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External auditors’ reliance on internal audit works Corporate Governance perspective in Enugu Nigeria.


 The study examined the reliance of external auditors on internal audit work from a corporate governance perspective in Enugu Nigeria. Due to constant corporate failures and involvement of auditors and accountants in accounting scandals, the accounting profession came under severe criticisms. As a result of this, the public company accounting oversight board recommended that external auditors rely on the work of others including internal auditors to reduce the greater than expected cost of compliance with section 404 of the Sarbanes Oxley Act . The study explored the Nigerian situation that is, whether the external auditors in Nigeria rely in the works of the internal auditor.The population of the study is made up of auditors, accountants, management and other senior staff of the auditing firms and manufacturing companies located in Enugu metropolis who are registered with the corporate affairs commission. Four indigenous and successful companies and ten audit firms with many years of professional experience registered with corporate affairs commission located in Enugu were used as cases of study. They were selected using judgmental sampling technique. A total of one hundred and fifty [150] copies of questionnaires were distributed to the respondents which consist of accountants, auditors, `management and other senior staff of the companies selected. A cross-sectional research design was used in collecting the data for the research. Both primary and secondary data were employed in the study. Data was analyzed using percentages, tables, mean, one sample t-test, and ordinary multiple linear regression analysis. The study found that external auditors significantly rely on internal audit work. Also it was discovered that there is significant relationship between the quality of internal audit and external audit work. This research was also able to establish that external auditors’ reliance on internal audit work reduced the time spent by the external auditor during his work. It was also revealed that reliance of external auditor on internal audit work has positive effect on fraud and corporate failure. Based on the findings on this research work, it is recommended that there should be constructive working relationship between the internal auditors; external auditors and the management to help achieve the goal of reducing incidences of fraud and corporate failures which always involve accountants and auditors.

Project detailsContents
Number of Pages120 pages
Chapter one Introduction
Chapter two Literature review
Chapter three  methodology
Chapter  four  Data analysis
Chapter  five Summary,discussion & recommendations
Chapter summary1 to 5 chapters
Available documentPDF and MS-word format


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