Audit Standards and Performance of Auditors’: Evidence From Nigerian Banking Industry

The study address the issue of auditors’ performance and audit standards in Nigerian Banking Sector and the understanding of issues surrounding the way and manner that Nigerian auditors’ carry out their work. As a result of issuing qualified audit report in the Nigeria financial institutions, billions of naira has been lost by many bank owners and customers due to the negligence of the auditors’. Therefore, the aim of this study is to assess the influence that audit standards has on performance of auditors’ in the Nigerian banking sector. The study uses both primary data in form of questionnaires and secondary source of data, previous articles and journals where reviewed on audit standards and auditors performance. The findings used pearson correlation to show the relationship between audit standard and auditors’ performance. The study brought to the limelight the positive relationship that exists between audit standards in general and auditors performance in the Nigerian banking industry. Also, there are so many critics to the International Auditing Standards. The study therefore recommends more clarifications and interpretations to this standards to help improve the performance of auditor

Nollywood Accounting and Financial Performance: Evidence From Nigerian Cinemas

The main aim of this study is to discover what influences the financial performance of a given Nollywood film in Nigerian cinemas. We hypothesize that social media, filmmakers and friends influences financial performance of Nollywood films in Nigeria. In order to achieve this objective, we adopted survey research design methodology via the use of google forms to generate 530 copies of questionnaire between November 2018 and January 2019. Using resource dependency theory, we find out that social media, filmmakers and friends are major determinant of Nollywood financial performance in Nigeria. We recommend that filmmakers should embark on more social media campaigns and adverts in order to generate more revenue and profit for their films

Cost Management and Performance of Manufacturing: A Study of Listed Firms in Nigeria

Over the years, every companies has been left with a fundamental decision to set prices for their product. This paper aims to evaluate the possible effect cost management has on performance of listed manufacturing firms in Nigeria. The study adopted secondary data using the financial statement of the listed manufacturing firms selected in south west, Nigeria. The independent variables for this study are direct material cost, direct labour cost, production overhead cost and administrative overhead cost while profitability (Operating profit) was taken as dependent variable representing the firm’s performance. The findings from this work shows that there is a positive relationship that exist between cost management and performance of manufacturing firms in Nigeria. The study recommended that companies should embark on several cost management reduction strategy in relation to administrative overhead and production overhead cost. By doing so, companies will achieve their overall profit maximization and wealth creation objective

International Financial Reporting Standards Education and its Inclusion in the Nigerian Curriculum

The complete compliance of Nigerian accounting academics and practitioners on IFRS since the transition has not been to its maximum as a result of certain obstacles and challenges that must be confronted. One of such challenges as been largely the incorporation of IFRS into the Nigerian educational curriculum as well as encouragement of quality staff training for prcatitioners. This exploratory study aimed to describe the role of quality training and education of IFRS to accounting students and accountants in Nigeria. This descriptive study makes use of secondary data through the use of qualitative content analysis for inferential assessment. The result showed that Nigerian Universities have concrete awareness on the need for curricula inclusion of IFRS education in schools as well as the training of practioners. The study suggests the need for a IFRS education as a distinct accounting course in university. School libraries and other resource platforms such as information technology will have a great role to play in ensuring smooth incorporation of IFRS education

Investigating the Dynamic Nexus between Non-Oil Taxes and Economic Growth in Nigeria: An ARDL Approach

This paper examines the dynamic nexus between non-oil taxes and economic growth in Nigeria. The volatile nature of oil prices has threatened the balance and stability of public expenditure and the budgetary system as a tool for stimulating growth in Nigeria, hence the motivation to look into the prospects of the non-oil sector as a driver of growth.  Secondary data covering the period 1994-2019 was used for this study. This period is selected to ensure that there are no missing data especially for VAT which began in 1994, therefore, using earlier periods will introduce missing data into the estimation. Standard time series econometric techniques were utilized in the study such as descriptive analysis, unit root testing, co-integration test and granger causality testing. The Autoregressive distributive lag model (ARDL) was then employed in the model estimation. The long-run results show the effect of non-oil taxes on economic growth in Nigeria and observed that the effect of log (VAT) on economic growth is negative. Specifically, the result indicates that an increase in VAT revenue by 1% results in decline in GDP by about 0.21% and the result is significant at 5%. In the case of CED, the result shows that the economic growth is impacted positively. Specifically, a 1% rise in CED revenue stimulates growth by 0.113%, and the result is significant at 10%. Also, the effect of PIT revenue on growth is negative and significant at 5% and specifically, a 1% increase in PIT revenue results in decline in economic growth by 0.599%. The result shows that CIT has a positive impact on economic growth, and it is significant at 5%. This implies that a 1% increase in CIT revenue increases economic growth by 0.5757%. The findings of the above have the following implications. First, the negative effect of PIT and VAT on growth suggests that there is a need for fiscal authorities to re-examine these taxes and hence high VAT and PIT rates may be counter-productive for growth. Secondly, CIT and CED show positive growth effects and hence there is a need for effective and accountable expenditure framework that will ensure optimization of public expenditure in this regards

The determinants of undergraduate accounting students’ early participation in professional examinations

The quest for undergraduate Accounting students to obtain a professional certification early is being propagandised to boost chances upon graduation in securing well-paying job and enhancing a career path in Accounting. The study provides evidence on the idiosyncratic differences among students who are undergoing a professional programme while acquiring a first degree and students who only focused on the first degree. The study participants include 107 registered second-year Accounting students studying in Nigeria. Measures of personal characteristics, parental characteristics academic characteristic, prior academic performance, activities in leisure time, reading habits and current academic performance were used to ascertain the differences. The Independent Sample T-test and Binary logistics regression were used to analyse the data obtained from the survey, also copies of questionnaires were administered to the respondents. Our findings indicate that mother’s field of qualification in the sciences, Grade point Average (GPA) before professional examinations and Cumulative Grade Point Average (CGPA) have a positive and significant influence on participation in the professional certification programme. We conclude that students’ current academic achievements instil confidence to undergo more academic rigour

Financial Crime in Nigeria Public Sector: a Study of Lagos State Ministries

This study study investigated the existence of financial crime in the Nigerian public sector and the effects of government reforms implementation in Lagos state ministries. The study further examined the intensity and effectiveness of punishment against such crimes. Questionnaire survey was used as primary data collection method. Out of 160 copies of questionnaire, 83 were retrieved as response from accountant and auditors across 10 ministries. The t-test statistics was used in testing the hypotheses stated in the study. This revealed that contract fraud and payroll fraud where prevailing fraud in the ministries during the previous administration. Government reforms have also been brought into way to reduce and curb the effects of financial crime and to seal loopholes. The study recommends the effectiveness of the legal anticorruption agencies in charge of reducing the rate of financial crimes and there should an increase in the level of their enforcement. There should be high profile penalties and charges involving fraud in order to discourage its reoccurrence in the public sector

Auditors’ Choice and Financing Decision of Selected Quoted Firms in Nigeria

This study tested the effect of auditors’ choice on financing decision of quoted firms in Nigeria from 2010 to 2014. To successfully carry out this study, the study reviewed various literatures and theoretical issues such as the Modigliani-miller’s theorem, and asymmetric of information hypothesis. Secondary data of the big four, size and return on assets were obtained from financial statement of conglomerate listed firms on the Nigeria stock exchange for 5 years. The data were analyzed using linear regression method to achieve the effect of auditor’s choice on financing decision. The findings of the study reflect the effect of debit capital which are as follows: an increase on the size of the company (SZ) by 1% would lead to an increase in debit capital (DC) by about 648.7%. The study shows that companies with BIG4 auditors have less debt and more equity in their capital structure and are less likely to issue debt. This study may be developed by considering the effect of political and economic institutions on the choice of auditors in Nigeria

Gender diversity and sustainability responsiveness: evidence from Nigerian fixed money deposit banks

This paper aims to explore the impact of gender diversity on firms’ sustainability responsiveness in ensuring collective drive toward achieving sustainable development goals (agenda) for Nigeria. This study explored female engagement from three major platforms, namely women as directors, management team leaders, and female workforce. The data used to conduct this study were derived from the annual reports of the sampled banks spanning through the period of 2013–2016. However, while data for this study were analyzed using EViews statistical tool, the sustainability reporting data were ascertained using the content analysis method. The outcome of this study depicts that female directors, female workforce, and women in the management team all had an adverse and positive association with sustainability reporting. However, this association was all insignificant. This further buttresses that gender diversity was not the major driving force behind the sustainability reporting of the sampled banks in Nigeria. This is because the sector is highly regulated. Hence, the study recommends that notwithstanding the outcome, in attaining the sustainable development goals (SDGs), there is a need to have more female representation on the strategic position of authority