporting in Nigeria. The study aimed at examining, investigating and ascertaining the interaction between audit quality and corporate financial reporting in Nigeria. Hence, the study is a movement towards improving the quality of audit practice in Nigeria. In conducting this research both primary and secondary data were used. The study captured the opinions of respondents including auditors, shareholders, brokers, analysts, regulators, management, academics and others users of financial information. The primary data were got from three hundred and fifty returned and usable copies of questionnaire, while the secondary data were generated from the financial statements of forty annual reports of companies quoted on the Nigerian Stock Exchange. The data gathered were used to test the research hypotheses and answer some of the research questions. The study found a significant and positive relationship between audit quality and the quality of financial reporting.

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