AUDITOR’S OPINION AND FINANCIAL REPORTING QUALITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

AUDITOR’S OPINION AND FINANCIAL REPORTING QUALITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

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ABSTRACT

The study is centered on auditor’s opinion and financial reporting quality of listed deposit bank in Nigeria. It begins with the first chapter that deals with the background of the study which gives a brief introduction on the topic under study, Statement of the problem which is the reason why the researcher undertakes the study to explore such problems and come up with recommendations that will be beneficial to any organisation and the society at large. Research questions were drawn up, which is in line with objectives of the research work. Chapter two deals with the review of various work carried out by some author’s on the topic similar to this study. Chapter three deals with the research methodology in the study, research design, correlation of data for the study to establish that auditor’s opinion does not significantly influence financial reporting quality of listed deposit money Banks, auditor’s independence does not significantly influence financial reporting quality of listed deposit money Banks, auditor’s working relation does not significantly influence financial reporting quality of listed deposit Banks. Chapter four discusses the presentation and analysis of the data for this study. It also presents the hypothesis testing of the study, the summary of the findings of the study as well as the discussion of the findings. The main objective of the study is to examine the relationship between auditor’s opinion and financial reporting quality of some selected deposit money banks in Nigeria across eight years (i.e. 2010-2017). The banks auditor’s opinion that were measured include First City Monument Bank, First Bank Nigeria, Sterling Bank, United Bank of Africa, Zenith Bank, Guarantee Trust Bank

TABLE OF CONTENTS

Title                                                                                                                                    Page

Title page        -           -           -           -           -           -           -           -           -           -           i

Declaration      -           -           -           -           -           -           -           -           -           -           ii

Certification    -           -           -           -           -           -           -           -           -           -           iii

Dedication      -           -           -           -           -           -           -           -           -           -           iv Acknowledgement. -            -           -           -           -           -           -           -           -           -           v

Abstract          -           -           -           -           -           -           -           -           -           -           vi

Table of Contents       -           -           -           -           -           -           -           -           -           vii  

CHAPTER ONE:

INTRODUCTION

1.1 Background of the Study-            -           -           -           -           -           -           -           -           1

1.2 Statement of Problem       -           -           -           -           -           -           -           -           2

1.3 Objectives of the study     -           -           -           -           -           -           -           -           3

1.4 Research hypothesis/ Research Question  -           -           -           -           -           -           4

1.5 Scope of the study            -           -           -           -           -           -           -           -           -           4

1.6 Significance of the study- -           -           -           -           -           -           -           -           4

CHAPTER TWO: LITERATURE REVIEW

2.1 Introduction          -           -           -           -           -           -           -           -           -           6

2.2 Concept of Auditing         -           -           -           -           -           -           -           -           6

2.3 Concept of Auditor’s opinion       -           -           -           -           -           -           -           9

2.4 Concept of financial reporting quality      -           -           -           -           -           -           15

2.5 Empirical   -           -           -           -           -           -           -           -           -           -           21

2.6 Theoretical framework      -           -           -           -           -           -           -           -           24

2.7 Summary   -           -           -           -           -           -           -           -           -           -           25

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Introduction          -           -           -           -           -           -           -           -           -           26

3.2 Research design    -           -           -           -           -           -           -           -           -           26

3.3 Population and sample size           -           -           -           -           -           -           -           26

3.4 Methods of data collection           -           -           -           -           -           -           -           27

3.5 Techniques of data analysis          -           -           -           -           -           -           -           27

3.6 Variable specification-      -           -           -           -           -           -           -           -           27

3.7 Justification of methods and techniques used      -           -           -           -           -           27

3.8 Summary   -           -           -           -           -           -           -           -           -           -           27

CHAPTER FOUR: DATA PRESENTATION ANALYSIS AND DISCUSSION

4.1 Introduction          -           -           -           -           -           -           -           -           -           28

4.2 Data presentation- -           -           -           -           -           -           -           -           -           28

4.3 Data analysis-        -           -           -           -           -           -           -           -           -           29

4.4 Test of hypothesis-            -           -           -           -           -           -           -           -           32

4.5 Discussion of findings      -           -           -           -           -           -           -           -           33

4.6 Summary   -           -           -           -           -           -           -           -           -           -           34

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary   -           -           -           -           -           -           -           -           -           -           36

5.2 Conclusion -          -           -           -           -           -           -           -           -           -           37

5.3 Recommendations -          -           -           -           -           -           -           -           -           37

5.4 Limitation of study-          -           -           -           -           -           -           -           -           38

5.5 Suggestion for further studies      -           -           -           -           -           -           -           38

References.-    -           -           -           -           -           -           -           -           -           -           39

Appendixes-    -           -           -           -           -           -           -           -           -           -           45

CHAPTER ONE

INTRODUCTION

1.1              Background of the Study

Many organizations are required by law or by policy to hire an accountant to produce a periodic audit of the organization’s financial statements. Auditors affix qualifications or warnings to an audit report that exposes defects within the organization’s financial systems. This qualification serves as a protection to the auditor in that the auditor’s opinion of the organization’s fiscal policies is subject to the qualified item being corrected.

The qualified audit indicates that there are areas of concern in the presentation of financial data that may need to be addressed by an organization’s management. These areas may be minor in scope. They should, however, be addressed as soon as possible to prevent abuse. In fact, a qualified finding may actually provide the road map to those who would commit malfeasance if any underlying practice of concern is not addressed. An audit report that does not contain qualification is a positive affirmation of organization management, Messier and Emby (2005).

A qualified audit report is issued when the auditor encountered one of two types of situations which do not comply with generally accepted accounting principles, however the rest of the financial statements are fairly presented. This type of opinion is very similar to an unqualified or “clean opinion”, but the report states that the financial statements are fairly presented with a certain exception which is otherwise misstated.

The usefulness and reliability of the audited financial statements of banks depend on the quality of audit and the integrity of the auditor. One of the measures of audit quality is the auditor’s report which contains important information for stakeholders about the quality of the financial statements as well as some indication towards the banks’ performance. While the audit quality is difficult to measure, the extent to which the auditor is willing to issue qualified opinion often provides some indication of audit quality.

In respect of the banking crisis, attention has focused on the role of accountants and auditors who have been involved. Accountants and auditors may be expected to report financial irregularities in company accounts by enhancing transparency and accountability and by developing techniques for fraud detection.

1.2              Statement of the Problem

The essential nature of auditing in ensuring the integrity and reliability of financial information cannot be overstated. It is for this reason that many countries require the attestation of financial statements by auditors. Unfortunately, there are criticisms of the auditor from which opinions have emerged over the years as a result of bank that have failed. This criticism of auditors in Nigeria by users of audited financial statements has stirred many responses both from the profession and statues.

The investigations launched by the financial regulators and other stakeholders into the Nigerian banking industry revealed that accountants and auditors have not done their work properly; because the nature of qualified audit report practice in Nigeria does not conform to  qualified audit  report theory. Despite the distress, some banks   have opened new branches in some parts of the country while others have ceased operations and changed names to keystone bank; Mainstream bank, Enterprise bank and some were acquired. What factors attributed to the distress, change of names and acquiring of those banks? Could it be as a result of the inability of auditors to give qualified audit opinion that conform to theoretical framework; about the capital structure, unethical management practices, customers’ patronage, loss of goodwill or just to change the names? Faith in the audit that is essential to auditor’s job diminished because of several crimes left undetected in Nigerian banking industry, until billions of naira were lost through the chief Executive Officer’s (CEO). Insider trading abuse of some Nigerian commercial bank such as Afribank Plc, Intercontinental bank, Oceanic bank International Plc, Union bank, and First Inland bank Waziri (2009).

1.3              Objectives of the study

The main objective of the study is to examine the relationship between auditor’s opinion and financial reporting quality of listed deposit money banks. The specific objective include:-

                    i.                        To determine the extent to which auditor’s opinion influence financial reporting quality in Nigerian Banks.

                  ii.                        To determine the extent to which the auditor’s independent influence financial reporting quality in Nigeria banks.

                iii.                        To examine the extent to which the working relationship of the auditor with the management and employees affect the financial reporting quality in Nigerian banks?

1.4              Research Hypothesis/ Research Questions

Based on the objective of the study, the objectives are formulated in null form.

H01: Auditor’s opinion does not significantly influence financial reporting quality of listed deposit money Banks.


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