Nigeria : Accounting and Auditing

Nigeria : Accounting and Auditing

This report assesses accounting and auditing practices within the context of the Nigerian institutional framework to ensure the quality of corporate financial reporting. There is a multiplicity of laws and bodies for the regulation of accounting, f...

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Bibliographic Details
Main Author: World Bank
Format: Accounting and Auditing Assessment (ROSC)
Language:English
en_US
Published: Washington, DC 2013
Subjects:
ACCOUNTING
ACCOUNTING POLICIES
ACCOUNTING PRACTICES
ACCOUNTING STANDARDS
AFFILIATED COMPANIES
ASSOCIATED COMPANIES
AUDITING
AUDITORS
AUDITS
BALANCE SHEETS
BANKING RISKS
BANKING SECTOR
BANKING SUPERVISION
BORROWING
BORROWING COSTS
CAPITAL BASE
CAPITALIZATION
CASH FLOW STATEMENTS
CENTRAL BANK
CIVIL SERVICE
COMMERCIAL BANKS
CONSOLIDATED FINANCIAL STATEMENTS
CONTINGENT LIABILITIES
CORPORATE SECTOR
DEBT
DEPOSIT INSURANCE
DEREGULATION
EARNINGS PER SHARE
ECONOMICS
EXCHANGE RATES
FINANCIAL ACCOUNTING
FINANCIAL CRISES
FINANCIAL INFORMATION
FINANCIAL INSTITUTIONS
FINANCIAL MANAGEMENT
FINANCIAL REPORTING
FINANCIAL SYSTEMS
FOREIGN EXCHANGE
GUIDELINES
INCOME TAXES
INSURANCE INDUSTRY
INTANGIBLE ASSETS
INTERNATIONAL ACCOUNTING STANDARDS
INVENTORY
LAWS
LEGAL FRAMEWORK
LEGISLATION
LIQUIDITY
LITIGATION
MACROECONOMIC STABILITY
PENALTIES
PENSIONS
PUBLIC FINANCE
RETAINED EARNINGS
RISK MANAGEMENT
SECURITIES
SHAREHOLDERS
SOLVENCY
STOCK EXCHANGES
SUBSIDIARIES
SUBVENTIONS
TAX LAWS
TRANSPARENCY
Online Access:http://documents.worldbank.org/curated/en/2004/06/6581826/nigeria-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/14462
Description
Summary:This report assesses accounting and auditing practices within the context of the Nigerian institutional framework to ensure the quality of corporate financial reporting. There is a multiplicity of laws and bodies for the regulation of accounting, financial reporting, and auditing requirements of companies, including differential financial reporting requirements for small companies. However, the accounting and auditing practices in Nigeria suffer from institutional weaknesses in regulation, compliance, and enforcement of standards and rules. Nigerian Accounting Standards (SAS) have not been reviewed or updated in line with current international standards, and in many cases the national and international standards are not equivalent. Compliance with more lenient national accounting standards is achieved, however with some exceptions. National auditing standards do not exist; auditors are advised to follow International Standards on Auditing (ISA) although such compliance is not mandatory, and there appears to be inadequate adherence to auditing standards and professional ethics. Furthermore, ethical codes for auditors in Nigeria are not in line with international requirements. Except within the banking sector, monitoring and enforcement mechanisms are very weak. These factors, as well as poor accounting education and training, have contributed to weaknesses of the financial reporting and auditing regime.

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