Enhancing Public Confidence in Audit Reports of Listed Insurance Companies in Nigeria:Forensic Audit Perspective

• 作者: Agada Clement Ojile Daniel Orsaa Gbegi Martins Oloruntoba Kutus
• 来源期刊: 现代会计与审计:英文版
• 学科: 经济
• 关键词: STATUTORY AUDIT forensic AUDIT public CONFIDENCE FINANCIAL report
• 年，卷（期）: 2018,（11）
• 页码范围: 583-596
• 页数: 14页
• 分类号: F

摘要

The auditor’s report is the end-product of an audit;its importance to the business community cannot be overemphasized.It is the statutory confirmation that the accounts prepared by Management may be relied upon as true and fair.Public confidence in or lack thereof in auditor’s report is very critical to the very relevance of the audit practice.The purpose of this study is to examine how public confidence in auditor’s report may be enhanced with particular reference to audit report of listed insurance companies in Nigeria.Primary source of data was appropriately used.132 questionnaires were administered to Financial Advisers of 21 selected Stock Brokers and Accounting Firms operating at the floor of Nigeria Stock Exchange,Abuja,out of which 124 were filled and returned.Descriptive statistics of frequencies and percentages was used to analyse the responses from the respondents,while Pearson Product Moment Correlation was used to test hypotheses one and two while hypothesis three was examined using paired sampled t-test.The result of the study indicates that there is an inverse relationship between statutory audit and public confidence in audit report.It was found that forensic audits practice has a significant relationship with public confidence in audit report of listed insurance firms in Nigeria.The third hypothesis of the study shows that there is a significant difference between statutory audit practice and forensic audit practice in enhancing public confidence in audit report of listed insurance firms in Nigeria.It was concluded that public confidence in statutory audit report is on the decline following sudden collapse of firms that had unqualified audit report.It was recommended among others that the government should enact an act establishing forensic and investigative auditors in Nigeria separate from the existing accounting professional bodies since there is no public confidence on the audit report prepared by the existing accounting professional bodies again.By so doing,the Financial Reporting Coun