Abstract
The adoption of IFRS as the reporting standards in Nigeria has brought with it changes in the accounting systems. IT changes is one essential aspect of concern in the IFRS implementation especially considering its effects on audit practice. These issues defined the focus of this paper. The survey research design was adopted. Auditors in audit accounting firms in Anambra and Akwa Ibom states of Nigeria were the targeted respondents. 120 auditors were randomly selected using convenience and judgemental technique. Data were collected using a 5-point Likert scale questionnaire. The data were analysed using the descriptive statistic such as averages, weights and ranking. It was discovered that the technology changes as a result of IFRS implementation requires high IT expertise from auditors as they need to understand the up to date software. It was therefore recommended that auditors should take up the challenge of updating their knowledge and skills with regard to IFRS and information technology in order to brace up for the challenges ahead. Similarly, accountancy training institutions such as tertiary institutions and professional tuition homes should update their curriculum to be in tune with the demands of IFRS; IFRS training packs and software should be made affordable in Nigeria.
Highlights
The progressive adoption and implementation of International Financial Reporting Standards (IFRS) is gradually replacing the different national accounting standards which existed in various countries before now
The perspective for this submission is that since auditors are to carry out the attested function in cognizance of provisions of the standards, it becomes evident that the information technology issues arising as a result of IFRS implementation would directly or indirectly, affect the practice and perspective of audit. [20] noted that some organizations often neglect to consider the full impact of IFRS conversion on their information systems oblivious of the fact that overlooking these issues can result in significant compliance challenges as the years go by
Information technology support managers are tasked with matters related to the application of computer systems ranging from designing, monitoring, and maintenance of software required to supporting the computerised system of IFRS-based financial statements [21]
Summary
The progressive adoption and implementation of International Financial Reporting Standards (IFRS) is gradually replacing the different national accounting standards which existed in various countries before now. It has been indicated that auditors should be Journal of Investment and Management 2017; 6(1): 22-27 integrated into the planning of IFRS implementation The perspective for this submission is that since auditors are to carry out the attested function in cognizance of provisions of the standards, it becomes evident that the information technology issues arising as a result of IFRS implementation would directly or indirectly, affect the practice and perspective of audit. [20] noted that some organizations often neglect to consider the full impact of IFRS conversion on their information systems oblivious of the fact that overlooking these issues can result in significant compliance challenges as the years go by These issues raise a question which defines the focus of this paper. The paper mainly sets out to reflect on the question: What are the information technology implications of IFRS implementation to audit practice in Nigeria?
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