Nigeria : Accounting and Auditing

World Bank

Washington, DC

关键词: ACCOUNTING;    ACCOUNTING POLICIES;    ACCOUNTING PRACTICES;    ACCOUNTING STANDARDS;    AFFILIATED COMPANIES;   

RP-ID  :  35168

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This report assesses accounting andauditing practices within the context of the Nigerianinstitutional framework to ensure the quality of corporatefinancial reporting. There is a multiplicity of laws andbodies for the regulation of accounting, financialreporting, and auditing requirements of companies, includingdifferential financial reporting requirements for smallcompanies. However, the accounting and auditing practices inNigeria suffer from institutional weaknesses in regulation,compliance, and enforcement of standards and rules. NigerianAccounting Standards (SAS) have not been reviewed or updatedin line with current international standards, and in manycases the national and international standards are notequivalent. Compliance with more lenient national accountingstandards is achieved, however with some exceptions.National auditing standards do not exist; auditors areadvised to follow International Standards on Auditing (ISA)although such compliance is not mandatory, and there appearsto be inadequate adherence to auditing standards andprofessional ethics. Furthermore, ethical codes for auditorsin Nigeria are not in line with international requirements.Except within the banking sector, monitoring and enforcementmechanisms are very weak. These factors, as well as pooraccounting education and training, have contributed toweaknesses of the financial reporting and auditing regime.