Assessment Of The Role Of External Auditors On Bank Distress In Nigeria (A Study Of Selected Distressed Banks In Nigeria)
ABSTRACT
This study examined
the issue of bank distress and the role of external auditors in Nigeria. Data
was collected through questionnaires distribution and statistical tools applied
for data analysis were arithmetic mean and chi-square. The findings were that:
External auditors still find it difficult to reveal ahy imminent financial
collapse in the banks; they do not satisfactorily report fraud, irregularities
or any contravention of the banking Acts. However, it was made clear that in as
much as the external auditors have the above lapses in performance of the audit
function, they should not be held liable for high rate of distress in the
banking industry today. It was recommended that: The regulatory authority (CBN)
should forge ahead in the on-going reform to tackle distress in the banking
sector and look into the ownership structure (Micro-finance banks inclusive).
Under no condition should the auditor allow his independence to be impaired.
Periodic visits by the external auditors to their clients are necessary and
brings about a proper understanding of the activities of the bank. Also
internal auditors should maintain a close relationship with statutory auditors
for information sharing.
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AMADI, I (2021). Assessment Of The Role Of External Auditors On Bank Distress In Nigeria (A Study Of Selected Distressed Banks In Nigeria). Repository.mouau.edu.ng: Retrieved Nov 25, 2024, from https://repository.mouau.edu.ng/work/view/assessment-of-the-role-of-external-auditors-on-bank-distress-in-nigeria-a-study-of-selected-distressed-banks-in-nigeria-7-2
IRONKWA, AMADI. "Assessment Of The Role Of External Auditors On Bank Distress In Nigeria (A Study Of Selected Distressed Banks In Nigeria)" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 09 Nov. 2021, https://repository.mouau.edu.ng/work/view/assessment-of-the-role-of-external-auditors-on-bank-distress-in-nigeria-a-study-of-selected-distressed-banks-in-nigeria-7-2. Accessed 25 Nov. 2024.
IRONKWA, AMADI. "Assessment Of The Role Of External Auditors On Bank Distress In Nigeria (A Study Of Selected Distressed Banks In Nigeria)". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 09 Nov. 2021. Web. 25 Nov. 2024. < https://repository.mouau.edu.ng/work/view/assessment-of-the-role-of-external-auditors-on-bank-distress-in-nigeria-a-study-of-selected-distressed-banks-in-nigeria-7-2 >.
IRONKWA, AMADI. "Assessment Of The Role Of External Auditors On Bank Distress In Nigeria (A Study Of Selected Distressed Banks In Nigeria)" Repository.mouau.edu.ng (2021). Accessed 25 Nov. 2024. https://repository.mouau.edu.ng/work/view/assessment-of-the-role-of-external-auditors-on-bank-distress-in-nigeria-a-study-of-selected-distressed-banks-in-nigeria-7-2