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Voluntary Disclosures in Corporate Audit Reports: A Nigerian Case Study (1978–1989)
Author(s) -
Okike Elewechi N.M.
Publication year - 1998
Publication title -
international journal of auditing
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.583
H-Index - 21
eISSN - 1099-1123
pISSN - 1090-6738
DOI - 10.1111/1099-1123.00036
Subject(s) - accounting , audit , business , joint audit , audit evidence , context (archaeology) , external auditor , chief audit executive , internal audit , statute , audit plan , big four , political science , law , paleontology , biology
This paper reports the results of an examination of the audit reports on each of 45 large listed companies for the period 1978–1989. The results reveal that these audit reports contained other information besides those mandated by statute. The paper also provides evidence about the extent to which IFAC's rules are gaining international acceptance within the context of a developing economy. The findings are that audit reporting in Nigeria from 1978 to 1989 was greatly influenced by external factors such as (i) the standards issued by organisations such as the IFAC and the IASC; (ii) the affiliation of auditors in Nigeria with one of the ‘Big 6’ international accounting firms; and (iii) the multinationality of the reporting entities. The implications of non‐standardisation of audit reporting for the profession in Nigeria are also discussed.