DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP?
The many arguments advanced by scholars as to International Financial Reporting Standard’s capacity to enhance audit procedures and outcomes underscores this research’s quest for determining whether International Financial Reporting Standard could help with the perceptional dilemma that triggered t...
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| Format: | Article |
| Language: | English |
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Department of Accounting and Finance, Federal University Gusau
2023-05-01
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| Series: | Gusau Journal of Accounting and Finance |
| Subjects: | |
| Online Access: | https://journals.gujaf.com.ng/index.php/gujaf/article/view/179 |
| _version_ | 1797827842064515072 |
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| author | Musa Ibrahim Dauda Ibrahim Adagye Dauda |
| author_facet | Musa Ibrahim Dauda Ibrahim Adagye Dauda |
| author_sort | Musa Ibrahim Dauda |
| collection | DOAJ |
| description |
The many arguments advanced by scholars as to International Financial Reporting Standard’s capacity to enhance audit procedures and outcomes underscores this research’s quest for determining whether International Financial Reporting Standard could help with the perceptional dilemma that triggered the long lingering Audit expectation gap crisis. To this end, this study assays stakeholders’ perception as to whether the adoption of International Financial Reporting Standard could have certain narrowing impact on Audit expectation gap. The study adopted a mixed research design (i.e. exploratory and survey designs) by which structured questionnaires were administered to a purposeful randomly selected sample of 400 respondents drawn from audit practitioners, academics, accounting standards issuers, and members of professional accounting bodies within the North Central States of Nigeria and the Federal Capital Territory to collect data which were analyzed using multiple regression with the help of STATA 13 software. Result of the analysis revealed that both International Financial Reporting Standard induced quality financial report and complexity of audit work could narrow audit performance expectation gap in a significant positive manner, while International Financial Reporting Standard’s induced audit quality was negative in narrowing the expectation gap. We recommend however, that even with the significant result leading to rejection of the null hypotheses, standard setters should look at ways to draw up standards that will harmonize accounting standards and auditing standards in a way that clearly spell out how every category of reportable transactions should be reviewed and reported so as to improve the quality of what auditors deliver to the public.
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| first_indexed | 2024-04-09T12:54:50Z |
| format | Article |
| id | doaj.art-6a92020be8c34d9dbc45bb1d7548bec3 |
| institution | Directory Open Access Journal |
| issn | 2756-665X 2756-6897 |
| language | English |
| last_indexed | 2024-04-09T12:54:50Z |
| publishDate | 2023-05-01 |
| publisher | Department of Accounting and Finance, Federal University Gusau |
| record_format | Article |
| series | Gusau Journal of Accounting and Finance |
| spelling | doaj.art-6a92020be8c34d9dbc45bb1d7548bec32023-05-13T23:51:31ZengDepartment of Accounting and Finance, Federal University GusauGusau Journal of Accounting and Finance2756-665X2756-68972023-05-013310.57233/gujaf.v3i3.179DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP?Musa Ibrahim Dauda0Ibrahim Adagye Dauda1Federal University of Kashere, Gombe State, NigeriaIsa Mustapha Agwai I Polytechnic Lafia, Nasarawa State Nigeria The many arguments advanced by scholars as to International Financial Reporting Standard’s capacity to enhance audit procedures and outcomes underscores this research’s quest for determining whether International Financial Reporting Standard could help with the perceptional dilemma that triggered the long lingering Audit expectation gap crisis. To this end, this study assays stakeholders’ perception as to whether the adoption of International Financial Reporting Standard could have certain narrowing impact on Audit expectation gap. The study adopted a mixed research design (i.e. exploratory and survey designs) by which structured questionnaires were administered to a purposeful randomly selected sample of 400 respondents drawn from audit practitioners, academics, accounting standards issuers, and members of professional accounting bodies within the North Central States of Nigeria and the Federal Capital Territory to collect data which were analyzed using multiple regression with the help of STATA 13 software. Result of the analysis revealed that both International Financial Reporting Standard induced quality financial report and complexity of audit work could narrow audit performance expectation gap in a significant positive manner, while International Financial Reporting Standard’s induced audit quality was negative in narrowing the expectation gap. We recommend however, that even with the significant result leading to rejection of the null hypotheses, standard setters should look at ways to draw up standards that will harmonize accounting standards and auditing standards in a way that clearly spell out how every category of reportable transactions should be reviewed and reported so as to improve the quality of what auditors deliver to the public. https://journals.gujaf.com.ng/index.php/gujaf/article/view/179IFRSAudit expectation Gapfinancial reporting qualityAudit quality |
| spellingShingle | Musa Ibrahim Dauda Ibrahim Adagye Dauda DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP? Gusau Journal of Accounting and Finance IFRS Audit expectation Gap financial reporting quality Audit quality |
| title | DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP? |
| title_full | DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP? |
| title_fullStr | DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP? |
| title_full_unstemmed | DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP? |
| title_short | DOES INTERNATIONAL FINANCIAL REPORTING STANDARD NARROWS AUDIT EXPECTATION GAP? |
| title_sort | does international financial reporting standard narrows audit expectation gap |
| topic | IFRS Audit expectation Gap financial reporting quality Audit quality |
| url | https://journals.gujaf.com.ng/index.php/gujaf/article/view/179 |
| work_keys_str_mv | AT musaibrahimdauda doesinternationalfinancialreportingstandardnarrowsauditexpectationgap AT ibrahimadagyedauda doesinternationalfinancialreportingstandardnarrowsauditexpectationgap |