Abstract
The purpose of this paper is to assess the perception of compliance personnel over audit technology tools implementation in Nigeria. The study provides an empirical analysis of input supplied by a sample of 173 professional auditors across 67 companies from 5 major sectors of the Nigerian Stock Exchange. Subjects were tested of their perception on the application of audit technology tools in automated controls monitoring of financial transactions processing and assurance reporting. Although audit technology tools have been accessible for over a decade, the outcome of the study suggested that internal auditors and audit departments in Nigerian companies are not making substantial use of available tools. Internal auditors mostly have adopted audit software on an ad hoc basis with some repetitive use. In addition, most internal audit departments and units do not have formal strategies and plans for integrating technology in their internal audit processes with the exclusion of the financial services sector. The study also discovered that the most significant factors inhibiting the use of technology tools in other sectors were audit software inaccessibility and training costs alongside lack of senior management support from additional comments obtained from survey instrument. Respondents relatively share inconsistent views about the applicability and reliance on the underlying tools.
Highlights
The role of information technology (IT) hold ace in contemporary business around the world
Due to enormous risks associated with the use of computer applications amongst which are loss of information assets, errors and irregularities in financial transactions processing, fraudulent activities, security vulnerabilities, loss of data, violation of privacy rights and likelihood of discontinuity of business owing from disaster, it has become imperative that assurance professionals are in a position to vouch for reliability of controls placed within IT applications ((Warren et al, 1998) [35]
The aim of this study is to examine the perception of internal auditors’ use of technology tools in providing assurance on financial transactions and business process reporting requirements in Nigeria by investigating the hands-on experience of selected respondents
Summary
The role of IT hold ace in contemporary business around the world. From sole proprietorship to the desk of the corporate executive IT has completely taken the place or satisfactorily complimented manual data processing. If auditors must express independent opinion on the true and fair status of financial statements which reflects underlying business process transactions processed through IT applications these professionals must be conscious of the functionality, operation and level of reliance to be placed on IT-based processes. Without doubt they must possess working knowledge of audit technology tools and endeavour to demonstrate requisite skills and attitude required of professionals in this respect. Even though the primary objectives of auditing remain fairly unaffected the processes and procedures adopted in auditing information systems
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