Abstract
This study examined the influence of an entity's corporate governance practices on independent external auditor quality, proxied with auditor industry specialization, in Nigeria. The explanatory research design was adopted. Data were sourced from annual reports and accounts of thirty-five (35) quoted non-financial firms for 11 years from 2008 to 2018. After that, panel regression analyses were employed as the estimating technique for the model specified. The empirical results revealed that independent external audit quality is positively influenced by the firm's size but negatively influenced by board Independence and the proportion of female directors on board. Overall, aggregate explanatory variables adopted in this study accounted for 50% changes in external audit quality. Though these findings largely negate previous ones, they contribute to the extant literature and provide further directions for a future attempt at researching within emerging territories.
Highlights
There is no time auditing and accounting profession is not under pressure to redeem its image than
This study examined the influence of an entity's corporate governance practices on independent external auditor quality, proxied with auditor industry specialization, in Nigeria
The study examined the effect of corporate governance practices on audit quality, proxied with industry specialization among quoted non-financial firms in Nigeria
Summary
There is no time auditing and accounting profession is not under pressure to redeem its image than now. Concerning Oando, SEC handed down varying sanctions ranging from monetary fines to suspension of key management executives as a result of corporate governance violations such as poor board oversight, irregular approval of directors' remunerations, and abuses including false disclosures, internal control failures, etc. The auditors in both cases were sanctioned for providing poor cum low audit quality services. Research of this nature on developing economies like Nigeria is desirable but necessary in other to provide empirical evidence towards explaining the influence of corporate governance mechanisms on audit quality. The rest of this paper progresses as follows: section, that is, Section 2 reviews pieces of literature related to the subject matter, Sections 3 and 4 discuss methodology and empirical results respectively, while Section 5 concludes the paper
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