Historical Perspective of Auditing and Professional Accounting Development in Nigeria
DOI:
https://doi.org/10.52962/ipjaf.2022.6.3.138Keywords:
Auditing, Development, History, Professional Practice, NigeriaAbstract
Auditing as a profession has come of age. It is an independent service that lends credibility from the outset to the report that a representative presents to his or her client. In today's business world, the role of credibility is even more important as ownership is diversified and ownership and control are separated. However, the financial scandals of recent years have led the public to question the credibility of auditing. The periodic and backward-looking approach to auditing is becoming ineffective in light of the global financial debacles of recent years, changing investor information needs, technological advances, and real-time processes in the corporate landscape. The study sought to examine the history of auditing and the evolution of the auditing profession in Nigeria in light of the ongoing change in public expectations. The study was purely exploratory, using desk research without any fieldwork. The data used were from secondary sources and were obtained through documentary survey. The findings of the study revealed that the role and objectives of auditing have always changed in response to circumstances such as financial scandals, court judgments, health threats such as the COVID 19 pandemic, and technological developments in the business environment. In Nigeria, government laws and government regulatory bodies play an important role in the development of the auditing profession. Nevertheless, the responses of the auditing profession have not kept pace with the real-time economy of today's businesses.
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