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INFLUENCE OF FORENSIC AUDIT DRIVERS ON QUALITY OF INTERNAL AUDIT FUNCTIONS IN NIGERIA

Journal: The Journal CONTEMPORARY ECONOMY (Vol.5, No. 1)

Publication Date:

Authors : ;

Page : 104-112

Keywords : Forensic Audit; Internal Audit Quality; Medium Scale Firms; Nigeria.;

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Abstract

This study evaluates the influence of forensic audit drivers on quality of internal audit function in Nigeria with reference to medium scale firms in Lagos and Ogun States. The population of the study comprises of stakeholders of forensic auditing in the sampled states including internal auditors of sampled firms, forensic accountants and other relevant stakeholders considered appropriate for the study. A sample of 72 medium scale firms representing 10% of the total population (723) of Lagos and Ogun States was used as sampling frames for the study, chosen purposively in proportion of 60% and 40% for Lagos and Ogun firms respectively. Three (3) internal audit staff including internal auditors and assistant internal audit staff who were Chartered Accountants were used as respondents through purposive sampling technique. The results of the study showed that there is a strong and positive relationship between forensic audit and quality of internal audit function in medium scale firms in Nigeria. It also revealed that Forensic audit influence quality of internal audit function in medium scale firms. The study concluded that forensic audit enhances internal audit function for stronger internal control system. It is therefore recommended that medium scale firms need to employ quality forensic analyst and make use of modern-day technology to aid forensic audit.

Last modified: 2020-09-27 17:28:09