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Auditor Scepticism and Financial Crises: The Nigerian Factor

Received: 3 April 2017     Accepted: 18 April 2017     Published: 3 June 2017
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Abstract

This research is carried out in order to examine auditor scepticism with respect to Nigerian financial crises. The study employed survey research method based on threats to professional scepticism at different structural levels as identified by [14]. The primary data was supplied by 270 respondents who are professional accountants and bankers in Akwa Ibom State, Nigeria. The study utilized principal component factor analysis to identify the component factors in the twenty item questionnaire. Correlation, Kaiser-Meyer-Olkin (KMO) and Bartlett’s test of sphericity was performed to assess the factorability of the data. The tests revealed among others; that factors of professional scepticism responsible for financial crises in Nigeria can be first traced to engagement team lapses, followed by individual auditor lapses and then profession/audit firm lapses. The study recommends that effort should be made by audit engagement team leaders in order to set a clear direction of audit work. They should also employ adequate audit planning, supervision and good time management skills.

Published in Journal of Finance and Accounting (Volume 5, Issue 4)
DOI 10.11648/j.jfa.20170504.11
Page(s) 123-130
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2017. Published by Science Publishing Group

Keywords

Auditor, Scepticism, Financial Crises, Nigeria

References
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Cite This Article
  • APA Style

    Umoren Adebimpe Otu, Asogwa Ikenna Elias. (2017). Auditor Scepticism and Financial Crises: The Nigerian Factor. Journal of Finance and Accounting, 5(4), 123-130. https://doi.org/10.11648/j.jfa.20170504.11

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    ACS Style

    Umoren Adebimpe Otu; Asogwa Ikenna Elias. Auditor Scepticism and Financial Crises: The Nigerian Factor. J. Finance Account. 2017, 5(4), 123-130. doi: 10.11648/j.jfa.20170504.11

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    AMA Style

    Umoren Adebimpe Otu, Asogwa Ikenna Elias. Auditor Scepticism and Financial Crises: The Nigerian Factor. J Finance Account. 2017;5(4):123-130. doi: 10.11648/j.jfa.20170504.11

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  • @article{10.11648/j.jfa.20170504.11,
      author = {Umoren Adebimpe Otu and Asogwa Ikenna Elias},
      title = {Auditor Scepticism and Financial Crises: The Nigerian Factor},
      journal = {Journal of Finance and Accounting},
      volume = {5},
      number = {4},
      pages = {123-130},
      doi = {10.11648/j.jfa.20170504.11},
      url = {https://doi.org/10.11648/j.jfa.20170504.11},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20170504.11},
      abstract = {This research is carried out in order to examine auditor scepticism with respect to Nigerian financial crises. The study employed survey research method based on threats to professional scepticism at different structural levels as identified by [14]. The primary data was supplied by 270 respondents who are professional accountants and bankers in Akwa Ibom State, Nigeria. The study utilized principal component factor analysis to identify the component factors in the twenty item questionnaire. Correlation, Kaiser-Meyer-Olkin (KMO) and Bartlett’s test of sphericity was performed to assess the factorability of the data. The tests revealed among others; that factors of professional scepticism responsible for financial crises in Nigeria can be first traced to engagement team lapses, followed by individual auditor lapses and then profession/audit firm lapses. The study recommends that effort should be made by audit engagement team leaders in order to set a clear direction of audit work. They should also employ adequate audit planning, supervision and good time management skills.},
     year = {2017}
    }
    

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    AU  - Asogwa Ikenna Elias
    Y1  - 2017/06/03
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    JF  - Journal of Finance and Accounting
    JO  - Journal of Finance and Accounting
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    AB  - This research is carried out in order to examine auditor scepticism with respect to Nigerian financial crises. The study employed survey research method based on threats to professional scepticism at different structural levels as identified by [14]. The primary data was supplied by 270 respondents who are professional accountants and bankers in Akwa Ibom State, Nigeria. The study utilized principal component factor analysis to identify the component factors in the twenty item questionnaire. Correlation, Kaiser-Meyer-Olkin (KMO) and Bartlett’s test of sphericity was performed to assess the factorability of the data. The tests revealed among others; that factors of professional scepticism responsible for financial crises in Nigeria can be first traced to engagement team lapses, followed by individual auditor lapses and then profession/audit firm lapses. The study recommends that effort should be made by audit engagement team leaders in order to set a clear direction of audit work. They should also employ adequate audit planning, supervision and good time management skills.
    VL  - 5
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Author Information
  • Department of Accounting, Faculty of Business Administration, University of Uyo, Akwa-Ibom, Nigeria

  • Department of Accounting, Faculty of Business Administration, University of Uyo, Akwa-Ibom, Nigeria

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