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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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| 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 |
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okr-10986-144622021-04-23T14:03:18Z Nigeria : Accounting and Auditing World Bank 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 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. 2013-07-22T20:18:48Z 2013-07-22T20:18:48Z 2004-06-17 http://documents.worldbank.org/curated/en/2004/06/6581826/nigeria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14462 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Africa Nigeria |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 World Bank Nigeria : Accounting and Auditing |
| geographic_facet |
Africa Nigeria |
| description |
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. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Nigeria : Accounting and Auditing |
| title_short |
Nigeria : Accounting and Auditing |
| title_full |
Nigeria : Accounting and Auditing |
| title_fullStr |
Nigeria : Accounting and Auditing |
| title_full_unstemmed |
Nigeria : Accounting and Auditing |
| title_sort |
nigeria : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/06/6581826/nigeria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14462 |
| _version_ |
1764429229369327616 |