Auditors’ Independence in the Context of National Transformation and Sustainable Economic Growth in Nigeria

SALAU O.N., ALADESUNKANMI A.J. AND SALAU A.R.

Department of Accountancy

Federal Polytechnic, Bida, Niger State, Nigeria.

E-mail: meetnass@yahoo.com, princejohnbayo@yahoo.com, arahbel2006@yahoo.com 

ABSTRACT

In the context of the recent financial crisis and the increasing number of financial scandals in the country, a series of questions regarding the position of professional accountants need to be clarified in order to comprehend the ways and manners in which auditors discharge their professional obligations. This paper examines the global perception about the auditors’ independence with the aim of improving the quality of audit practice in Nigeria for the actualization of national transformation and sustainable economic growth and development. Data are collected through primary and secondary sources to assess the factors influencing the independence of audit using descriptive statistics. The research reveals that rendering of non-audit services by auditors, among other factors, poses serious threat to auditors’ independence. It is therefore recommended that, relevant laws should be strengthened to enforce prohibition of execution of lucrative consulting contracts by statutory auditors.